Bill Clinton company shows complexity of family finances

[webfact]

Bill Clinton company shows complexity of family finances
By STEPHEN BRAUN

WASHINGTON (AP) — The newly released financial files on Bill and Hillary Rodham Clinton's growing fortune omit a company with no apparent employees or assets that the former president has legally used to provide consulting and other services, but which demonstrates the complexity of the family's finances.

Because the company, WJC, LLC, has no financial assets, Hillary Clinton's campaign was not obligated to report its existence in her recent financial disclosure report, officials with Bill Clinton's private office and the Clinton campaign said. They were responding to questions by The Associated Press, which reviewed corporate documents.

The officials, who spoke on condition of anonymity because they were not authorized to provide private details of the former president's finances on the record, said the entity was a "pass-through" company designed to channel payments to the former president.

Under federal ethics disclosure rules, declared candidates do not have to report assets worth less than $1,000. But the company's existence demonstrates the complexity of tracking the Clintons' finances as Hillary Clinton ramps up her presidential bid.

While Bill Clinton's lucrative speeches have provided the bulk of the couple's income, earning as much as $50 million during his wife's four-year term as secretary of state in the Obama administration, the former president has also sought to branch out into other business activities in recent years. Little is known about the exact nature and financial worth of Bill Clinton's non-speech business interests.

The identities of several U.S and foreign-based companies and foundations that Bill Clinton worked for have been disclosed in Hillary Clinton's recent financial report as well as in earlier reports during her stint as secretary of state.

Under federal disclosure rules for spouses' earned income, Hillary Clinton was only obligated to identify the source of her spouse's income and confirm that he received more than $1,000. As a result, the precise amounts of Bill Clinton's earned income from consulting have not been disclosed, and it's not known how much was routed through WJC, LLC.

WJC, LLC was set up in Delaware in 2008 and again in 2013 and in New York in 2009, according to documents obtained by The AP. The company did not appear among holdings in the Clintons' financial disclosure released last week or in previous Hillary Clinton disclosure reports between 2008 and 2013, when she resigned as secretary of state. Bill Clinton signed a document as its "authorizing person" in a corporate filing in Delaware in 2013.

A limited liability company is a commonly used business structure that provides tax advantages and limited legal protection for the assets of company owners and partners.

The purpose of Bill Clinton's U.S.-based company was not disclosed in any of the corporate filings in Delaware and New York, but State Department files recently reviewed by the AP show that WJC, LLC surfaced in emails from Bill Clinton's aides to the department's ethics officials.

In February 2009, Clinton's counselor, Douglas Band, asked State Department ethics officials to clear Bill Clinton's consulting work for three companies owned by influential Democratic party donors. Memos sent by Band proposed that Bill Clinton would provide "consulting services regarding geopolitical, economic and social trends affecting the entity and philanthropic opportunities" through the WJC, LLC entity.

State Department officials approved Bill Clinton's consulting work for longtime friend Steve Bing's Shangri-La Industries and another with Wasserman Investments, GP, a firm run by entertainment executive and Democratic party donor Casey Wasserman. The ethics officials turned down Bill Clinton's proposed work with a firm run by entertainment magnate and Democratic donor Haim Saban because of Saban's active role in Mideast political affairs.

WJC, LLC was also cited by Band in a June 2011 memo sent to State Department ethics officials asking for clearance to allow Bill Clinton to advise Band's international consulting company, Teneo Strategy LLC. Band's request said Teneo would use "consulting services provided by President Clinton through WJC, LLC." State Department officials approved the three-year contract between the two companies.

None of the proposals detailed how much Bill Clinton would be paid.

While Hillary Clinton's 2011 federal disclosure report did not mention WJC, LLC, it reported that Bill Clinton received "non-employee compensation over $1,000 from Teneo," but did not disclose a more precise amount. Federal disclosure rules require the spouses of filers to disclose the identity of any income sources over $1,000, but they do not have to provide exact figures.

Pass-through, or shell, companies became an issue in the 2012 presidential campaign when Republican candidate Mitt Romney disclosed a private equity entity worth $1.9 million despite failing to report the company on his previous federal disclosure. Romney aides said the company previously held no assets but then received the $1.9 million "true up" payment — a catch-up payment to make up for private equity fees from defunct investment advisory businesses that had not been previously paid.
__

Associated Press writer Randall Chase contributed to this report from Dover, Delaware


-- (c) Associated Press 2015-05-27

[shirtless]

America will be history if Hillary becomes president she will be dead by the time they unravel all the damage this elite old crow has done , get someone who does not suffer from dementia to run the country and make them accountable otherwise america will be in the toilet on word comes to mind when referring to Hillary incompetent

[sdanielmcev]

As good a reason as any to abolish the IRS and go to a flat tax. Stuff like this has gotten way too complicated and too many dodges. I'm no Clinton fan, but I can see the why of having companies like these.

Edited May 27, 2015 by sdanielmcev

[akentryan]

Does anyone actually believe the Clintons would pay all the State and Federal income taxes due on the $50 million earned? Get that nitwit head of IRS off his smirking ass and on the job.

