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Clintons liquidate their blind trust
The Philadelphia Inquirer ^ | 06/16/07 | Jim Kuhnhenn

Posted on 06/16/2007 5:08:06 PM PDT by Fintan

 

They found some stock was a potential conflict or embarrassment for the presidential hopeful.

WASHINGTON - Bill and Hillary Rodham Clinton liquidated the contents of their blind trust upon learning it contained investments of $5 million to $25 million that could pose conflicts of interest or prove to be embarrassing to her presidential campaign.

The blind trust and a bank account valued in the same range place the Clintons' total wealth at from $10 million to $50 million.

The Clintons had to disclose the contents of the blind trust in April under instructions from the Office of Government Ethics and sold the assets in May, according to a disclosure form filed yesterday. The Clintons have had a blind trust continuously since 1993 and had no control over its transactions.

Over time, the blind trust grew significantly and included stock holdings in oil and drug firms, military contractors and Wal-Mart.

The report, also filed with the Federal Election Commission, provides the most detailed look at the Clintons' holdings as their wealth has expanded since 2001, when the former president left office.

The new report also shows that the former president made $16 million in speaking fees between January 2006 and Wednesday. So far this year, Bill Clinton has given 34 paid speeches for a total of $5.9 million.

The blind trust's stock in pharmaceutical companies included $250,000 to $500,000 in Biogen, Idec and Johnson & Johnson, and $100,000 to $250,000 in Amgen, Pfizer and GlaxoSmithKline. It also invested in General Electric and Raytheon, leading defense contractors.

The trust had a varied portfolio, with investments in numerous other companies, including Exxon Mobil, BP Amoco, Walt Disney and eBay. The report said all the proceeds of the sales were being placed in a cash account.

The unloading of stock means the Clintons face "substantial" capital-gains taxes, Clinton spokesman Howard Wolfson said.

Bill Clinton registered his blind trust with the Office of Government Ethics when he became president in 1993, then Hillary Clinton registered it as a Senate blind trust when she became a senator in 2001. Wolfson said the Clintons "will be working to create a new blind trust consistent with both OGE and the Senate's rules."

Though all the blind-trust transactions were handled over the years by a trustee without the Clintons' knowledge, some holdings could have been awkward for Hillary Clinton as she pursues the Democratic presidential nomination.

The blind trust held stock worth $100,000 to $250,000 in NewsCorp, parent company of Fox News, which many Democrats denounce as biased against them. The trust also held stock in Wal-Mart and Wal-Mart de Mexico.

The senator served on the Wal-Mart board from 1986 to 1992. But she recently called on the company to provide better worker benefits and last year returned $5,000 to Wal-Mart's political action committee.

Yesterday's report comes on the heels of Hillary Clinton's Senate disclosure report, made public Thursday, which covered activity in 2006 and did not reflect this year's liquidation of the blind trust.

 



TOPICS: Government; Miscellaneous; News/Current Events; Political Humor/Cartoons
KEYWORDS: billclinton; clinton; clintons; exxon; hillaryclinton; ratcrime; stocks; walmart

1 posted on 06/16/2007 5:08:09 PM PDT by Fintan
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To: Fintan
Oh PUHLEASE, I can’t read this. These people are totally beyond embarrassment. What they do they do for one reason. It enhances their chances to fool the average American and regain power. They’re not embarrassed, ashamed or sincerely concerned.
2 posted on 06/16/2007 5:12:40 PM PDT by elhombrelibre (Al Qaeda knows Iraq's strategic value, yet the Democrats work day and night for our defeat there.)
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To: Fintan

Can someone adjust LBJ’s wealth gains in the White House for inflation and compare with the Clinton’s? I used to think he hit it out of the park, but Bill and Hillary may be our new all time winners.


3 posted on 06/16/2007 5:13:48 PM PDT by Wally_Kalbacken (Seldom right but never in doubt)
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To: Fintan

No, it just means the 15% capital gains rate is going away soon for high income individuals and she has foreknowledge of this.


4 posted on 06/16/2007 5:15:59 PM PDT by BamaBlue
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To: elhombrelibre

B-b-b-but they're going to redistribute the wealth, for the common good!

