What Did Bill Clinton Do To Get $15M From Ron Burkle?

The campaign press statement accompanying the release on Friday of Hillary Clinton's 2000 - 2007 tax returns includes some useful summary data for the media: Bill and Hillary Clinton's total income over the past 8 years, $109 million; her Senate salary, $1.1 million; his presidential pension, $1.2 million; her book royalties, $10.5 million; his book royalties, $29.6 million; and his speaking fees, $51.9 million.

One big line item is missing from the press summary however: the $15 million paid to Bill Clinton between 2003 and 2007 by Ron Burkle's Yucaipa Global Opportunities Fund.

In fact, the Burkle payments, buried deep in the income tax forms themselves, were the only real news in tax documents, which were made public for the first time.

The Clintons' huge book profits, her salary and his speaking fees, were all well known. Hillary Clinton has been required to disclose details on many of those sources of income in the annual financial disclosure statements she has to file as a member of the U.S. Senate.

But until the release of the tax returns on April 4, the only disclosure Hillary Clinton had made about her husband's financial relationship with Burkle was the fact that Bill Clinton earned "more than $1,000" annually from the partnerships.

Now that the Clintons have disclosed that the former president received from 250 to 500 times "more than $1,000" each year since 2002, the glaring question that remains unanswered is: What did he do for all this pocket change?

Clinton campaign spokesman Jay Carson provided a statement that did not reveal much:

"The President provides his best advice on potential investments, advocates generally on behalf of the funds, and seeks to create opportunities for investors to consider investing in these funds or in the investments the funds make."

In more common parlance, this translates to "rainmaker" and "door opener."

Story continues below

advertisement

Burkle, who is worth at least $2.5 billion according to Forbes, and Clinton are business and social partners, often traveling the Los Angeles social circuit together.

Burkle specializes in putting together funds that invest in city and other businesses. Burkle and Magic Johnson are working together on creating an urban investment fund.

Burkle and Yucaipa have been involved in a number of controversies that have reportedly prompted concerns in Hillary Clinton's presidential campaign that her bid might be damaged by resulting adverse publicity.

Bill Clinton was, according to sources close to both Burkle and Clinton, deeply angered by a September 26, 2007, front page Wall Street Journal article detailing some of Yucaipa's questionable dealings. The story, which broke on the same day that heads of state and business leaders convened in New York to discuss the Clinton Global Initiative, described plans to invest millions of dollars in a venture to buy up Catholic Church property.

Clinton, according to aides, intends to sever his financial ties with Burkle, although he may do so only if his wife wins the nomination, an increasingly unlikely prospect.

Tax returns, year by year:

2000

2001

2002

2003

2004

2005

2006

2007

Comments

[BigGuy]

Bill Clinton gave and gives Burkle credibility and reassurance. That's enough to make it worthwhile for Burkle to pay him. Clinton can listen really well and help people to trust themselves.

Burkle and Clinton may never have discussed business at all. Clinton may have been paid to be Burkle's friend, in effect. And Clinton may have given advice and counsel to Burkle without even being paid, because he likes and admires Burkle's success.

Burkle has very good business judgment and invests very successfully, but doubts himself. Burkle didn't go to college and isn't book-smart at all. He'll get bouts of depression and self-doubts, but after a call to Bill, or visiting him, Burkle can get back to work and make money. Both have said pretty much that when interviewed.

Clinton may have given Burkle access to this or that, but when you're a billionaire already, you really don't need any help to get access. What Clinton did was reassure an insecure billionaire. Most of us can easily produce 1 to 5% more effort with the right motivation. When you've $2 billion to work with, getting inspired to produce an additional 1 to 5% means earning $20 to $100 million more -- per year.

Psychiatrists and drugs and preachers can't motivate and inspire an insecure billionaire as well as a very successful President, who's retired. Who would have guessed that?

Burkle got very good value for the $15 million he paid Bill Clinton.

[bintk6]

Clinton is a pimp.

www.stuffwhitepeopleliketshirts.com

[RRH]

President Clinton and Hillary Clinton released their tax returns and I knew immediately the scrutiny would not match that of Barack Obamas. Obama buys a home for $300,000 below market value from a convicted felon and no one questions it even once. Here goes the double standard. The Clintons are NEVER going to escape the hate machine out there and every honorable thing done will be questioned. I see the comments and it is easy to guess who the favorite is. Come on people, they gave a fortune to charity!

[auntiecairo]

The charity they gave to was mostly the Bill Clinton Foundation.

[sushi27]

Obama did not buy the home from Resko, duh. He put in a bid and the owner accepted it (Have you never bought real estate before?). Plus, Resko hasn't been convicted - he's on trial (you know, innocent until proven guilty, duh again) - and Obama has nothing to do with any of it, period. No double standard here, they investigated this fully in Chicago (duh again again).

