Clintons Have Three Accounts in the Cayman Islands


Clintons Have Three Cayman Island Accounts

From Bloomberg:

Ron Burkle, managing partner and founder of Yucaipa Cos., left, and former President Bill Clinton, right, stand side by side during the 2nd annual Clinton Global Initiative summit on Sept. 22, 2006, in New York.

Clinton’s Burkle Ties Include Funds in Cayman Islands

By Timothy J. Burger and Ryan J. Donmoyer

Dec. 17 (Bloomberg) — Former President Bill Clinton’s decision to reconsider a business relationship with California billionaire Ron Burkle reflects concern those financial dealings may embarrass his wife’s presidential candidacy.

Securities and Exchange Commission documents and financial- disclosure forms filed by Hillary Clinton show that Bill Clinton, 61, has a financial stake in three investment entities registered in the Cayman Islands by Burkle’s Yucaipa Cos. LLC.

In 2004, Hillary Clinton, a New York senator, said she wanted to close the “loopholes” for “people who create a mailbox, or a drop, or send one person to sit on the beach in some island paradise and claim that it is their offshore headquarters.”

The former president’s possible decision to move away from Burkle “is all tied up with the laws of appearance and the politics of perception,” said Linda Fowler, professor of government at Dartmouth College in Hanover, New Hampshire. “The world being what it is, people are attracted to the spouse of somebody with political power. The level of potential conflict is just that much higher with a former president and a senator who would be president.”

Moreover, added Fowler, “with this particular couple, somehow, the whole story doesn’t come out except in dribs and drabs.”

Bloomberg News last month submitted a list of questions to the Clinton campaign regarding the former president’s involvement in the three Caymans-based funds. The campaign didn’t respond to the queries until Dec. 13, after the New York Times reported that Clinton plans to dissolve his five-year partnership with Burkle, a longtime friend and important fund-raiser for both Clintons

Jay Carson, a Clinton spokesman, said that while the former president hasn’t “severed ties” with Yucaipa, he “is taking steps to ensure” that “there will be an appropriate transition for those relationships” if his wife receives the 2008 Democratic presidential nomination

The disclosures that Hillary Clinton, 60, is required to make as a lawmaker and candidate show that her husband has holdings in three Burkle-controlled funds — YGOF GP Ltd., Yucaipa Global Holdings and Yucaipa Global Partnership Fund LP — all listed at Yucaipa’s Los Angeles address. An October filing with the SEC by Burkle, Yucaipa’s lead partner, names YGOF as a Cayman Islands corporation and the latter two as Cayman Islands partnerships.

The amounts disclosed by Hillary Clinton are minimal, though a person familiar with the matter confirmed a report last year in The New York Times that Bill Clinton stands to make tens of millions of dollars with little risk if the Yucaipa funds he is involved in profit beyond a certain level

Paul Roth, an attorney with Schulte Roth & Zabel LLP in New York, said companies that organize outside the U.S. often do so because “it’s more attractive” to foreign investors, who can “make sure they’re not subject to U.S. taxation.” Foreign registration may also make it easier for U.S. tax-exempt entities such as pension funds to invest “in certain strategies,” he said.

These tax benefits — which are legal and common practice for many investment firms, particularly hedge funds — have drawn attention from lawmakers and candidates.

In a Dec. 13 debate, Hillary Clinton’s chief rival for the Democratic nomination, Senator Barack Obama of Illinois, said that as president he would crack down on corporate loopholes and tax savings, particularly those involving offshore transactions.

There’s a building in the Cayman Islands that houses, supposedly, 12,000 U.S.-based corporations,” Obama said. “That’s either the biggest building in the world or the biggest tax scam in the world. And I think we know which one it is.”

Roth said U.S. law makes it difficult for Americans to avoid taxes on payments from offshore, though some hedge-fund managers use such entities to defer U.S. taxes on their compensation. A measure passed last week by the House would ban this practice. Obama, 46, was a Senate co-sponsor of the provision when it was introduced in February.

Carson said Bill Clinton’s payments from Yucaipa aren’t deferred and the former president pays tax on that income in the year in which it is earned…

Even if the Clintons have actually paid all the taxes due on this income (and that’s a big if), are they not helping others avoid paying their fair share of taxes — to enrich themselves?

Such hypocrisy. It boggles the mind.

But, alas, it is not at all surprising.

Nor is their mendacity. For note how Mr. Burkle is described in the only mention of him in either of the Clintons’ (ghostwritten) autobiographies, Bill’s My Life, pg 324:

[Chapter] Twenty-Seven

On Sunday, May 3 [1992], I was in Los Angeles to speak to the Reverend Cecil “Chip” Murray’s First AME Church about the need to heal our racial and economic rifts. And I toured the damaged areas with Maxine Waters, who represented South Central Los Angeles in Congress. Maxine was a smart, tough politician who had endorsed me early, despite her long friendship with Jesse Jackson. The streets looked like a war zone, full of burned and looted buildings.

As we walked, I noticed a grocery store that appeared to be intact. When I asked Maxine about it, she said the store had been “protected” by people from the neighborhood, including gang members, because its owner, a white businessman named Ron Burkle, had been good to the community.

He hired local people, all the employees were union members with health insurance, and the food was of the same quality as that in Beverly Hills groceries and sold at the same prices. At the time, that was unusual: because inner-city residents are less mobile, their stores often had inferior food at higher prices.

I had met Burkle for the first time just a few hours earlier, and I resolved to get to know him better. He became one of my best friends and strongest supporters

You see, Bill Clinton only knows and likes Mr. Burkle because he is so good to the black and poor.