[Johpa]

As good a reason as any to abolish the IRS and go to a flat tax. Stuff like this has gotten way too complicated and too many dodges. I'm no Clinton fan, but I can see the why of having companies like these.

Even imposing a regressive flat tax does not eliminate the need for an agency to collect said tax.

[Loptr]

Complexity of personal finances? Code words for shell companies to hide funds acquired under questionable means while providing political favors...

[Halion]

What this does demonstrate is the total unsuitability of either of this family to be in public office. Gypsies in fancy dress.

[Nobb]

Can you really believe Bill Clinton. The man who had many affairs with women and denied them all. Monica got him up and the semen in her pocket showed what a great liar this man is. Do not trust the Clinton,s!!!

[Scott]

Off-topic post removed.

[sdanielmcev]

As good a reason as any to abolish the IRS and go to a flat tax. Stuff like this has gotten way too complicated and too many dodges. I'm no Clinton fan, but I can see the why of having companies like these.

Even imposing a regressive flat tax does not eliminate the need for an agency to collect said tax.

A flat tax would not be regressive. Hence the name flat.

[NeverSure]

So, how does Hillary campaign when she's up to her butt in all of these messes?

Clinton Foundation hit with racketeering lawsuit

Washington Examiner

BY SARAH WESTWOOD | MAY 27, 2015

"The racketeering, influenced and corrupt organizations, or RICO, case alleges the former first couple and their family philanthropy traded political favors for donations or generous speaking fees for Bill Clinton while his wife was the nation's chief diplomat."

[Chicog]

So, how does Hillary campaign when she's up to her butt in all of these messes?

Clinton Foundation hit with racketeering lawsuit

Washington Examiner

BY SARAH WESTWOOD | MAY 27, 2015

"The racketeering, influenced and corrupt organizations, or RICO, case alleges the former first couple and their family philanthropy traded political favors for donations or generous speaking fees for Bill Clinton while his wife was the nation's chief diplomat."

"Klayman has filed dozens of lawsuits against the Clintons and other prominent politicians.".

Another crackpot teabagger.

[PHP87]

So, how does Hillary campaign when she's up to her butt in all of these messes?

Clinton Foundation hit with racketeering lawsuit

Washington Examiner

BY SARAH WESTWOOD | MAY 27, 2015

"The racketeering, influenced and corrupt organizations, or RICO, case alleges the former first couple and their family philanthropy traded political favors for donations or generous speaking fees for Bill Clinton while his wife was the nation's chief diplomat."

"Klayman has filed dozens of lawsuits against the Clintons and other prominent politicians.".

Another crackpot teabagger.

I remember when Klayman brought up allegations against Bill Clinton in the 1990's and the media referred to him as a "Right Wing lawyer"

When he did the same to George W Bush, Klayman was suddenly referred to as a "Political Watchdog attorney"

But pointing out the double-standards of the media isn't the issue here, it's the slush fund known as the Clinton Foundation.

Of the "donations" to the Foundation, it's been reported that very little go towards charitable purposes, as little as 6.4% which has put them on a charity watchlist:

http://www.charitynavigator.org/index.cfm?bay=search.profile&ein=311580204#watchlist

Even the left leaning NYTimes wrote a harsh piece about the Clinton Foundation:

http://www.nytimes.com/2013/08/14/us/politics/unease-at-clinton-foundation-over-finances-and-ambitions.html?pagewanted=3&_r=3&hp&

And Forbes is questioning the legality of it as well:

http://www.nytimes.com/2013/08/14/us/politics/unease-at-clinton-foundation-over-finances-and-ambitions.html?pagewanted=3&_r=3&hp&

Plenty of links on the internet.

Hiding 26Million from the IRS would get just about anyone a lengthy prison term.

[mango66]

Complexity of personal finances? Code words for shell companies to hide funds acquired under questionable means while providing political favors...

and this state now wants to check any bank account from any european citicen !!

[NickJ]

When Truman left the Whitehouse He and Bess left with no fanfare. They took a train back home.......back to there farm in Missouri.....simpel times, hardly.

[blackhawk2415]

Isn't their net worth like $10M

[chuckd]

Then there is this news today:

------------------------------------------------------------------------

05.27.1510:00 AM ET

Corrupt FIFA Has Clinton Foundation Ties; World Cup Host Qatar Gave Millions

Both Bill Clinton and his family’s charity have been tied to soccer’s governing body, as well as Qatar’s disastrous World Cup bid

.

And just like that, another Clinton Foundation donor is in the news.

The Clinton global charity has received between $50,000 and $100,000 from soccer’s governing body and has partnered with the Fédération Internationale de Football Association on several occasions, according to donor listings on the foundation’s website.

Article here: http://www.thedailybeast.com/articles/2015/05/27/corrupt-fifa-has-clinton-foundation-ties-world-cup-host-qatar-gave-millions.html

The government of Qatar has given the Clinton Foundation millions over the past few years during their effort to land the World Cup for 2022.

