Thursday, September 08, 2016

"Clinton Foundation Is Charity Fraud Of Epic Proportions", Analyst Charges In Stunning Takedown

by Tyler Durden, Zero Hedge

In early May, we introduced readers to Charles Ortel, a Wall Street analyst who uncovered financial discrepancies at General Electric before its stock crashed in 2008, and whom the Sunday Times of London described as "one of the finest analysts of financial statements on the planet" in a 2009 story detailing the troubles at AIG. Having moved on beyond simple corporate fraud, Ortel spent the past year and a half digging into something more relevant to the current US situation:"charities", and specifically the Clinton Foundation’s public records, federal and state-level tax filings, and donor disclosures.  

Four months ago, Ortel began releasing his preliminary findings in the first of a series of up to 40 planned reports on his website. His allegation was simple: “this is a charity fraud.”

To learn more about the Clinton Foundation, Ortel decided to "take it apart and see how it worked" and he has been doing that ever since February 2015. 

“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. 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.

"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."

As previously reported, 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.

To be sure, Ortel's efforts were to be commended: digging through the foundation's numbers can not have been easy, considering that the nation’s most influential charity watchdog put the Clinton Foundation on its “watch list” of problematic nonprofits in 2015. Furthermore, the Clinton family’s mega-charity took in more than $140 million in grants and pledges in 2013 but spent just $9 million on direct aid. That's because the organization spent the vast bulk of its windfall on "administration, travel, salaries and bonuses", with the fattest payouts going to family friends.


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Elsewhere: [ The Original Boggart Blog] ... [ Daily Stirre.shtml ]...[Little Nicky Machiavelli]... [ Ian's Authorsden Pages ]... [Scribd]...[Wikinut] ... [ Boggart Abroad] ... [ Grenteeth Bites ] ... [ Latest Posts ] [Ian Thorpe at Flickr ] ... [Latest Posts] ... [ Tumblr ] ... [Ian at Minds ] ... [ Authorsden blog ] ... [Daily Stirrer News Aggregator]

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