It pays to be a money-printer.
Like many of her predecessors, and like so many retired politicians, former Federal Reserve Chair Janet Yellen is cashing in on her stint as head of the most powerful institution in the United States today.
According to Reuters, Yellen received a handsome payday for appearing in private meetings with Wall Street’s elite. Though the amount was not disclosed, the ex-Fed head paid a visit to Wall Street to discuss the economy and interest rates.
One of these consisted of a dinner for 40 at Jefferies Group CEO Richard Handler’s Manhattan penthouse.
Yellen confirmed that she did not reveal any confidential information.
More from the newswire:
The program included a question-and-answer session with more than 100 Jefferies clients, where according to the source she stuck close to the gradual rate-hike message that her successor, Jerome Powell, has delivered since taking charge in early February.
Later, over the penthouse dinner of short ribs and matzo in the trendy Tribeca neighborhood, Yellen told executives from hedge funds, private equity firms and other companies that she considered inflation to be in check and unlikely to spike, so rates would stay relatively low, according to a second person familiar with the discussion.
The discussions with billionaires Carl Icahn, Daniel Loeb and other big investors ran past sunset until the college basketball final between Villanova and Michigan tipped off on TV, the second source said. Representatives for Icahn Enterprises and for Loeb, who runs Third Point, did not comment or respond to a request.
Many policymakers of the past have given speeches to hedge fund managers, executives, and a myriad of other influential groups and individuals. Former President Bill Clinton and former Secretary of State Hillary Clinton have made tens of millions of dollars speaking to these organizations and prominent persons. Former President Barack Obama has started to cash in on his eight-year presidency by delivering speeches to Wall Street banks.
It is becoming more apparent year after year that public officials participate in a pre-bribe.
This is when you advocate a policy, support legislation, or enact a measure that benefits a particular group. Once that person leaves office, he or she gets lucrative fees from these very same entities.
Perhaps Yellen’s pre-bribe was all that money printing and artificially low interest rates.
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