White House Remains Quiet Amid GameStop Controversy as Outrage Continues for Robinhood App
By Fox News // January 29, 2021
Treasury Secretary received $810,000 in speaking fees for hedge fund that bailed out loser in GameStop debacle
ABOVE VIDEO: Janet Yellen received $800K from hedge fund at center of GameStop debate.
(FOX NEWS) – The White House is staying out of the GameStop controversy.
Asked about the market volatility during Friday morning’s press briefing, White House press secretary Jen Psaki punted on the question and directed reporters to statements by the Securities and Exchange Commission.
“They are closely monitoring this situation but it is under their purview at this point of time,” Psaki said, declining to speak specifically about the situation.
President Biden met on Friday with Treasury Secretary Janet Yellen this afternoon, but Psaki declined to say whether the two would discuss GameStop. Yellen received around $810,000 in speaking fees from the hedge fund that bailed out one of the primary losers in the recent Gamestop frenzy.
It came a day after Psaki — during Thursday’s briefing — also refused to answer directly about the contoversy. The chaos started when a Reddit group called WallStreetBets banded together to squeeze short-sellers out of their positions by buying up stock in video game retailer GameStop and other flailing companies.
The Reddit group temporarily went private. Trading app Robinhood and online broker Interactive Brokers restricted trading in certain securities because of the recent volatility in a number of stocks, igniting controversy.
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