Two interesting clarifications resulting from the Clinton financial release. First Bill and Burkle.
$15 Million from Ron Burkle for Bill:
Interesting because, prior to the full disclosure, the Clinton's only public statement regarding the Bill - Burkle arrangement was that Bill netted "more than $1,000 annually" from this financial assignation.
So, this prompts the question, what merits somewhere between 250 and 500 times "more than $1,000 annually" from Burkle?
Says Clinton campaign spokesman Jay Carson:
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The President provides his best advice on potential investments, advocates generally on behalf of the funds, and seeks to create opportunities for investors to consider investing in these funds or in the investments the funds make.
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Now, the earlier characterization of Bill's modest annual stipend from Burkle came on the heels of a controversy, in September 2007, concerning the targeted opportunities in which Burkle and his Yucaipa group were interested.
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Burkle and Yucaipa have been involved in a number of controversies that have reportedly prompted concerns in Hillary Clinton's presidential campaign that her bid might be damaged by resulting adverse publicity.
Bill Clinton was, according to sources close to both Burkle and Clinton, deeply angered by a September 26, 2007, front page Wall Street Journal article detailing some of Yucaipa's questionable dealings. The story, which broke on the same day that heads of state and business leaders convened in New York to discuss the Clinton Global Initiative, described plans to invest millions of dollars in a venture to buy up Catholic Church property.
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More from other sites.
WSJ - January 2008 Article
Bloomberg -
Sumamrizing past and Present
And presenting the opinion of AICPA VP Tom Ochsenschlager.
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The former president, 61, received $1 million from Yucaipa in 2003, $4 million in 2004 and $5 million in 2005. In 2006, he received a guaranteed payment of $2.5 million plus a $156,611 share of the profits. The campaign said he earned $2.75 million from partnership income in 2007.
Amounts 'Odd'
"The flat amounts received from Yucaipa are odd," said Tom Ochsenschlager, vice president of taxation at the American Institute of Certified Public Accountants, who agreed that it signaled Bill Clinton was performing a service. "That's quite unusual."
Previously, Hillary Clinton reported only that the former president earned "more than $1,000" a year from Yucaipa on financial disclosure forms she is required to file in the Senate.
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The article further notes that many of the Yucaipa funds are linked to accounts in the Cayman Islands - guess they went there for the free ATMs, as the Clinton returns claim that all taxes have been paid on gains.
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The tax returns indicate the couple paid all the U.S. federal taxes owed on the income from Yucaipa, which controls three funds located in the Cayman Islands. The Cayman Islands doesn't charge any individual or corporate income tax and has strict bank secrecy laws.
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Well, surely this will all get completely clarified in time, right?
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Clinton, according to aides, intends to sever his financial ties with Burkle, although he may do so only if his wife wins the nomination, an increasingly unlikely prospect.
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Now, this is almost worth a vBet. If Hillary loses the nomination to Obama, will Bill maintain his lucrative arrangement with Yucaipa? My money would go on "Yes."
Second, the Clinton's reported giving, I don't mean to sound uncharitable, for after all charity begins at home, but it seems most of the giving went to their own charity.
Also, less than half of the given funds have been used for charitable goals of their Family Foundation.
The Clinton's claim that the disbursement and use rate from their family foundation lags in reporting versus the tax returns.
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A representative of the Clintons said that when they and their foundation filed their 2007 tax returns, the records would show that all of the $3 million they gave to the foundation last year had been passed on to other charities. That will account for more than half of all the charitable donations that the foundation has made since 2001, according to a review of its tax returns.
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04-03-2008, 02:21 PM
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