Saturday, April 22, 2006
Bill Clinton Hits the Jackpot with Sweetheart Deal
Ex-president Bill Clinton stands to reap "tens of millions of dollars" in personal income from his job as an advisor to Yucaipa Companies, a California private equity firm controlled by one of his best friends and biggest political donors, billionaire Ron Burkle.
The New York Times reports Sunday that the sweetheart deal comes "without great effort and at virtually no risk" for the former president.
"He has put up little of his own money and has no day-to-day responsibilities over how the more than $1 billion in the funds is invested," the paper said.
Mr. Burkle, who built his financial empire by operating supermarkets in Los Angeles, tells the Times that Mr. Clinton's role is to help find investment opportunities for Yucaipa projects.
"He explains to people better than we can why these are good things to invest in," the former bag boy billionaire told the paper Thursday night, while sitting in Mr. Clinton's Harlem office. "If we make money, he makes money."
Though the supermarket magnate declined to offer specifics about Mr. Clinton's jackpot, the Times said that based on Yucaipa's track record, it could reach "into the tens of millions of dollars."
Clinton himself declined to be interviewed about the lucrative arrangement.
But in a 2003 speech he explained that Yucaipa had "earned a phenomenal return investing in three things I care about: in underserved communities, in underperforming companies that are friendly to their workers and their families, and in minority-owned businesses."
Ex-president Bill Clinton stands to reap "tens of millions of dollars" in personal income from his job as an advisor to Yucaipa Companies, a California private equity firm controlled by one of his best friends and biggest political donors, billionaire Ron Burkle.
The New York Times reports Sunday that the sweetheart deal comes "without great effort and at virtually no risk" for the former president.
"He has put up little of his own money and has no day-to-day responsibilities over how the more than $1 billion in the funds is invested," the paper said.
Mr. Burkle, who built his financial empire by operating supermarkets in Los Angeles, tells the Times that Mr. Clinton's role is to help find investment opportunities for Yucaipa projects.
"He explains to people better than we can why these are good things to invest in," the former bag boy billionaire told the paper Thursday night, while sitting in Mr. Clinton's Harlem office. "If we make money, he makes money."
Though the supermarket magnate declined to offer specifics about Mr. Clinton's jackpot, the Times said that based on Yucaipa's track record, it could reach "into the tens of millions of dollars."
Clinton himself declined to be interviewed about the lucrative arrangement.
But in a 2003 speech he explained that Yucaipa had "earned a phenomenal return investing in three things I care about: in underserved communities, in underperforming companies that are friendly to their workers and their families, and in minority-owned businesses."
