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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsClinton Foundation Received Up To $81m From Clients Of Controversial HSBC Bank - Guardian
Clinton foundation received up to $81m from clients of controversial HSBC bankPaul Lewis in New York and James Ball in London - Guardian
Tuesday 10 February 2015 06.00 EST
Bill Clinton, former secretary of state Hillary Clinton and Chelsea Clinton speak during a student conference for the Clinton Global Initiative University in March 2014. Photograph: Matt York/AP
<snip>
The charitable foundation run by Hillary Clinton and her family has received as much as $81m from wealthy international donors who were clients of HSBCs controversial Swiss bank. Leaked files from HSBCs Swiss banking division reveal the identities of seven donors to the Bill, Hillary and Chelsea Clinton Foundation with accounts in Geneva.
They include Frank Giustra, a Canadian mining magnate and one of the foundations biggest financial backers, and Richard Caring, the British retail magnate who, the banks internal records show, used his tax-free Geneva account to transfer $1m into the New York-based foundation.
Hillary Clinton has expressed concern over growing economic inequality in the US and is expected to make the issue a cornerstone of her widely anticipated presidential campaign in 2016. However, political observers are increasingly asking whether the former secretary of states focus on wealth inequality sits uncomfortably with the close relationships she and her husband have nurtured with some of the worlds richest individuals.
Giustras Swiss HSBC account, created in 2002, contained up to $10m in the 2006-2007 period. Lawyers for the mining magnate said that he held the account for investment purposes, and that it was in compliance with Canadian laws that required disclosure of foreign assets.
Caring was legitimately permitted to keep his assets offshore by a hereditary quirk of UK tax law, under which he is registered as non-domiciled, courtesy of his Italian-American father. The HSBC records suggest Carings $1m donation was paid in return for former president Bill Clintons attendance at a lavish costume charity ball organised by Caring in St Petersburg, Russia.
Another Clinton foundation donor who had a HSBC account in the tax haven is Jeffrey Epstein, the hedge fund manager and convicted sex offender who once flew the former president on his private jet for charity events in Africa. The identities of Clinton supporters who banked with HSBC in Geneva are contained in internal bank data leaked by a HSBC computer expert turned whistleblower, Hervé Falciani.
The leaked files have now been obtained through an international collaboration of news outlets, including the Guardian, the French daily Le Monde, CBSs 60 Minutes and the Washington-based International Consortium of Investigative Journalists.
<snip>
More: http://www.theguardian.com/us-news/2015/feb/10/hillary-clinton-foundation-donors-hsbc-swiss-bank
Erich Bloodaxe BSN
(14,733 posts)Divernan
(15,480 posts)Yes it may have officially been claimed to be a gift/donation to a non-profit - but that is the same non-profit which foots the undisclosed salaries and perks for all three Clintons, along with their 5 star life style while traveling. The article refers to Bill's appearance at a "lavish costume charity ball" in St. Petersburg - all travel and living expenses for Bill, plus his entourage of handlers to be written off as charitable contributions.
And that $70 million of personal wealth accumulated by the Clintons since they left the White House? That is in reality $70 million of investments meant to be paid off with political favors.
Giustras Swiss HSBC account, created in 2002, contained up to $10m in the 2006-2007 period. Lawyers for the mining magnate said that he held the account for investment purposes
Get it? I-N-V-E-S-T-M-E-N-T, with every reasonable expectation of a very favorable return on each dollar.
A bunch of slick grifters, the lot of them.
JDPriestly
(57,936 posts)swimming pools, the highways, the public transportation systems, the nursing homes and hospitals, etc. of America, belts are tightening, children are hungry and crowded and wages stagnate.
It's one thing to talk the talk and another to walk the walk, Mr. and Mrs. Clinton.
NAFTA has not helped ordinary Americans.
Walmart has crushed a lot of small businesses.
The repeal of Glass-Steagall was irresponsible.
The "reform" of welfare laws has left a financial hole in the budgets of many of the poor.
And that is not the half of it.
closeupready
(29,503 posts)Righteous.
