Clinton 'will make tens of millions' working for funds tycoon

@bljl520 (148)
China
March 8, 2007 2:33am CST
Bill Clinton stands to make "tens of millions" of dollars by working for a billionaire friend who made his fortune in supermarkets. The former president will share in the profits of investment funds run by Ron Burkle. In return, he offers Mr Burkle advice and lends his reputation to the funds. He has no day-to-day role and has invested little of his own money. The New York Times, which spoke to Mr Burkle and Mr Clinton's aides, said the three funds that the former president advised contained more than $1 billion (?560 million). Two invest in poor areas of the United States where traditional firms are unwilling to risk their cash. A third invests overseas. Mr Clinton's deal will pay out if the two domestic funds produce returns exceeding nine per cent during their lifetimes. So far, one is up by 26 per cent and the other by 51 per cent. The former president is already receiving payments from the overseas fund and will take a third of the profits when it is dissolved, not sooner than 2011. The Clintons have both made millions from their autobiographies and Mr Clinton commands six-figure sums at speaking engagements. But the couple have a troubled history with personal investments. Their failed Whitewater development project in 1979 provoked numerous allegations of wrongdoing and three inquiries, although none found evidence of criminal conduct. The Clintons say that criticism of their financial affairs is politically motivated.
No responses