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March 07, 2008

Bill Clinton Makes $700,000 Windfall on Felon's Money-Losing Company Backed By Chinese Government

That's a pretty convoluted headline, I admit, but I wanted to jam it all in there.

The spring before his wife began her White House campaign, former President Bill Clinton earned $700,000 for his foundation by selling stock that he had been given from an Internet search company that was co-founded by a convicted felon and backed by the Chinese government, public records show.

Mr. Clinton had gotten the nonpublicly traded stock from Accoona Corp. back in 2004 as a gift for giving a speech at a company event. He landed the windfall by selling the 200,000 shares to an undisclosed buyer in May 2006, commanding $3.50 a share at a time when the company was reporting millions of dollars of losses, according to interviews.

A spokesman for the William J. Clinton Foundation declined to identify the buyer who was willing to pay so much for a struggling company's stock, saying only that the transaction was handled by a securities broker.

I guess the only outstanding question is whether there were any cattle involved at any point in this exchange.

Yeah, we don't need to see those tax returns. That's just silly.


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posted by Ace at 11:29 AM

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