FiveGoodMen
(20,018 posts)"Gratitude is merely the lively anticipation of favors yet to come."
blkmusclmachine
(16,149 posts)HappyMe
(20,277 posts)Income equality. Alrighty then.
wyldwolf
(43,870 posts)msanthrope
(37,549 posts)DemocratSinceBirth
(99,716 posts)rhett o rick
(55,981 posts)But I hope you agree that the expectations from the bank for this generous "donation" (read investment) might not be in the interest of the 99%.
wyldwolf
(43,870 posts)1. Graft: the unscrupulous use of a politician's authority for personal gain.
This was graft how?
2. Yeah, let's just undo all that good stuff and give the money back.
Good luck with your line of attack here. I doubt even Bernie Sanders and Elizabeth Warren would sign on to it.
rhett o rick
(55,981 posts)I hope you don't believe that this bank, well known for it's criminal activities is giving away $81 million dollars out of the goodness of their black hearts. It's an investment and I bet we can guess where the return will come from.
wyldwolf
(43,870 posts)I just check for lottery numbers.
countryjake
(8,554 posts)HappyMe
(20,277 posts)when it involves the Clintons.
Phlem
(6,323 posts)There are anti progressives in DU. For Example:
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=6121016
#100: me: Repeating an idea, ideology, bullshit that's all dressed up with no where to go? That's classic Republican tactic or did you not know that?
Wyldwolf: Sounds like the typical progressive mentality.
#102: me: "Sounds like the typical progressive mentality." I knew you were anti progressive. Thanks for the confirmation.
And we are done.
#104: Wyldwolf: I'm glad you agree.
They are out to promote the Third Way and it's middle class killing policies and tear down any challengers.
Yes the conservative block that lost the midterms for us want to do it again during the presidential elections.
nichomachus
(12,754 posts)So, I guess he's really good guy.
wyldwolf
(43,870 posts)The Clinton didn't extort, steal or murder for the money that saved millions of lives.
Like I said down thread, this is a very foolish line of attack.
Luminous Animal
(27,310 posts)Divernan
(15,480 posts)http://www.theguardian.com/global-development/datablog/2014/jan/10/haiti-earthquake-us-aid-funding-data
But worst, over 300 farmers family-plots in the Northeast of Haiti were converted into the industrial zone for Korean textile giant Sae-A Trading. The Korean factory is built on good agricultural lands taken from Haiti peasants farmers without their approval and further destroys Haiti food sovereignty. ( Video: A Brief History of Haiti that Every American Should Know.)
US citizens are the projects biggest investor and main owners, not Haiti. The Korean cover is useful to deflect the Clinton and US oligarchs intentions. The US one percent, make it a practice to use subcontractors, such as the Korean conglomerate, to deflect and preempt decent US consumer complaints of human rights abuses and unfair labor practices against the giant American companies the complex will service, such as GAP, Wal-Mart, Target and other major US retailers
http://www.ezilidanto.com/zili/2012/03/haiti-red-cross-misuse-quake-monies/
Instead of replacing housing for Haitians, the Clinton Foundation "facilitated" building a luxury hotel for business investors. http://www.cnn.com/2011/11/28/world/americas/haiti-hotel-clinton/index.html
Luminous Animal
(27,310 posts)Divernan
(15,480 posts)Clintons Pushed Most Wasteful of U.S.-Funded Haiti Projects
JULY 02, 2013
Roughly half of the $1.14 billion that the U.S. government allocated to help Haiti recover from the 2010 earthquake has gone to wasteful projects with the single largest chunk$170.3 milliongoing to a failed port and power plant adventure heavily promoted by Bill Clinton and the State Department under the leadership if his beloved wife.
Can you say scandal? The former president, who has been heavily involved in distributing Haiti earthquake reconstruction funds, pushed hard for the power plant and port for an industrial park in northern Haiti billed as the centerpiece of the United States effort to help the ravaged island nation rebuild. As Secretary of State Hillary Clinton joined her husband in the effort, making several trips to Haiti to promote the project and encourage foreigners to invest in it.
