News for hackers. Stuff that matters.

A comment on WH Ignores Yellen $800k Speaking Fees from Firm Bailed Out GameStop Hedge Fund. Parent comment

Re:WH Ignores Yellen $800k Speaking Fees from Firm Bailed Ou... by thedudeabides5 on Sunday February 14, 2021 @05:16PM (#26136776)
Imagine a world where you, personally, pay $300mm a year to financial professionals in your employ to help you manage say ...$10bn

Let’s say you take that $10bn and manage a portfolio with ~30% a year volatility.

So you pay $300m to manage a bunch of assets that move around by ~$3bn a year.

All of a sudden paying $500k for a speech, a dinner, and a the start of a relationship with a top 10 government policymaker, seems like a bargain.

Same reason Clinton and Obama can do the same after the leave office. Part wisdom, part networking.

Doesn’t have to be nefarious to be a good investment when your business is that scale.

[ Parent | on HN ]
Re:WH Ignores Yellen $800k Speaking Fees from Firm Bailed Ou... by byecomputer on Sunday February 14, 2021 @05:56PM (#26137079)
Some might argue that public officials being paid extraordinary sums by private investment firms in exchange for access and influence is nefarious in itself.
[ Parent | on HN ]
Re:WH Ignores Yellen $800k Speaking Fees from Firm Bailed Ou... by travmatt on Sunday February 14, 2021 @06:19PM (#26137252)
Some might argue that you should provide evidence and arguments that support your allegation that’s she’s selling influence.
[ Parent | on HN ]
Re:WH Ignores Yellen $800k Speaking Fees from Firm Bailed Ou... by testrun on Sunday February 14, 2021 @09:30PM (#26138409)
If you cannot see the conflict interest here then there is a big problem.

You cannot have people responsible for policy also being paid by organisations that they are meant to oversee. The biggest thing that keeps a democracy a democracy is trust in institutions. The last two decades we have lost an immense amount of trust in our institutions, and it is going to be very difficult to get it back. Speaking fees of $800 000 for former public servants and public servants to be anointed does not help.

[ Parent | on HN ]