Hillary Clinton likes to portray herself as an enemy of Wall Street, but the Street’s real enemies are coming back to haunt her. While Hillary Clinton was banking millions in speaking fees from the financial industry, Wall Street analyst Charles Ortel was making news for uncovering years of accounting fraud at General Electric.Now he’s turned his attention to the Clinton Foundation, and he’s convinced something similar is going on.
As the Washington Free Beacon reports: Ortel said he has spent the past 15 months digging into the Clinton Foundation’s public records, federal and state-level tax filings, and donor disclosures. That includes records from the foundation’s many offshoots—including the Clinton Health Access Initiative and the Clinton Global Initiative—as well as its foreign subsidiaries.
According to Ortel’s reports, the contribution disclosures from the Clinton Foundation don’t match up with individual donors’ records. He also argued that the foundation is not in compliance with some state laws regarding fundraising registration, disclosure requirements, and auditing rules.This week, Ortel is starting to release his findings in the first of a series of up to 40 planned reports on his website. His allegation: “this is a charity fraud.”
It wouldn’t even be surprising. In 2013 the Foundation spent only 10 percent of its budget on charitable grants. For comparison, an equal 10 percent of the budget went towards travel, 33 percent on salaries/benefits, and 47 percent on all other expenses (rent, supplies, IT).
The Foundation in my opinion seems to be just another vessel to raise money outside traditional political channels. Various nations that have donated to the Foundation have been rewarded handsomely with deals from the State Department following those contributions. The FBI is already looking into her — I suppose this is just something else to add to the list.
[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12]