In fact, Bill and Hillary Clinton led a star-studded delegation last year to inaugurate the industrial park, located about 100 miles from Port-au-Prince, tied to the power plant and port. Hollywood actors, a famous fashion designer and a British business magnate joined the Clintons as did high-ranking Obama administration officials such as then Labor Secretary Hilda Solis.
Hillary delivered a heart-felt speech saying we have been united behind a single goal making investments in this countrys people and your infrastructure that help put Haiti finally on the path to broad-based economic growth with a more vibrant private sector and less dependence on foreign assistance. And we believe that our work here in Haiti and here in the north is beginning to show results.
Not really, according to a federal audit of the $1.14 billion that Congress approved to help Haiti recover from the powerful earthquake that killed more than 200,000 and left over 1 million homeless. The probe was requested by a Florida congresswoman who chairs the House Middle East and North Africa Subcommittee because hundreds of millions have been spent in Haiti with virtually no accountability.
That means Uncle Sam must come to the rescue or the $170.3 million already wasted on the project will be lost. Either way, U.S. taxpayers get screwed. Besides the scandalous, Clinton-backed power and port experiment, congressional investigators found mismanagement of a crucial housing plan that was supposed to accommodate up to 90,000 Haitians. USAID claims it will only be able to handle 3,200 to 15,900 people at nearly double the original cost of $59 million. That means the cost per house is nearly triple the original estimate, according to the report.
Back to the Clinton prominence in all things Haiti; the United Nations named the former commander-in-chief as a special envoy to the island and his Clinton Foundation has raised $34 million for Haiti since the catastrophic earthquake hit. Additionally, the former president has distributed $54.4 million from the Clinton Bush Haiti Fund, which was launched shortly after the earthquake. The fund closed in December after distributing the last of the money and claims that it has helped Haitians create a better future through smart, sustainable economic development though it acknowledges that much work remains to be done in Haiti.
Combined with the U.S. government money and other charities that have raised huge sums for Haiti earthquake recovery, the island has received billions to rebuild. Yet three years later, news report after news report reveals that a large number of Haitians still live in deplorable, shanty town tent cities and an ongoing epidemic of cholera has claimed thousands of lives. Makes you wonder if someone is pocketing the money.
still_one
(92,481 posts)Clinton foundation does
how this reflects badly on Hillary is beyond me
99th_Monkey
(19,326 posts)KoKo
(84,711 posts)Let's hope that the Money has indeed gone to good causes and that there is proper documentation revealed by the Clinton Foundation forthcoming that it has.
From the Guardian Article:
Caring arranged for 18th century Russian costumes, borrowed from the Hermitage Museum, to be tailor-fitted for each guest at the event at Catherine the Greats Winter Palace. Photographs from the event in November 2005 show Bill Clinton, dressed as a Russian general, partying with other VIP guests such as Elizabeth Hurley. Entertainment was provided by Tina Turner and Elton John.
Caring guaranteed funds were raised for the British childrens charity NSPCC and also, courtesy of his personal transfer from the HSBC account in Geneva, the Clinton foundation.
HSBC notes on Carings accounts contain an instruction to transfer [$1m] to Bill Clintons Foundation as a contribution following his involvement in the Charity Function [Caring] organised at the end of November.
---------snip------
He gave $25,000 to the Clinton charity in July 2006, the year after he was arrested following a complaint he sexually abused a 14-year-old teenager in Florida, according to tax disclosures from Epsteins New York-based nonprofit, the COUQ Foundation.
---------snip-------
Another client of HSBC Geneva to donate to the Clinton foundation is Denise Rich, the ex-wife of the late billionaire and commodities trader Marc Rich, who fled to Switzerland in 1983 after being indicted by US authorities for tax evasion, fraud and racketeering. Mark Rich was was controversially granted a presidential pardon by Bill Clinton just hours before the former president left office in 2001.
