By: Savannah Smith | 10-27-2016 | News
Photo credit: Flickr / Gage Skidmore

How Bill Clinton Became Extra Rich By 'Selling His Self'

While running a " charity" group, Bill Clinton became extra rich by engaging in for-profit activities worth millions

Ex-presidents of the U.S. sell- and sell big.

At least, that's true in the case of former Democratic President Bill Clinton, as seemingly disgruntled associates outlined in a memo that through their efforts and initiatives, they were able to secure for the former president close to $50 million in speaking fees and other ventures. The associates also helped in raising the lion share of funds for the controversial Clinton Foundation that Bill himself put up and runs.

The new revelations were part of the most recent Wikileaks releases which just came out earlier.

The 12-page memo was from top Bill aide Doug Band, who aside from his executive role in the Clinton Foundation and a long-serving Clinton associate, also runs a global strategy company Teneo. Teneo has also come under close scrutiny, with allegations of conflict of interest issues as the company is reported to have engaged in influence-peddling in the State Department during Hillary Clinton's term as Secretary of State.

The most revealing part in the memo is the highly questionable practice that while serving in a non-profit charity organization as Clinton Foundation, Bill Clinton and his associates led by Band and Justin Cooper also were as active in engaging in highly profitable activities meant to bring in millions for the former president- and by extension, his family composed of Hillary and daughter Chelsea.

Under a section in the memo aptly but tastelessly titled " For Profit Activity of Pres. Clinton, Band discussed that he and Cooper " found, developed and brought" to Bill four of his advisory arrangements worth $30 million in profit for Bill himself. There was also a lucky option for the former president to earn another $66 million paid out in a nine-year period should he wishes to continue with his current engagements.

Band also specified that through his and Cooper's efforts, Bill's agent was able to secure $20 million in speaking fees for the 10-year period that Hillary's husband has been giving speeches- for a high fee! No wonder, Hillary learned the profitable practice of giving paid speeches as well.

Band wrote that his group Teneo was solely responsible for acquiring speaking fees such as $1.5 million from Ericson, $900,000 from UBS, and $700,000 from Barclays.

Aside from the astronomical amounts in millions for his advisory and speaking engagements, the memo also discussed how his associates even took care of on the side luxury and freebies for the former president. Band talked of " in-kind" services for Bill like personal travel, hospitality, vacation and the like at " no extra charge."

Band also claimed being able to secure contributions for the Clinton Foundation which included $4.3 million donation from Coca-Cola over six years and $1.1 million from Barclays Capital over four years.

Band also shared, perhaps grudgingly, that they did not receive further compensation in commission fees or related income from the activities they sought for Bill, and only earned from their salaries from the foundation. The memo was in part due to the audit measures the Clinton Foundation was instituting at the time, amidst conflict of interest issues with the charity organization and Band's Teneo group. There were also issues of misunderstandings between Band and Chelsea Clinton.

The new revelations make one wonder if Bill allows or even solicits those kind of freebies, is he living according to how former presidents should act post-presidency? Is that within the reasonable bounds of proper decorum, in respect to the worthy office he once occupied? And what gives those paid advisory engagements? Did they have anything to do to influence, or curry favors from Hillary and her office?

Share this article
Thoughts on the above story? Comment below!
0 comment/s
What do you think about this article?
Comment *

Recent News

Popular Stories