Posted on 01/28/2021 2:48:13 PM PST by USA Conservative
Janet Yellen, President-elect Joe Biden’s pick for Treasury secretary, collected more than $7 million in speaking fees during more than 50 in-person and virtual engagements over the past two years, according to financial disclosures released Thursday.
Her fees came from Citadel too – which has invested billions of dollars in the primary hedge fund now suffering as a result of the GameStop stock surge.
Yellen’s financial disclosures reveal over 60 speeches to financial firms, and items 25, 29, and 49 on the list shows her receiving a sum of $810,000 from Citadel in speaking fees. Image below:
On Thursday, Robinhood, an online brokerage firm, blocked retail investors trading GameStop and other stocks – a clear manipulation – in order to stop the bleeding and protect Citadel, a multinational hedge fund with a vested interest in Robinhood.
Citadel and Point72 infused nearly $3 billion into Melvin Capital, a hedge fund that took a beating after betting against GameStop as Reddit traders caused GME to soar.
A person who purports to be a Robinhood employee (unconfirmed) blew the whistle on a conversation that went down with the brokerage firm’s C-Suite, Sequoia Capital (a venture capital firm that focuses on tech), AND THE WHITE HOUSE.
Image from his statement below:
The stock manipulation is a scandal in itself but if the White House was involved and pressured the online brokerage firms to halt trading, the scandal will officially be HUGE.
Was Janet Yellen involved in the halting of trading in order to protect Citadel, a hedge fund that previously paid her nearly $1 million in speaking fees?
The move has been widely viewed as protecting Wall Street hedge funds, whom Yellen has made millions speaking from, while “selling out” the little guy.
Citadel recently funneled billions into Melvin Capital Management according to The Wall Street Journal.
Biden’s White House press secretary refused to comment on Secretary Yellen’s engagements and speaking fees from Wall Street hedge fund being protected by the White House. She bragged about Yellen being a woman and said she’s “one of the world-renowned experts on markets.”
Video below:
Lawmakers from both major parties criticized Robinhood on Thursday after the California-based financial services firm announced it had restricted its customers’ ability to buy stock in GameStop and other companies whose shares have been driven up by retail investors organized online.
Robinhood announced earlier in the day that it had limited trade in GameStop and other stocks targeted by investors on the irreverent WallStreetBets Reddit forum, citing “recent volatility.”
Investors from the message board had sent shares of the video game retailer up 1,500% in recent weeks, in the process pulling off a calamitous “squeeze” for hedge funds who had bet the company’s shares would continue to slide. In a reversal, shares of GameStop tanked on Thursday after the restrictions were put in place.
As with Obama, not a hint of scandal.
Nah Beijing Joe only demands 20 percent from China
I hope you are right and its HUGE. The Democrats own the federal government so I’m not optimistic there will be any consequences if the WH was involved.
Big hedge funds and liberal oligarchs shutting down retail traders, because they are playing them at their own game. Changing the rules, mid-loss. Outrageous, criminal and infuriating.
Well Well Well looks like we got a scandal folks..and only 1 week into the Biden Presidency..quick get Adam Schiff on the phone pronto!!
Breaking911
@Breaking911
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16m
BOMBSHELL ALLEGATION: Man Claims To Be Robinhood Employee & Says The White House Pressured Halt of GameStop Trading
Have him look into a trade or something technical if he’s not interested in college. Pair that with some Community College business classes with the goal of owning his own business one day.
Philosophy question: If a scandal breaks in a democrat administration and the media isn’t willing to be there to report it, does it make a difference? Debate.
Per Reddit.
quote:
I’m glad this place has quieted down enough for some actual DD written by a monkey with a keyboard and Adderall. Disclaimer: I am that monkey. Let me explain to you what happened, play by play. I will give you illiterates who hate reading a spoiler up front: We were within approximately 30 seconds of triggering a nuclear bomb that would have blown up the market. Do I have your attention? Here goes:
Yesterday, new call option strike prices were added all the way up to $570. Do I have to go over gamma squeezes again? Really? We’ve been over this: when deep out-of-the-money call options start being gobbled up and the price starts moving towards being in-the-money, the call writers have to hedge their risk of having their sold calls exercised, typically by buying stock. This creates upwards pressure on the market. We’ve been seeing these movements all week.
Yesterday after market, you probably saw that coordinated effort to drive the price down and spook retail investors into a mass sell-off. It didn’t work.
Last night, Robinhood sent out a message to users: you could no longer enter into new options. You could exercise them if you had the collateral (money in the account) to do so. Very interesting and the first sign of pants- fear.
Today, the market opened very strong. It opened so strong that we were looking at a self-perpetuating gamma squeeze all the way up way past $570.
At approximately 9:58 am, the stock had reached $468 in a parabolic move.
Two minutes earlier, at 9:56 am, Robinhood tweeted that they were not allowing users to buy GME stock, but they would allow selling.
The trend instantly halted and started a collapse downwards, before picking up a bit, especially after some retail was allowed back in.
Okay, now that you are clear on the facts, understand this: The market ran out of liquidity today, or was threatening to get close enough that they killed it. What does that mean? It means they ran out of shares and/or capital. They wouldn’t let you buy new shares because we were burning through all the shares on the market. I saw an unsubstantiated post from a user who said a small sell limit order executed at $2600 for him. Do you get the severity of the situation, if that’s true? It means the buying was getting to the point where it was just about to put INFINITE pressure on the price of the shares. It means virtually any ask was getting bid.
