Sunday, August 2, 2015

Just Another Clinton Foundation Scandal

From The Guardian:

Hillary Clinton’s overlap of private and political activities was once again in the spotlight on Thursday after a Wall Street Journal report that since Clinton helped broker a settlement in a legal tax case against UBS while she was secretary of state, the Swiss bank has increased its financial support and involvement in Clinton Foundation projects.

In February 2009, the IRS sued UBS and demanded that it disclose the names of 52,000 possible American tax evaders with secret Swiss bank accounts. In the months that followed – thanks to involvement of Clinton as secretary of state and Swiss lawmakers – a legal settlement was negotiated. On 19 August 2009, it was announced that UBS would pay no fine and would provide the IRS with information about 4,450 accounts within a year.

Since the deal was struck, disclosures by the foundation and the bank show the donations by UBS to the Clinton Foundation growing “from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014”, according to the Wall Street Journal.

The bank also teamed up with the foundation on the Clinton Economic Opportunity Initiative, creating a pilot entrepreneur program through which UBS offered $32m in loans to businesses, the newspaper reported. Other UBS donations to the Clinton Foundation include a $350,000 donation from June 2011 and a $100,000 donation for a charity golf tournament.

Additionally, UBS paid more than $1.5m in speaking fees to Bill Clinton between 2001 and 2014, the newspaper reported.

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