Clinton Foundation Operated Illegally, Chelsea Appears to Have Embezzled
Chelsea Clinton actually arranged for an independent “governance review” of the Clinton Foundation and had it conducted by a prominent law firm, New York law firm of Simpson Thacher, a firm that specializes in philanthropic issues. The results were devastating. They concluded in December 2010 that the Clinton Foundation had a weak, rubber stamp board of directors and many of its donors had “an expectation of a quid pro quo benefits in return for gifts.”
This came out in a Wikileaks email Thursday.
There had been none of the independent oversight of the Foundation required under federal charity law.
Many inside the foundation opposed the intervention. Doug Band was one of them.
It was Chelsea who had misgivings and demanded the review. It was led by Victoria Simpson, an esteemed legal expert. Weaknesses included a board consisting of insiders and the use of audits based on cash accounting instead of on the federally mandated accrual basis. The donors expected a “quid pro quo” for their contributions and they expected them from the US government.
There were many prominent foreign donors and many were Middle Eastern sheiks and others were Eastern European tycoons, African mining magnets and US billionaires.
As Charles Ortel, Wall Street analyst has been saying for months, it was an illegal, rogue charity and the people involved can’t claim ignorance.
In a normal election, without the distractions of attacks on Donald Trump’s personal habits, this would be major news.
Virginia governor Terry McAuliffe was the Director of the Foundation at the time. McAuliffe gave the Clintons a $1.35 million giftthat allowed them to buy their 11-room Chappaqua, New York, mansion in 1999.
The board failed to meet their fiduciary responsibilities and took no real role in determining the Foundation’s strategic policies or in evaluating the effectiveness of the organization’s global programs for the poor. They only convened once a year, which was found to be inadequate.
“The foundation’s outside auditors noted as a material weakness the lack of board meetings and that board minutes are not signed. This weakness was not corrected even after being noted by the auditors. In addition, minutes appear to have been cloned from one year to the next,” the review stated.
None of the board members had financial know-how to even participate in audits. Conflicts were not disclosed in a timely manner and board members failed to follow the policy when they became aware of the conflicts.
“This appears to be a case study in charity fraud,” Ortel told The Daily Caller. “And nonetheless, afterwards the record shows no changes were made, this charity even went around the world raising even more money.”
The law firm’s findings were delivered to Clinton Foundation chief Bruce Lindsey and to John Podesta,Hillary’s campaign chairman. Hillary undoubtedly knew
FOR ENTIRE ARTICLE CLICK LINKClick here for the Top 12 Moments in Jewish History...LET THE ADVENTURE BEGIN! »