[Sabreen60]

Anyone can start a "family foundation". In my area it cost about $2500.00. It is a very good write off.

[StephenS]

Huh? It's no better write off than any other charitable donation. Whether I put $10,000 in a family foundation or give it to a church, I get the same write off.

[Oldchef]

It is "better" as you only have to spend a small percentage per year on charitable works, but get the full deduction for the "donation". Also YOU get to say where the money goes, not the director of an independent charity.

[urban]

Yes, but if the money is in your family foundation, you can still spend it on yourself...so in effect it's not giving to charity at all, just a free deduction

[lean2454]

Seriously, does any politician, or person for that matter, deserve to be making this much money?

[YellowPanties]

Who cares what Bill Clinton did for that money as long as he paid taxes on it.

[Ron333wood]

I just think that it's nice that you are able to make charitable contributions to yourself via the Clinton Family Foundation and then be able to write it off. Is it any wonder that people are fed up with Washington.

[G24]

Grow up, YellowPanties. If you found out that he promised to use his wife's presidency as a means to help his corrupt business partners achieve their corrupt goals in exchange for that money, you'd care. Well guess what? You are right on the cusp of exactly that. Don't freak out and shut your brain down yet.

[rosal]

The people that are tired and disgusted with politicians trading favors for cash. That's who cares.

[SharonB]

Would you say the same thing about Cheney?

[Susan1968]

Has Obama released his 2007 tax return???

Last time I checked he only released 2000-2006

Anyone?

[kevinmil]

Um, Hillary hasn't released her 2007 return, either -- check the link to her website. She's released "information about" her return.

Most likely, that's because both of them will ask for extensions, as the Clintons have done in the years where they have released their returns.

I assume you had a point...not sure what it was, though.

[StephenS]

Fine, when will Obama catch up with the Clintons on transparency and at least release information about their 2007 tax returns?

[Daniel8168]

Last time I checked, Obama had released his earmarks that weren't incorporated into legislation, but Hillary still refuses to do so.

Anyone?

[Absecon2]

"I recently read that the Clinton family foundation is one of several philanthropic groups that bear the former president's name. There is also the New York-based William Jefferson Clinton Foundation, which has directed more than $10 billion in corporate money and resources toward slowing the spread of AIDS, addressing climate change, and reducing hunger and poverty.

It seems that some of those who post on this site take exception to the family fund operation and are ignoring the huge good done by the William Jefferson Clinton Foundation.

The point is these people are generous contributors to charity and deserve our everlasting admiration for their work. Charity is always personal and it is to the Clintons credit that they want some control over some aspects of their charitible work under the smaller Family foundation. If I had their money I would feel the same.

Should the fact that they are worth a lot of money now keep them from properly representing working people, not at all. Most of the members of congress are well off financially so the Clintons are no exception. Senator Kerry, a big supporter of Senator Obama, for example, is married to an heir to the Heinz Ketchup fortune, a worth perhaps much greater than the Clintons possess. This is no criticism of Senator Kerry just an example of the wealth of many in the Congress of the United States.

[Shantee]

Oh please, anyone, and I mean anyone who makes that kind of money is guilty of something.

That's why when Obama says he hasn't had the hope boiled out of him yet, we should take him at his word. Who knows what temptations he will sucumb to when he leaves the White House in eight years. But for now he's hopeful and idealistic and inspirational and that's what we need in a leader.....not someone who has had the hope boiled out of them.

[era996]

Hey you Hufpost sheep, keep it quiet so Ariana won't find out that a rich handsome guy is out there

[Nofuzzydreams]

It's clear that it is outside your imagination how someone can make that kind of money. Obviously, you are not very smart. I have news for you - Al gore is making that kind of money as well.

[CTmom13]

Did you also know that they have only give just over 2 million of that donation out? That's right they donated 10 million but only distributed just over 2 million.

[Daniel8168]

I'm curious as to whether they get two tax right-offs on that money. A personal one for donating TO their own charity, and a non-profit business one for donating FROM their own charity. Anyone know how that works?

[chicagoexpat]

"What Did Bill Clinton Do To Get $15M From Ron Burkle?"

Gave New York Governor Elliot Spitzer a nightlife tour, and then later gave him some marriage tips.

[TruthBeTold4us]

Why exactly would foreign governments, business leaders and corporate heads pay Bill Clinton 6 fixture paychecks to give speeches to them? It would have absolutely nothing to do with influence, right?

The New York investment giant Goldman Sachs paid Bill Clinton $650,000 for four speeches in recent years. Its employees and its political action committee have donated more than $440,000 to Hillary's presidential campaign, putting the firm second on the list of her most generous political patrons, according to the Center for Responsive Politics.

