Monday, March 06, 2006

Bill Clinton and Dubai

the latest news over the weekend is that Dubai has hired Bill Clinton to help sell the port deal, all without Hillary's knowledge.

Dick Morris, today, suggests that it doesn't matter if Hillary knew or not...she has a financial interest in all of Bill's work and there are potential conflicts.

Back in 2002, the Yucaipa Co. LLC hired the former president as a "senior adviser." He won't say how much that pays; Hillary's disclosure forms only put it at "more than $1,000" a year. A company lawyer recently disclosed that he gets a percentage of profits, if they're above 9 percent -and also says the firm's been averaging about a 40 percent.
And Yucaipa last year with the Dubai Investment Group to create a new U.S. company: DIGL Inc, with, which invests the private funds of the Crown Prince. So Bill and Yucaipa have a big stake in keeping a positive image for the Dubai royals and their many companies.

This isn't the frist time that the name Yucaipa has come up...Peter Schweizer at Front Page Magazine has the full scoop...

Clinton's job, when he joined Yucaipa in April 2002, wasn't just to help make the rich richer: These were to be "investment funds that specialize in lower-income urban and rural communities," as The New York Times reported. Yucaipa managing partner Carlton Jenkins told Black Enterprise magazine that the funds were seeking out "urban-based minority or female-owned businesses."
And Clinton's role in the fund, Yucaipa head Ron Burkle made clear, would not be passive. "He's invaluable," said Burkle, explaining that Clinton would help raise money and offer investment advice to the funds.
But a venture that was supposed to help minority businesses and secure the future of pensioners in two of America's biggest states seems to have done anything but.
The Yucaipa Corporate Initiatives Fund has already poured millions into Al Gore's new cable channel, Current Television. Gore's venture is headquartered in a tony neighborhood of San Francisco, which certainly doesn't seem to fit the definition of a "lower-income urban" community. Nor is it minority-owned — indeed, all the major investors are white males. (Indeed, by a who's who of major Democratic Party money people — including Joel Hyatt, former Democratic National Committee finance chairman, Rob Glaser of Realnetworks and Bill Joy of Sun Microsystems.)

Ooooh...this could get interesting...


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