Financial accounts of the ‘charity’ based Clinton Foundation were so botched up that the US’s most significant watchdog body had to add it to the watch list of problematical non-profit organizations.
The Clinton’s got a whopping $140 million as donations, but the foundation spent only $9 million in direct reliefs.
The Clinton family paid out most of money on management, travel and wages. Family friends were the biggest beneficiaries of the aid meant for charity.
“It seems like the Clinton Foundation operates as a slush fund for the Clintons,” said Bill Allison, a senior fellow at the Sunlight Foundation, a government watchdog group where progressive Democrat and Fordham Law professor Zephyr Teach out was once an organizing director.
According to The Washington Free Beacon reports: The Wall Street analyst who uncovered financial discrepancies at General Electric before its stock crashed in 2008 claims the Bill, Hillary, and Chelsea Clinton Foundation has a number of irregularities in its tax records and could be violating state laws.
Charles Ortel, a longtime financial adviser, said he has spent more than a year 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.
Ortel started 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.” The Sunday Times of London described Ortel as “one of the finest analysts of financial statements on the planet” in a 2009 story detailing the troubles at AIG.
“Where you or I see pages of numbers, [Ortel] sees a narrative,” wrote Sunday Times reporter Tim Rayment. “Sometimes the theme is a company’s potential for growth. Sometimes it is the prospect of self-destruction. And at times the story does not make sense, because the figures are hiding a fraud.”
Ortel turned his attention to the Clinton Foundation in February 2015. To learn more about the charity, he decided to take it apart and see how it worked.
“I decided, as I did with GE, let’s pick one that’s complicated,” said Ortel. “The Clinton Foundation is complicated, but it’s really very small compared to GE. ”When Ortel tried to match up the Clinton Foundation’s tax filings with the disclosure reports from its major donors, he said he started to find problems.
“I decided it would be fun to cross-check what their donors thought they did when they donated to the Clinton Foundation, and that’s when I got really irritated,” he said. “There are massive discrepancies between what some of the major donors say they gave to the Clinton Foundation to do, and what the Clinton Foundation said what they got from the donors and what they did with it.”
Last year, the Clinton Foundation was forced to issue corrected tax filings for several years to correct donation errors. But Ortel said many of the discrepancies remain.
“I’m against charity fraud. I think people in both parties are against charity fraud, and this is a charity fraud,” he said.
However, media persons from Clinton Foundation remained silent when asked about the whole issue.
source : zerohedge.com