Protecting Hillary: Bill Clinton Severs Business Ties With Billionaire Buddy Burkle

[babylonsister]

Thomas B. Edsall and Sam Stein
The Huffington Post
Protecting Hillary: Bill Clinton Severs Business Ties With Billionaire Buddy Burkle

December 12, 2007 04:06 PM


Bill Clinton has severed business ties with Los Angeles billionaire Ron Burkle, fearful that their deals could erupt into bad publicity damaging his wife's presidential bid, according to sources who know both men.

The break-up is a major development in the world of political fundraising, where Burkle has risen quickly to the top ranks, credited with channeling $50 million or more into Democratic coffers over the past 15 years.

A source in Burkle's firm, The Yucaipa Companies, said on background, "When we are ready to announce the president's departure, we will announce his departure." The source contended there is no strain in the personal relationship between Burkle and Bill Clinton. He noted that if Hillary Clinton is elected president, Bill Clinton will have to divest himself from potential conflicts of interest.

Sources outside of Yucaipa independently confirmed the president's split with the company

In an email, Clinton aide Douglas J. Band initially did not address the status of Clinton's investment in Burke's firm. Instead, Band wrote:

President Clinton and Ron are long-time friends and their relationship hasn't changed. President Clinton values his friendship with Ron as he has for almost 15 years.

Pressed for elaboration, Band then replied:

As President Clinton said this summer, he anticipates continuing his business relationships as long as they permit him to devote time to his highest priorities - the work of his foundation and supporting his wife's candidacy. He of course is taking steps now to ensure that should she receive the nomination, there will be an appropriate transition for those relationships.

more...

http://www.huffingtonpost.com/2007/12/12/protecting-hillary-bill-_n_76529.html

[Perry Logan]

1. Huffington Post on the Clintons--MRAWW! HSSS!

You'll notice the inability to give credit where it's due. Even if BC does the right thing, it's given the spin of "protecting Hillary." If I didn't love Arianna I'd be very angry at her.

[babylonsister]

2. As her husband, I see nothing wrong with him trying to protect her.

It's the business dealings he had with this guy to begin with that are questionable, though I'd never heard about them before. Sounds like they were partyin' pals to boot. Anyway, it was probably a good idea for Bill to bail before this got out of control.

From the article:

Burkle made millions of dollars for both of them through Yucaipa, and served as Clinton's entry into West Coast social activities. Clinton, in turn, brought to their partnership his fame and allure as a popular ex-President -- a powerful draw for prospective investors.

The crack-up of the Burkle-Clinton business relationship began over a series of controversial business deals that the two men pursued, according to sources who know both men.

After leaving the White House, Clinton signed up for an advisory role at Yucaipa, in exchange for a share of the profits of two domestic funds, if their returns exceeded 9 percent over the fund's life. As reported by the New York Times, by 2005 one fund had reported a gain of 51.3 percent and the other 25.8 percent.

But it was how the funds earned their money - or, on occasion, lost it - that reportedly made ex-president skittish.

snip//

The president's relationship with Ron Burkle has been the subject of widespread speculation primarily concerning Bill Clinton's private life. Over a year ago, Patrick Healy wrote in the New York Times

Mr. Clinton is rarely without company in public, yet the company he keeps rarely includes his wife. Nights out find him zipping around Los Angeles with his bachelor buddy, Ronald W. Burkle, or hitting parties and fund-raisers in Manhattan.

[HeraldSquare212]

3. There's lots of post-presdency business relationships

that will come out if HRC's the nominee. The refrain that everything negative that can come out has already been aired and inspected to death is just not true. Bill's relationships with different business people will provide plenty of fodder.