Sunday, January 24, 2016

Ethically Challenged And Caught In The Wrong Century

Hillary Clinton recently said she'd go after offshore tax "schemes" in the Caribbean. That's a worthy endeavor, given the loss of billions of dollars in U.S. tax revenue.
Yet her husband, Bill Clinton, reportedly made $10 million as an advisor and an occasional partner in the Yucaipa Global Partnership, a fund registered in the Cayman Islands.
Is Ms. Clinton's implicit argument that she knows offshore tax-dodging is unethical because her family has benefited from it? Does she plan to return millions of dollars of her family's offshore-generated income?
Clinton is calling for "huge campaign finance reform," apparently to end the excessive and often pernicious role of big money in politics. But no candidate, Republican or Democrat, raised more than the $112 million that Clinton collected in 2015 for her primary campaign.
In 2013, Clinton earned nearly $1.6 million in speaking fees from Wall Street banks. She raked in $675,000 from Goldman Sachs and $225,000 apiece from Bank of America, Deutsche Bank, Morgan Stanley and UBS Wealth Management. Did that profiteering finally sour Clinton on Wall Street's pay-for-play ethics?
Clinton has also vowed to raise taxes on hedge fund managers. Is that a way of expressing displeasure with her son-in-law, Marc Mezvinsky, who operates a $400 million hedge fund?
For that matter, how did Clinton's daughter, Chelsea — who worked for a consulting firm and a hedge fund despite having no background in finance — reportedly become worth an estimated $15 million?
Read the rest of Victor Davis Hanson's op-ed HERE.

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