3 ms·

> This isn't ideal but public service isn't a vow of poverty and someone will pay them. What is important (and appears to be the case here) is that they are pub

> This isn't ideal but public service isn't a vow of poverty and someone will pay them. What is important (and appears to be the case here) is that they are public and disclosed. Citadel is only 10% of her overall speaking fees over two years. She owes them nothing. When we give money to someone, there is an expectation of receiving something in return.

cycrutchfield 6y ago
Right, she gave a talk in return
- youeseh 6y ago
  How long was the talk? An hour? 700k per hour for a talk? What was so groundbreaking that a public official was paid 700k/hour but didn't say it in public?
  - ModernMech 6y ago
    Doesn't really matter. She probably told them many things she's said in public. My org has paid just as much for invited speakers to say things I could hear them say on Youtube. $700k is to get her person inside of the room to give an exclusive talk. There are myriad reasons for that, one of which may be you intend to ask her return favors. But that's certainly not the only reason as people here seem to be implying. Other reasons include: - Because you can: $700k is not a lot of money to these orgs - Because you have to: if you don't spend the money you lose it in the budget - Because you want to brag: social media points for you and all your employees (look who we got to meet and you didn't!) - Because you want to attract new talent: your org is more attractive if you offer these events to your employees etc. I think any of these are just as plausible as corruption.
    - youeseh 6y ago
      If you give a policeman a cold drink and they accept it, they can be fired. If you give a judge a slice of pizza and they accept it, they can be fired. We all understand this. Yet, "speaking fees" are accepted =)
ABeeSea 6y ago
Yea, something in return like speaking and a Q&A.
throwaway5752 6y ago
Yes, they paid for for the speech. You pay a consultant to write software for you, and they deliver software. You pay a public figure for a speech, and they write and deliver a speech. I know you may object to how much she is paid. However, there are only 15 former chairs of the US Federal Reserve in history, and at the time she was one of 3 living (and not currently serving) ones, the first woman, and Paul Volcker is 92. Based on some basic searches, a celebrity commencement speech fee may run from $50-100K, and I would argue that Yellen's thoughts are far more valuable. Let's turn this around. What freedoms would you take away from people that wanted to be government appointees? What if she had been an executive of Citadel for a year instead? If she doesn't do speaking fees, Janet Yellen still has a mortgage and bills. Speaking fees are public, have low quid pro quo leverage, and they are disclosed. This seems to be the best possible arrangement to have qualified people in positions of power.

cycrutchfield 6y ago

Right, she gave a talk in return

youeseh 6y ago
How long was the talk? An hour? 700k per hour for a talk? What was so groundbreaking that a public official was paid 700k/hour but didn't say it in public?
- ModernMech 6y ago
  Doesn't really matter. She probably told them many things she's said in public. My org has paid just as much for invited speakers to say things I could hear them say on Youtube. $700k is to get her person inside of the room to give an exclusive talk. There are myriad reasons for that, one of which may be you intend to ask her return favors. But that's certainly not the only reason as people here seem to be implying. Other reasons include: - Because you can: $700k is not a lot of money to these orgs - Because you have to: if you don't spend the money you lose it in the budget - Because you want to brag: social media points for you and all your employees (look who we got to meet and you didn't!) - Because you want to attract new talent: your org is more attractive if you offer these events to your employees etc. I think any of these are just as plausible as corruption.
  - youeseh 6y ago
    If you give a policeman a cold drink and they accept it, they can be fired. If you give a judge a slice of pizza and they accept it, they can be fired. We all understand this. Yet, "speaking fees" are accepted =)

ABeeSea 6y ago

Yea, something in return like speaking and a Q&A.

throwaway5752 6y ago

Yes, they paid for for the speech. You pay a consultant to write software for you, and they deliver software. You pay a public figure for a speech, and they write and deliver a speech. I know you may object to how much she is paid. However, there are only 15 former chairs of the US Federal Reserve in history, and at the time she was one of 3 living (and not currently serving) ones, the first woman, and Paul Volcker is 92. Based on some basic searches, a celebrity commencement speech fee may run from $50-100K, and I would argue that Yellen's thoughts are far more valuable. Let's turn this around. What freedoms would you take away from people that wanted to be government appointees? What if she had been an executive of Citadel for a year instead? If she doesn't do speaking fees, Janet Yellen still has a mortgage and bills. Speaking fees are public, have low quid pro quo leverage, and they are disclosed. This seems to be the best possible arrangement to have qualified people in positions of power.