Denise Rich contributed as much as $500,000 to the Clinton foundation. Now 70, she is reported to have recently renounced her US citizenship, becoming tax-resident in Austria. She did not respond to multiple requests for comment.
http://www.theguardian.com/us-news/2015/feb/10/hillary-clinton-foundation-donors-hsbc-swiss-bank
still_one
(92,481 posts)KoKo
(84,711 posts)Check out the full article when you have time...
Beacool
(30,253 posts)They must not know, or not care, how much pressure the Clinton Foundation exerted on pharmaceutical companies to get them to agree to lower the price of the ARVs that were needed desperately, particularly in Africa.
"At the beginning of the new millennium there was a breakthrough in treatment provision for resource poor areas when an Indian pharmaceutical company started to produce generic antiretrovirals that were exactly the same as those made by large pharmaceutical companies, but significantly cheaper. This sparked a price war between branded and generic drug makers, which forced the large pharmaceutical companies to lower the price of their HIV drugs. This competition, coupled with pressure from activists, organizations - such as the Clinton Foundation - and governments of poor countries with severe HIV epidemics, dramatically reduced the price of ARVs for developing countries. By the middle of 2001, triple combination therapy was available from Indian generic manufacturers for as little as $295 per person per year."
http://www.avert.org/antiretroviral-drug-prices.htm
"Former President Bill Clinton announced yesterday that his foundation had negotiated deep price reductions for generic versions of costly, second-line AIDS drugs needed when the original medicines fail, as well as for less toxic, easier-to-use first-line medicines combined in a pill that can be taken once a day.
Standing next to Thailands health minister, Mr. Clinton also forcefully endorsed recent decisions by Thailand and Brazil to break patents held by American pharmaceutical companies that are charging prices Mr. Clinton described as exorbitant, but that drug company officials said were reasonable."
http://www.nytimes.com/2007/05/09/world/09aidsdrugs.html?_r=0
"The first strategy, procurement arrangements to increase purchase volumes, often involves pooled procurement schemes that group multiple purchasers into a single purchasing unit in the hope that economies of scale will lead to lower prices. A pooled procurement mechanism is currently being developed at the Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund).2,3
The second large-scale strategy involves third-party consultation and price negotiation with generic ARV suppliers, a practice introduced by the Clinton Foundation HIV/AIDS Initiative (CHAI) in 2003."
http://www.who.int/bulletin/volumes/87/7/08-058925/en/
hatrack
(59,596 posts)Craftin' the FUCK out of it, I'm sure.
rhett o rick
(55,981 posts)What do you think? Or "If you loved Reagan's trickle-down, you really love H. Clinton's."
wyldwolf
(43,870 posts)Hillary Clinton's philanthropic foundations saved millions from disease and disaster. Some 'progressives' would like to undo that because they don't like where the money came from. Would you turn down money if it meant saving lives?
Hillary 2016.
rhett o rick
(55,981 posts)wyldwolf
(43,870 posts)DemocratSinceBirth
(99,716 posts)Phlem
(6,323 posts)Bridge anyone? I've got several for sale.
wyldwolf
(43,870 posts)Phlem
(6,323 posts)oops, see I asked you the same question you asked me. Show me the proof.
wyldwolf
(43,870 posts)Phlem
(6,323 posts)oops.
Next?
wyldwolf
(43,870 posts)oops.
Next.
Phlem
(6,323 posts)Not saying your one.
wyldwolf
(43,870 posts)nichomachus
(12,754 posts)That's one way of thinking about it, but it has real problems.
HappyMe
(20,277 posts)It seems to me it should matter where the money comes from.
wyldwolf
(43,870 posts)And posting it on DU is a line of political attack, meant to sway opinion. Even if Bernie Sanders was in a tight primary race with Clinton, he probably wouldn't pull this out.
Phlem
(6,323 posts)GMAFB.
What a joke. What did you confess to me last time, that your anti progressive. It shows.
Link?
Phlem
(6,323 posts)My comment #102
And your reply #104
wyldwolf
(43,870 posts)I'm glad we agree.
next?