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12 thoughts on “Clintons Have Three Accounts in the Cayman Islands

  1. Pingback: Clintons Have Three Accounts in the Cayman Islands | Armory of the Revolution | John Oliver Mason

  2. Pingback: Clintons Have Three Accounts in the Cayman Islands | Armory of the Revolution | circusbuoy

  3. Pingback: FBI Appears to be Building Criminal Case Against Hillary | Armory of the Revolution

  4. The top says posted 3 days ago, but this stuff appears to be at least 8 years old. Does it still apply? If yes, how about some original reporting that says so? If no, why are you rehashing old news?


    • FYI, Ron Burkle’s company BPI, developed and marketed Pink Slime, also known as Lean Fine Texturized Beef. Pink Slime is a filler created by using ammonia on beef fat and trimmings to produce a low fat filler that has been widely added to Beef Products to lower cost and fat content while increasing profits. An ABC report in 2012 brought a great deal of attention to Pink Slime disclosing its use as filler in hamburger products sold widely to families in Supermarkets while being widely used in processing of beef destined for lunch programs serving k-12 schoolchildren throughout California and America.
      When the Public learned about Pink Slime, customers ran from Burkle’s meat businesses forcing Burkle to lose substantial business. Burkle was already a billionaire who certainly had the means to bring in capital to correct his meat plant’s business problems. Instead, Burkle decided to close plants, utilize Chapter 11 Bankruptcy laws shifting the financial burden, accountability and responsibility to creditors who were paid far less than what they were owed.
      Today Pink Slime has regained popularity and is again widely used to increase profit for Burkle and Meat Companies. In the quantities they add to Ground Beef, producers using Pink Slime are not required by law to disclose the use of Pink Slime in the Beef products they produce and sell.
      Clinton ethics and Burkle’s business practices could be termed Pink Slime!

      Liked by 1 person

  5. “There is a secret to being a supporter of Bernie Sanders. It is something that totally escapes the thinking of most Democrats and Republicans. It is the mental understanding that Sanders is fighting a war that most people are not. It is the war between billionaire/corporations and the people. Unless you are fighting this war as well, you cannot possibly understand how important it is to vote for Bernie over Hillary. This is not about Hillary or Bernie, it is about fighting your real enemies, the multi-national corporations/billionaire puppetmasters who are trying to control this nation and the world. You ignore this war at your own peril.” – Randolph Greer

    Liked by 1 person

  6. Hillary, I just read an article claiming you have lost patience with Bernie and basically will set out in earnest to destroy him and his campaign.
    You’ve lost patience with Bernie? We’ve lost respect for you.
    You have repeatedly been at the forefront of scandal
    You have never met a lie you didn’t like
    You have repeatedly been against raising the minimum wage to a living wage…yet you brazenly took credit for doing that very thing aided and abetted by the Governor of NY…which incidentally is NOT your home state.
    You have taught your daughter to glibly lie about a man who is the soul of integrity and honor
    You have voted for a war (s) that we should have never gotten into, causing death, destruction, financial ruin, ruined lives and sorrow
    You disrespect young people who clearly see you for the soul shriveled, amoral despicable person you are.
    You hinted that you would consider bringing back the draft..wasn’t enough blood spilled or did you not profit enough from other people’s misery?
    You are willing to “compromise” on Social Security putting many seniors at incredible risk.
    You don’t give a damn about health care, except as it makes money.
    for you.
    You don’t really want to help college students get an education that would leave them with little or no debt, as an intelligent and engaged population is your nemesis.
    The shrinking middle class is nothing more than a catch phrase… you have no idea what people go through to be able to meet theirs and their families needs.
    You are part of the disgraceful prison for profit system giving the US the reputation of having more people in prison than any other civilized country.
    You showed no compassion or mercy to a 12 year old rape victim
    You have stood by while your DNC chair did everything she could to rig elections in your favor.
    You support monied people and companies hiding their assets offshore to avoid taxes.
    You accept money no matter who or where it comes from as long as it finds its way into your pocket. This is just the tip of your very slippery iceberg.
    And you have the nerve to publicly say you’ve lost patience with Bernie Sanders, whose life has centered around advocating a better life for everyone. What side
    How can we trust you when faced with an important issue you put your finger in the air to see which way the monied and elective winds are blowing?
    You are going to dismiss and disqualify Bernie? Of course you are…ruining lives is your stock in trade. Will you ever get that whatever sleazy tactics you throw at him, “We the People” will always have his back and throw them right back at you?
    If this wasn’t so sad and tragic, and you weren’t such a danger to my country and the well being of our citizens, I would consider you to be nothing more than cheap entertainment.
    You will ultimately destroy yourself, and we will finally have a President worthy of the office, and who has our interests at heart.
    Hypocrite doesn’t even begin to describe you.
    Feel free to copy, paste share.

    Liked by 2 people

    • You write as though politics are new to you and your readers. Do you think the Republicans, Trump, Cruz or Bernie are any different about amassing wealth and trying to keep it any way they can? Are you any different than the general population regarding finances and doing your best to make the most you can and guarding against losing it? Politicians make the laws regarding the gain and loss of it. They all work it for their benefit. The best they do is make sure that some of it goes for the cost of running the country and hopefully not giving too much of the burden on the less fortunate. Show us a wealthy person or anyone who wants to throw or give their wealth away? You can scream about how how corrupt a politician you don’t like is but when it comes to money they are all some what corrupt. It is better to find a better reason to dislike them and some of them have plenty.


    • Nicole O’Brien, please let us all remember that when we point fingers at others, we will always have three pointing back at us.
      Peace out…


  7. Pingback: Clintons Have Three Accounts in the Cayman Islands – waltertraxel

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