How do you get infinite upwards pressure? A gamma squeeze triggering the mother of all short squeezes, just like we predicted. The call writers need shares to hedge. Retail is still buying more. The short sellers need over 100% of the float back. Add these together. There were more shares needed than existed on the open market. That’s what a liquidity crisis is.
Listen to this remarkable (if infuriating) interview where the chairman of Interactive Brokers admits that they didn’t have the capital to pay out the winners (us), so they took their ball and went home. DO YOU GRASP HOW INSANE IT IS THAT HE SAID THEY NEEDED TO SHUT DOWN BUY ORDERS TO “PROTECT THE MARKET”? Hello! He’s not talking about the market for GME shares. He’s talking about the entire market! The New York Stock Exchange. The NASDAQ. All that.
Remember the movie Snowpiercer? Do you remember that scene where the lower class people realize the soldiers who oppress them have no bullets? Go to the 1:00 minute mark of this link: LINK
It kick starts a full blown rebellion. They have no bullets. It’s the exact same in this market: No capital. No shares. Infinite losses inbound.
TL;DR: For all you who will just skip to the bottom to ask, “Do I get my tendies now?” the answer is this: they NEED NEED NEED your shares. Do you get that? HOLD. Like the guy in the movie, scream, “They’re out of bullets!” and create a stampede. That’s how we win.
They needed your shares so badly that they literally risked PRISON TIME to get them. They tried robbing you, and I’m not even exaggerating. They were within 30 seconds of all being wiped out today.
Thieves gonna steal.
That is the answer.
What was the question? ;-)
Good post—could be...
28 Jan: Vice: Robinhood’s Customers Are Hedge Funds Like Citadel, Its Users Are the Product
by Edward Ongweso Jr
For the past few years, Robinhood has spent a great deal of energy marketing itself as born out of the Occupy Wall Street movement and champions a mission to “democratize finance for all.” The reality, however, is that this rhetoric distracts from the fact that it’s actually helping preserve the status quo—namely by turning its customers (but more so their orders) into products.
The secret to Robinhood’s success (and profitability) is simple: payment for order flow. To ensure trades are commission free, trades are sold to “market makers’’ or large firms such as Citadel Securities—Robinhood’s largest customer, which tried to bail out Melvin Capital after its Gamestop shorts cost it billions. Market makers execute those trades (sometimes at an inferior rate) and can use their privileged position to place themselves in the middle and make a profit. Crucially, in this arrangement, more trades and more volatility mean there’s more for firms like Citadel to work with. Here is the Financial Times explaining how it works...
Market makers like Citadel are supposed to be honest dealers that seek the best price for orders, whether they internalize the order themselves or send it to market. Unfortunately, Citadel has not always done this. In 2017, the SEC fined Citadel $22 million because its algorithms were screwing the retail investors whose order flows it was purchasing...
https://www.vice.com/en/article/qjpnz5/robinhoods-customers-are-hedge-funds-like-citadel-its-users-are-the-product
15 June 2020: Institutional Investor: Twitter Freaked Out Over Robinhood Selling Its Trade Flow. But the App — and Others — Have Been Doing It for Years.
#FinTwit wants a Robinhood takedown. This probably isn’t it.
By Alicia McElhaney
Zero Hedge also pointed out that Robinhood engages in a practice called payment-for-order-flow, sharing a tweet that showed “Robinhood’s financial arrangement with Citadel”...
https://www.institutionalinvestor.com/article/b1m2p1cv68bx56/Twitter-Freaked-Out-Over-Robinhood-Selling-Its-Trade-Flow-But-the-App-and-Others-Have-Been-Doing-It-for-Years
Does the Reddit guy mean literally 30 seconds? And can they do it again, and hold our 35 seconds longer?
Clear thinking when her hand is in the till.
I assume this money came to her while she was a Government employee, and that she did not remit these "fees" to the Treasury.
She should be given 30 days to put her affairs in order, and then hung from a tree until dead.
ML/NJ
I’m always amazed that anyone pays big money to these people, both on the left & the right, to speak. No one could possibly care what they blather on about.
I’d rather listen to a dog bark for an hour.
At some point there should be a question about whether the fees are really for "speaking". In other areas of commerce outrageous payments might be indications of something else going on.
A $500 tip to a dancer in a bar.
A $200,000 "gift" to your auto mechanic.
etc.
How exactly is whatever Ms. Yellen has to say worth millions of dollars to people who are already as knowledgeable as she in about how the financial markets work? Unless the real goal of the people writing the checks is to affect how she thinks about and treats them.
You know there is serious abuse occurring when Cruz and AOC agree.
He has a trade. he is a BSN.
He wanted to go in the services to be an officer .
I talked him out of serving this nation.
Way way way too corrupt.
Congratulations. I have a nephew who was awarded a full Air Force ROTC Scholarship. Big presentation at his high school a week before graduation. An Officer presented the award and made a speech.
Shortly after, it was revoked due to a peanut allergy. We were all angry at the way it happened. They should have decided that earlier. The history of that was disclosed early on.
Now the entire family is thankful it fell through with what’s going on politically. He will graduate next spring with a BSN as well.
How exactly is whatever Ms. Yellen has to say worth millions of dollars to people who are already as knowledgeable as she in about how the financial markets work?
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sounds like a good question for the hildabeast,too
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