The banking firm Citigroup, whose employees and PAC rank third among Hillary Clinton's campaign donors, with more than $388,000, paid her husband $250,000 for a speech in France in 2004. In 2006, the firm committed $5.5 million to the Clinton Global Initiative, which encourages entrepreneurship and financial education among the poor.

Even the Clinton's "charity" donations are to themselves, ie Bill's foundation. Couldn't the Salvation Army or Habitat for Humanity used some money to care for all those people who's jobs were shipped overseas under Bill's NAFTA?

[StephenS]

The Clintons' charity donations are not to "ie Bill's foundation". They are to the Clinton Family Foundation, which has given away about $5.5 million, and has the rest earning interest.

It gave $1,275,000 in 2006, was given $1,581,000 by the Clintons, and earned $112,000 interest income on money it had not disbursed yet. It's total expenses for the year were $3,669.

Its 2006 big donations were:

Arkansas Cancer Research Center Foundation Fund $100,000
Mrais Fareri Chidren's Hospital $100,000
Blythdale Children's Hospital $100,000
THEA Foundation $75,000
University of Arkansas (Clinton School) $75,000
Bush-Clinton Katrina Fund $75,000
Immanuel Baptist Church $50,000
Foothills Foundation (Columbine Memorial Fund) $50,000
Open Door Family Medical Centers $50,000

The foundation's spending has jumped the last 3 years, and it is reported they spent $3 million or so in 2007.

2002 - $170,000
2003 - $313,000
2004 - $221,000
2005 - $549,000
2006 - $1,274,000
2007 - > $3 million

[Susan1968]

So, the Clintons released 8 years of tax returns.

And Obama has only released ... how many years of his tax returns?

One I beleive. Why is that?

[justShareandbeNice]

I have no idea. I also have no idea what evidence you have to state that obama released only one year, or what the requirements were. If you would post a link it would be helpful, instead of posting just rumors.

Also, you are not addressing the issue of Bill Clinton's business dealings, which is what is being discussed here.

[YellowPanties]

Because "Susan1968" is just another pathetic troll, can't you see? She is not interested in discussion or debate, she just wants to scrawl naughty words on the bathroom stall.

[LawProf]

It took me less than 30 seconds to find that Obama has released his tax returns from 2000 to 2006.

[Susan1968]

Then where is Obama's 2007 tax return?

Is he filing for an extension?

[darker]

What did GWBush do to get $30 million from...
What did RReagan do to get $22 million from...
What did GHWBush do to get $52 million from...
What did McCain do to get $27 million from...
AND COUNTING, COUNTING, COUNTING....

GET IT?

[abromber]

Got it. Corrupt liars all.

[Nofuzzydreams]

Darker - where did Al Gore get his many millions from ...

GET IT?

[northcan]

Ron Burkle and Clinton....I heard on the news and web a company called "InfoUSA" was linked to those two for big money. InfoUSA apparently sold information gathered on individuals that were people living on a disability, Althzhimer's, mental illness, dementia, older senior citizen's, sold them to pirate's/ crook's who conned millions out of this population. This is typical Clinton scum. I cannot verify this, but sure sounds familiar with the Clinton wealth machine.

[thenugespeaks]

I used to be a consultant for InfoUSA, years ago. At that time, as you walked into the building, the first thing you saw in the lobby was a picture of Vin Gupta, the CEO of the company, shaking hands with Bill Clinton in the White House. Mr Gupta was well known as a ruthless, power hungry executive. He loved the political spotlight, and there is no doubt in my mind that he benefited from his political ties to the Clinton administration. I can't say whether or not InfoUSA's lists were sold to the con's of the health care world, but they are responsible for the horribly racist Sales Genie ads that were shown during this year's Super Bowl, which were written by Vin Gupta himself.

[josephjsalas]

Lest we forget that Raytheon is essentialy based upon tax-dollars! Maybe "Big Willie" should work
for the NY Emporers club!

[dawlishgal]

Why shouldn't people who are contemplating voting for Hillary be informed as to how Bill Clinton got so much money from billionaries who are interested in exploiting third-world markets in countries that are ruled by despots. He and Hillary have already shipped a good share of what were formerly good American jobs to some of those very same countries, and it is entirely possible, judging from their past behavior, that if elected, they will send the rest our jobs away to please their corporate pals..

Of course CEOs make lots of money however they can grab it, and shareholders and the American public can just go bleep themselves for all they care.

But shouldn't somebody who is running for president, somebody who has already taken more from big healthcare lobbyists than any other candidate, somebody who was facing bankrupcy only 8 years ago and who suddenly became a multi-millionaire, shouldn't that person's financial affairs be subject to more scrutiny than an CEO's would be.

It isn't just Burkle, either, There is Frank Guistra, the Canadian who has been lending his private planes to the Clintons in return for unspecified political favors.