[Johpa]

As good a reason as any to abolish the IRS and go to a flat tax. Stuff like this has gotten way too complicated and too many dodges. I'm no Clinton fan, but I can see the why of having companies like these.

Even imposing a regressive flat tax does not eliminate the need for an agency to collect said tax.

A flat tax would not be regressive. Hence the name flat.

Flat simply refers to a single rate of taxation for all. A person barely making a living wage and barely surviving economically being asked to pay say a flat 15% and a multimillionaire who can afford to pay 15% and still retain their multimillionaire status after paying that same tax are impacted in radically different ways by the "flat tax" and thus using the term "regressive tax" is used and is an appropriate use of the term.

[PHP87]

The Clinton's are nothing but grifters.

"Complexity" translates to "No paper trail"

Bill Clinton continues to be a sleazy scumbag:

http://www.nytimes.com/2015/05/30/us/politics/an-award-for-bill-clinton-came-with-500000-for-his-foundation.html

“Clinton, where is the money?” they chanted. “In whose pockets?”

[chuckd]

The sleaze just continues to keep coming out. How much longer can Hillary go without responding to at least some of these salacious charges?

Was she complicit in permitting Sweden to break the sanctions in dealing with Iran? Lots of money changed hands.

------------------------------------------------------------------------

Bill Clinton’s foundation cashed in as Sweden lobbied Hillary on sanctions

Exclusive Washington Times Daily Briefing (June 2, 2015)

Washington Times

By John Solomon and Kelly Riddell - The Washington Times - Tuesday, June 2, 2015

Bill Clinton’s foundation set up a fundraising arm in Sweden that collected $26 million in donations at the same time that country was lobbying Hillary Rodham Clinton’s State Department to forgo sanctions that threatened its thriving business with Iran, according to interviews and documents obtained by The Washington Times.

The Swedish entity, called the William J. Clinton Foundation Insamlingsstiftelse, was never disclosed to or cleared by State Department ethics officials, even though one of its largest sources of donations was a Swedish government-sanctioned lottery.

As the money flowed to the foundation from Sweden, Mrs. Clinton’s team in Washington declined to blacklist any Swedish firms despite warnings from career officials at the U.S. Embassy in Stockholm that Sweden was growing its economic ties with Iran and potentially undercutting Western efforts to end Tehran’s rogue nuclear program, diplomatic cables show.

“Sweden does not support implementing tighter financial sanctions on Iran” and believes “more stringent financial standards could hurt Swedish exports,” one such cable from 2009 alerted Mrs. Clinton’s office in Washington.

Read more: http://www.washingtontimes.com/news/2015/jun/2/clinton-foundations-sweden-fundraising-arm-cashed-/#ixzz3byRfokMv

[JDGRUEN]

As good a reason as any to abolish the IRS and go to a flat tax. Stuff like this has gotten way too complicated and too many dodges. I'm no Clinton fan, but I can see the why of having companies like these.

Even imposing a regressive flat tax does not eliminate the need for an agency to collect said tax.

Better than a Flat tax is a National Sales Tax -- administered by the states for collection for a small fee paid to each state. Most states already have sales tax systems. Dealing with a few states that don't would not be difficult. Give them an incentive.

An across the board addition of the sales tax of 4-5 percent would gain significant revenue over a year. Everyone would pay - rich and poor alike ... the proven - real poor could file for a rebate... Have social workers help them. Corporations would not be exempt - Churches would not be exempt,,, no one exempt. This could be implemented on a incremental basis - rate goes up to a maximum that is set over 5 years. Federal Income Taxes go down at a proportional rate.

Texas runs a huge economy and has no Income Tax - but a sales tax just over 8%. If Texas was a separate country (I'm DREAMING) it would be in the top 15 economies of the countries of the world. No income tax - did I say -- no income tax?

That is the basics -- there is more to it.

Edited June 3, 2015 by JDGRUEN

[JetsetBkk]

Can you really believe Bill Clinton. The man who had many affairs with women and denied them all. Monica got him up and the semen in her pocket showed what a great liar this man is. Do not trust the Clinton,s!!!

[tolsti]

Dear Abby,
My husband is a liar and a cheat.
He has cheated on me from the beginning, and, when I confront him, he denies everything. What's worse, everyone knows that he cheats on me.
It is so humiliating.
Also, since he lost his job 14 years ago, he hasn't even looked for a new one.
All he does all day is smoke cigars, cruise around and shoot the bull with his buddies, while I have to work to pay the bills .
What should I do ?
Signed - Clueless .


Dear Clueless:
Grow up and dump him. Good grief woman!
You don't need him anymore!
You're running for President of the United States. .. Act like one!

[h90]

Complexity of personal finances? Code words for shell companies to hide funds acquired under questionable means while providing political favors...

yes a code word, if you know it is corruption but it is made that smart that it is legal.

In the old times you gave a politician 100.000 USD black money for corruption. This time you let him hold a 15 min speech, give him 100.000 complete legal and book it as expense that reduces the tax you have to pay.