BOMBSHELL: Clinton Foundation Donors Expected ‘Benefits In Return For Gifts’
An independent “governance review” conducted by a prominent law firm that specializes in philanthropic issues concluded in December 2010 that the Clinton Foundation had a weak, rubber stamp board of directors and that many of its donors had “an expectation of a quid pro quo benefits in return for gifts.”
The blistering review — made public Thursday by WikiLeaks — described a tax-exempt public foundation with none of the independent oversight required under federal charity law. The Clinton Foundation reported $187 million in net assets in 2011.
The decision to conduct the review was bitterly opposed by Bill Clinton’s long-time friends and political advisers.
The review was conducted by the New York law firm of Simpson Thacher and was requested by Chelsea Clinton who had profound misgivings about the operation of her parent’s foundation. Leading the review was Victoria Bjorklund, one of the nation’s top-ranked legal experts on good- governance practices for foundations and charities. She came out of retirement to lead the review.