Treasury Sec. Janet Yellen received more than $800,000 in speaking fees from a hedge fund that’s losing big time to Reddit traders in GameStop. Speaking fees are bribes. Yellen is watching the GameStop situation. How objective could she possibly be?
Reddit users on a page called “wallstreetbets” encouraged purchases of GameStop shares in order to exploit Melvin Capital’s short position on the company. A buying spree from retail investors forced Melvin to cover its short position by buying shares of GameStop at elevated prices.
Citadel and another firm, 72Point, invested $2.75 billion in Melvin this week after it lost 30% of its capital, according to The Wall Street Journal.
Citadel is invested heavily in Melvin Capital, a hedge fund that was reportedly on the brink of bankruptcy this week due to a surge in GameStop share prices.
Yellen is watching the situation, Elizabeth Warren wants to subpoena the WallStreetBets guys, and clueless Maxine is leading a probe. Joe Biden, Bernie Sanders, and Kamala Harris aren’t saying a word. Democrats are the party of Wall Street.