5 posted on 06/16/2007 5:17:20 PM PDT by Fintan (Where's my widdle Sybbie???)
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To: Fintan

If it was a blind trust that they had no say in the contents of, what’s the BFD? Couple of flaming hypocrites if ever there were any.


6 posted on 06/16/2007 5:18:22 PM PDT by Past Your Eyes (Some people are too stupid to be ashamed.)
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To: Fintan

If it’s a blind trust, how does anyone know what stocks are in it? How do the Clinton’s know?


7 posted on 06/16/2007 5:27:58 PM PDT by spyone
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To: Fintan

Can’t wait to see them go to jail.


8 posted on 06/16/2007 5:37:22 PM PDT by freekitty
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To: Fintan

The words, “Clinton”, “liquidate” and “blind” all in one sentence has got to get your attention.


9 posted on 06/16/2007 5:46:31 PM PDT by Old Professer (The critic writes with rapier pen, dips it twice, and writes again.)
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To: Fintan

Hey! These two have really gained a fortune since he was governor of Arkansas and making only $30,000.00 a year!!
I mean I know they had book deals but those speaking engagements are really paying off!


10 posted on 06/16/2007 6:14:06 PM PDT by Cricket24 (ULTRA PATRIOT!!)
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To: Wally_Kalbacken

They aint doing bed. Clinton went to the White House with no money ,no home and owning an old Mustang.

Now they have two homes and 50 million dollars in a trust fund and God knows how much offshore that we cant find.

That aint bad for a guy who spent 8 years appeasing and getting head.


11 posted on 06/16/2007 6:17:50 PM PDT by sgtbono2002 (http://www.imwithfred.com/index.aspx)
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To: BamaBlue

There you go.


12 posted on 06/16/2007 7:08:54 PM PDT by Freedom'sWorthIt
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To: Cricket24

Don’t say government service is unprofitable. But they are no doubt ecstatic of the prospect of being in charge of the US Treasury again and the FEderal Budget - since they can then enrigh not only themselves but their FRIENDS (fellow thieves).


13 posted on 06/16/2007 7:10:29 PM PDT by Freedom'sWorthIt
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To: Fintan

Nothing like “public service” to make a scoundrel rich.

And those of us who work our tails off every day to accumulate a little to send kids to college and leave them a little something are “the wealthy” who need to be taxed to death (and at death).


14 posted on 06/16/2007 8:10:56 PM PDT by keepitreal
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To: Fintan
She makes a fortune on Big Pharmaceutical thanks to President Bush’s Medicare bill. Course she will be vilifying both of them for the next 18 mos.

PRay for W and Our Troops

15 posted on 06/16/2007 8:14:50 PM PDT by bray (The co-clintons freed more bombers then they caught)
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To: Fintan
Clintons liquidate their blind trust

And the Clintons would know how to do that.

Ron Brown, Vince Foster, etc.

16 posted on 06/16/2007 8:28:39 PM PDT by lowbridge ("The mainstream media IS the Democratic Party." - Rush Limbaugh)
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To: spyone
If it’s a blind trust, how does anyone know what stocks are in it? How do the Clinton’s know?

I think "trust" is the key word. I have no doubt that Ms. Rodham and Mr. Clinton knew exactly where their money was being invested.

17 posted on 06/16/2007 8:36:36 PM PDT by operation clinton cleanup
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To: operation clinton cleanup

No doubt. Having experience with blind trusts, at the time of set up, the portfolio manager will ask are there any type of investments you don’t want us to invest in? ie. tobacco, alcohol,
The Clintons chose to maximize money making for 6 years and then break the blind trust by getting involved in year 7. Totally unscrupulous, but totally in character.


18 posted on 06/16/2007 9:41:14 PM PDT by spyone
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To: Fintan
Pretty nice haul for the bent one after an entire work life in public service grifting. Shillary was the illegal conduit for bribes and kickbacks.
19 posted on 06/16/2007 9:56:58 PM PDT by VRWC For Truth (Bush and McCain - the axes of domestic incompetence from CFR to La Raza)
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To: Fintan
The unloading of stock means the Clintons face "substantial" capital-gains taxes, Clinton spokesman Howard Wolfson said.

Well, now's the time to do it before s/he becomes president and establishes a 90% capital gains rate

20 posted on 06/16/2007 10:02:10 PM PDT by MediaMole
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