Treasury secretary Yellen obtained $800G from hedge fund at heart of Robinhood controversy

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Newly-confirmed Treasury Secretary Janet Yellen obtained round $810,000 in talking charges from the hedge fund that bailed out one of many major losers within the current Gamestop frenzy.

Yellen’s monetary disclosure reveals her making $337,500 for a number of days in Oct. of 2020 from Citadel. She equally banked $292,500 in October of 2019 and $180,000 in December of that 12 months.

The Senate confirmed Yellen on Monday, making her the primary feminine secretary of the division. She beforehand chaired the Federal Reserve after an appointment by former President Obama.

SURGING GAMESTOP STOCK CREATING CHAOS FOR HEDGE FUNDS

Each Citadel and Level72 infused virtually $three billion into Melvin Capital, which noticed large losses after betting towards the online game retailer Gamestop. The White Home mentioned on Wednesday that Yellen was monitoring the state of affairs.

Citadel founder Ken Griffin has invested in Robinhood, the buying and selling app that helped gasoline the huge inventory exercise that hit Melvin Capital.

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Robinhood mentioned Thursday buyers would solely be capable of promote their positions and never open new ones in some instances, and Robinhood will attempt to sluggish the quantity of buying and selling utilizing borrowed cash.

GameStop inventory has rocketed from beneath $20 earlier to shut round $350 Wednesday. The motion was even wilder Thursday: The inventory swung between $112 and $483. At noon it was down 27% at $255.

The Related Press contributed to this report.



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