Phlem
(6,323 posts)There it is posted for all to see yet
deny, deny, deny, your modus operandi. I have these kinds of discussion with my 8 year old, I refuse to have one with an older child.
Oh I forget your ALWAYS RIGHT and NEVER do anything that you accuse other people of. Yep, your 100% believable, just like some conservatives I know or Hillary.
Next?
wyldwolf
(43,870 posts)Next?
Phlem
(6,323 posts)what?
next.
I'm sure you need to have the last word so go ahead I have more important things to do than engage a shill.
wyldwolf
(43,870 posts)Criticizing someone's spelling or grammar on the internet is the last refuge of someone who doesn't have an argument.
Next.
appalachiablue
(41,184 posts)Octafish
(55,745 posts)Since the repeal of Glass-Steagal, Buy Partisan support specializing exclusively in Wealth Management:
http://financialservicesinc.ubs.com/revitalizingamerica/SenatorPhilGramm.html
nichomachus
(12,754 posts)appalachiablue
(41,184 posts)betterdemsonly
(1,967 posts)to the other bank annointed candidate in the GOP. On the off chance Hillary gets in she will be mired in one of these scandals after another. Impeachment will be the issue for the next 10 years.
still_one
(92,481 posts)Beacool
(30,253 posts)There's nothing illegal about these people donating money to charity.
mylye2222
(2,992 posts)Another proof of their corporatism...
benz380
(534 posts)Phlem
(6,323 posts)Santa is REAL!
HappyMe
(20,277 posts)The Emperor's New Clothes.
Phlem
(6,323 posts)Whether it's a non profit or not it controls all the money it receives. Some of the most well paid CEO's work for non profits. So yea, the Clinton Foundation is going to cure hunger in America.....wait.
HappyMe
(20,277 posts)where you could donate any amount to the United Way, and that amount was taken right out of your check. I looked into it and found that a bunch of the money collected went to pay the top dogs running the charity. I refused to sign the paper and give the money. I thought charity meant....well, charity.
Phlem
(6,323 posts)Deception is king in the U.S.
appalachiablue
(41,184 posts)The Global Village.
Tierra_y_Libertad
(50,414 posts)Don't you just love "practical politics" from the 3rd Way Clintons?
http://www.theguardian.com/news/2015/feb/10/hsbc-tax-files-loretta-lynch-prosecution
Barack Obamas nominee for attorney general, Loretta Lynch, has warned that HSBC could be prosecuted over tax evasion connected to its Swiss subsidiary, despite the controversial agreement she negotiated with the bank two years ago.
In her first remarks since the Guardian and other media obtained a huge cache of leaked data from HSBC Switzerland, Lynch said the Department of Justice would not be constrained from bringing tax evasion charges against the bank if there were sufficient evidence.
US prosecutors weigh criminal charges against HSBC as Elizabeth Warren turns up the heat
Massachusetts senator calls on Department of Justice to come down hard on HSBC if beleaguered bank is found to have colluded with tax evaders
Read more
The leaked files from HSBCs Swiss subsidiary show how the bank colluded with some clients to conceal billions of assets from domestic tax authorities across the world. Lynch, who has yet to be confirmed by the Senate, is under pressure to explain what action the DoJ has taken since obtaining the data leak five years ago.
Lynch said in a letter to the Republican chairman of the Senate judiciary committee, Chuck Grassley, that the deal she reached with HSBC in 2012 does not provide [the bank] any protection against prosecution for conduct outside of the terms of that settlement, which was specifically about money-laundering and sanctions breaches.
Jefferson23
(30,099 posts)bobthedrummer
(26,083 posts)olddots
(10,237 posts)N.T.
AtomicKitten
(46,585 posts)The $81 million may just be chump change in the bigger scheme of things for the foundation.
http://mobile.nytimes.com/2013/08/14/us/politics/unease-at-clinton-foundation-over-finances-and-ambitions.html?pagewanted=all
quadrature
(2,049 posts)for the rich?
for members of a certain political party(which one)?
for the record, I assume that the BHC.C foundation
does do some philanthropy, but a travel budget
of 8 million a year for three people is too much.
