The US Treasury Sec. Janet Yellen is now being accused of corruption because of her getting $7.2 million in the form of ‘speaking fees’ from the Citadel hedge fund and Citi bank.
“Since most Americans were locked down last year, those speeches are all done through Zoom, done from her home. $7.2 million in payments,” Bruce Fenton, a bitcoin supporter, says.
Yellen’s official disclosures reveal she got millions more from banks such as BNP, Barclays, UBS, and more.
That reveals that her incentives are totally misaligned because her official salary is only $221,400 per year, while just Citi alone has paid her over $7 million.
Moreover while this total might seem like a small amount for a bribe, Yellen’s wealth is thought to be around $20 million, so she has been awarded half her net worth in one year by one bank alone.
She is now helping her real employers, the hedge funds and banks and not the U.S. government, as Ron Hammond, Director of Gov. Relations at the Blockchain Assc., says:
“The pressure is growing as more Senators reveal their concerns to us in private about the bill, Treasury is doing all they can to kill the Wyden amendment, general politics of the measure could force Senator Schumer to say no to all amendments.”
For this $7 million, Yellen is now going to effectively stop a competitor of her Citi pay masters, the decentralized finance space, with a measure sneaked into the Bill at the last moment that labels smart contract coders as brokers.
Another amendment to the bill to exclude coders was nearly going to be accepted with general consent, but then Yellen pushed for a competing amendment that will not exclude coders, the Warren-Portman amendment.
The bill could now go through with no amendment, something that would net coders and miners into greater taxation in theory.
That would be a huge big win for Yellen’s current pay masters, but a big loss for Americans who might well see first hand just how corruption ends with selling out of the U.S., and all for only $7 million.
Author: Steven Sinclaire