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Friday, March 29, 2024

Janet Yellen’s Cash Haul of $7 Million Is Just the Tip of the Iceberg; She Failed to Report Her Wall Street Speaking Fees from JPMorgan and Others in 2018

Courtesy of Pam Martens

David Zervos of the Jefferies Group on April 2, 2018 with Janet Yellen at a Speaking Engagement for Which She Was Paid Lavishly

David Zervos of the Jefferies Group on April 2, 2018 with Janet Yellen at a Speaking Engagement for Which She Was Paid Lavishly, But Has Failed to Say How Much

By Pam Martens and Russ Martens

On December 29 we needed a clarification from former Treasury Secretary Larry Summers about his opinion column against Congress issuing $2,000 stimulus checks. We sent him an email at 10:13 a.m. and received a very clear response from him directly at 12:51 p.m. that day — a span of a few hours.

Compare that timely response to Janet Yellen’s respect for the media’s obligation to report a full set of facts to the American people. Three days ago, we contacted Yellen at four different entities with which she is affiliated. Only the Brookings Institution responded, saying she was on leave. President-elect Joe Biden’s media team did not respond at all, nor did the Washington Speakers Bureau and University of California, Berkeley.

Yellen is Biden’s nominee for U.S. Treasury Secretary. In anticipation of her Senate confirmation hearing, she has released her financial disclosure forms which showed a windfall of more than $7 million in speaking fees since she left her position with the Federal Reserve. The bulk of that money came from Wall Street firms, which are variously regulated and bailed out by the Fed.

Our question for Yellen is an uncomfortable one: why did her financial disclosure form report her cash haul from Wall Street’s serially charged trading houses for just the years 2019 and 2020 when common sense suggests her biggest haul would have been in 2018, when her knowledge of the thinking at the Fed was most timely.

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