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Yellen earned millions in speaking fees from Wall St, tech firms (2021)

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Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#101

Post by knodi123 »

throwme_123 wrote: post #30

The US is actually one the most corrupt countries on earth. What makes it worse: They always try to give lessons to the rest of the world, but meh. The result is here: Record homeless Americans, drug addicts in the streets, health crisis, education crisis, while the ruling elite (it's even more hypocritical when it's the left like Yellen) gets even richer. Time for a revolution maybe.

> The US is actually one the most corrupt countries on earth.

That's an enormous allegation. But I don't think it holds up.

The US has corruption, but actual bribery is rare, and the reason we're so outraged is because we have the attitude and expectation that no one should be corrupt. This is like saying "I wouldn't want to live in a bright room - I'd see a roach or two! I'd rather keep the lights down low."

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#102

Post by [deleted] »

vuln wrote: post #92
hgsgm wrote: post #84

Earlier quoted context omitted.

Trump has been grifting his fans before, during, and after his Presidency. Trump forced the government to spend money on his personal businesses during his Presidency. Trump has been getting bribes before, during, and after his Presidency.

> Trump has been grifting his fans before, during, and after his Presidency. We've seen politicians grift their supporters before. Looks at AOC and her 95$ _tax the rich hoodie_. I just find it hard to believe he has that many supporters with that deep of pockets to keep him flush. As far as statistics are concerned Trump's base is the poorest amongst current and previous Presidents. > Trump forced the government to…

[deleted]

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#103

Post by badwolf »

wslh wrote: post #57
kgwgk wrote: post #16

Earlier quoted context omitted.

As Secretary of the US Treasury she may be quite busy though.

I understand, I didn't know she still works there, so she is in an interest conflict and handling sensitive information.

She was not when she did these speaking engagements.

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#104

Post by javajosh »

aqme28 wrote: post #94
javajosh wrote: post #73

Earlier quoted context omitted.

The system always has and always will massively incentivize personal failures. That's why humans invented the concept of a "good person" -- it describes one who actively swims against the omnipresent tide. It's why people used to speak about "character" in politics. The tacit assumption is that once you're in power you are, by definition, unrestrained by external forces. The only one left who can restrain you is your…

> The tacit assumption is that once you're in power you are, by definition, unrestrained by external forces. The only one left who can restrain you is yourself. I don’t understand. This is not some truth of all justice systems. It isn’t the case even in the US, except for a few limited cases. There are a lot of parts of our system that incentivize being a good person, so I don’t know what you’re on about here.

>There are a lot of parts of our system that incentivize being a good person, so I don’t know what you’re on about here.

I'm sorry, which is the system that keeps people good? Tripartite government with separation of powers? A constitution? Tell me: what are the rules can withstand a group of bad faith players? Any system can be undermined by bad actors, on both short (personal) and long (institutional) timescales, and there is always built in incentive to do so. To wit: bribes are great for both sides if you don't get caught. Bribes given in this way may feel and appear to be like capitalism. But the iron minds who spend these enormous sums for brief appearances of past and future judges, bureaucrats and princes, do not do so out of sentiment. Nor, I think, would they bother to argue that it is so.

To claw our way back to the good Nash equilibrium we must open our eyes why the bad Nash equilibrium beckons to us all. Look around the world and see those nations that dwell, apparently permanently, in the bad equilibrium. Where everyone is backstabbing each other, demanding bribes, and so on. The rules forbid it, but they are helpless, just ink on paper. Once cheating starts, an avalanche soon follows.

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#105

Post by javajosh »

syzarian wrote: post #95
javajosh wrote: post #21

Earlier quoted context omitted.

No, it's a personal failing. Janet Yellen could have told them to fly a kite.

Yes. It is also a systemic failure. Wealth inequality tempts too many people in the penumbra of human morality that lies between those who are saints and those who are evil.

It's a systemic failure because the public has lost clarity of thought and have forgotten entirely the importance of character in general, and self-restraint in particular, in leadership. A problem I think can be causally linked to Citizens United. Ironic that you can't get people to focus on fixing CU because CU engendered an environment that makes it hard to focus.

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#106

Post by aqme28 »

javajosh wrote: post #104
aqme28 wrote: post #94

Earlier quoted context omitted.

> The tacit assumption is that once you're in power you are, by definition, unrestrained by external forces. The only one left who can restrain you is yourself. I don’t understand. This is not some truth of all justice systems. It isn’t the case even in the US, except for a few limited cases. There are a lot of parts of our system that incentivize being a good person, so I don’t know what you’re on about here.

>There are a lot of parts of our system that incentivize being a good person, so I don’t know what you’re on about here. I'm sorry, which is the system that keeps people good? Tripartite government with separation of powers? A constitution? Tell me: what are the rules can withstand a group of bad faith players? Any system can be undermined by bad actors, on both short (personal) and long (institutional) timescales, a…

We have laws and a justice system that disincentivizes bad behavior. The existence of holes in that system does not mean that an effective system is impossible. Plenty of bad person stuff is illegal and punishable.

It should be illegal (and enforceable) for regulators to be so cozy with industry. It feels like you're suggesting we just throw our hands up and say "better things aren't possible."

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#107

Post by shagmin »

hgsgm wrote: post #78
jefftk wrote: post #47

Earlier quoted context omitted.

How does earning money from selling a book hurt your incentives to do a good job as a politician? It seems to me it makes them better: there's less temptation to take money from industries you were involved in regulating, and your book will sell better if people think you did good work in office.

Buying books in bulk (not for reading) is a standard way to bribe a politician, by laundering campaign funds to personal funds, or even sloppy direct purchases. Several politicians have been caught, from local to national. One example; https://www.washingtonpost.com/lifestyle/media/gop-book-deal...

It seems like small fish in dollar amounts compared to other things, and I wouldn't even call it bribery so much as just unethical considering it was coming from political organizations that are responsible for helping those politicians getting elected. Plus the intent was getting the books on best sellers lists, money was just the means.

Re: Yellen earned millions in speaking fees from Wall St, tech firms (2021)

#110

Post by varispeed »

sbaiddn wrote: post #43
Eumenes wrote: post #25

These speaking fees HAVE to be kickbacks, right? I've attended a few of these things before and the talks have almost no substance, and the speakers just regurgitate things they've said before in the press or on official business. These don't equate to an industry leader or SME giving a talk on a technical or vocational subject.

Of course! But they're not technically illegal. So you can charge hundreds of thousands of dollars plus expenses for a one hour talk. They make more per performance than most of the biggest music stars. Consider that the "Friends" stars, at their height, only made $1 million/episode which took far more than ten hours to make and was broadcast and loved by hundreds of millions (if not billions?) around the world. Obvi…

Just like charging $10k for a bottle of champagne is not illegal, but it means you don't have to open as many car washes to put the cash through. Just have the dealers book the table and pay cash for the champs. Then just pay tax and money is squeaky clean.

Similar story with the speech circuit. Politicians do favours and then once they are out of office they go on a tour to collect payments. Everyone knows what it is, but there is no interest in making this a criminal offence, because every single politician in office wants to cash in once they are out.

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