Phlem
(6,323 posts)Everything's peachy keen and on the up and up Regarding Hillary Clinton, just like the TPP.
Demeter
(85,373 posts)NOT
Marr
(20,317 posts)The public is more angry with Wall Steet and the big banks than ever, and she's got a long, loooong track record with them. She's an easy target, covered with a million potential scandals.
Phlem
(6,323 posts)not because the facts are that nobody like her and doesn't trust her. Noooooo. Because it hasn't expressed over and over and fucking over again.
Marr
(20,317 posts)It's not the tiny, unpopular political faction's fault-- it's the fault of the whole fucking country for not liking that tiny, unpopular faction.
appalachiablue
(41,184 posts)ColesCountyDem
(6,943 posts)Foundations get money from rich people-- it's how they work. Furthermore, I'm unaware of any that ask the donor the source of his/her funds.
wyldwolf
(43,870 posts)ColesCountyDem
(6,943 posts)I may not vote for Secretary Clinton in the primary here in IL, but if she gains the nomination, she will have 100% of my support. Articles like the one in the OP are what I would expect from the GOP.
Phlem
(6,323 posts).....
ColesCountyDem
(6,943 posts)Phlem
(6,323 posts)So Hillary's OK with you then. Nuff said.
ColesCountyDem
(6,943 posts)Obviously not. Please do so, before taking me to task.
Phlem
(6,323 posts)I just function at a faster speed than most but in my opinion she will be the death of the Democratic party. You have your own opinion and neither of us are right till it actually happens. I researched the Third Way to death after the midterms. It still feels a little fresh. I hope you have a good evening.
ColesCountyDem
(6,943 posts)You have a good one, too. Peace.
Phlem
(6,323 posts)stonecutter357
(12,698 posts)Beacool
(30,253 posts)Donors who were clients of HSBCs Swiss bank donated $81M to the Clinton Foundation, so? A foundation that has helped to save lives and has worked for the betterment of millions of people around the globe. Who do you all think donates to these foundations, the poor? Foundations and other charitable institutions are kept afloat by the money donated by the wealthy. Ever attend a charity ball?
There's a difference between donating money to a good cause and financing a political campaign.
WillyT
(72,631 posts)If Hillary is indeed... "Inevitable"...
Better to expose the negative stories as they come out, so they can be defended against... like you just did.
Beacool
(30,253 posts)Her supporters know better. She'll have to fight for the nomination just like any other candidate. Goodness knows that she gets attacked by the Left as much as by the Right.
rhett o rick
(55,981 posts)So what do they want in return? And where will it come from.
The Clinton's have always been in very tight with the Bankers, to the exclusion of the 99%.
madville
(7,413 posts)It won't matter who wins the general election, Wall Street benefits either way.
Phlem
(6,323 posts)But I'm sure it's purely coincidental because you know, the kids and diseases. HSBC's donation was a well intentioned gift to help the least of us cause that's what banks and the Clinton foundation do.
Phlem
(6,323 posts)because you know sick kids, the poor, and climate change.
joshcryer
(62,279 posts)And had similar smears.
RiverLover
(7,830 posts)wyldwolf
(43,870 posts)countryjake
(8,554 posts)still_one
(92,481 posts)Phlem
(6,323 posts)We promote Thirdway policies and detrimental labor practices, we also support outsourcing, H-1B visa's and off shoring?
It's called Public Relations.
still_one
(92,481 posts)Name, right?
Phlem
(6,323 posts)Just because it's got all those great things on the front certainly doesn't represent the whole picture of the company. There are many well paid CEO's that work @ non profits. A well run company is certainly going to spend tons on image, not just helping the down and out.
Who know's maybe they're trying to make up for NAFTA.
emulatorloo
(44,249 posts)Lots of assholes give money to charity.
Their are many arguments to be made against Clinton's policy positions. But AFAIK Clinton Foundation does good work
obnoxiousdrunk
(2,910 posts)Bill Clinton again.