However, the problems appear set to catch up with the foundation (now formally known as the Bill, Hillary, & Chelsea Clinton Foundation), which has until November 16 to amend more than ten years’ worth of state, federal and foreign filings. According to Charles Ortel, a financial whistleblower, it will be difficult if not impossible for the foundation to amend its financial returns without acknowledging accounting fraud and admitting that it generated substantial private gain for directors, insiders and Clinton cronies, all of which is against the law under an IRS rule called inurement.
“It’s illegal to set up a foundation whose primary purpose is to create financial gain,” said Ortel – who helped expose massive financial fraud by GE, GM and AIG, thereby helping trigger the 2009 financial collapse. “That’s bright line illegal.” (Ortel wrote an article at Breitbart.com earlier which showed how “associates of Bill and Hillary Clinton may have attempted to monetize their participation in Clinton family philanthropic activities.”)
When Massachusetts shut down the HIV/AIDS Initiative unit, the Clinton Foundation simply folded its operations into its own and pretended nothing had happened. All of this was flatly illegal, but the IRS, whose tax-exempt wing was led during most of the relevant period by Lois Lerner, did zero. Obama’s Justice Department investigated Lerner on unrelated charges, but never filed charges.
The general shadiness of the whole Clinton Foundations AIDS initiative may well explain why Sir Elton John turned down without explanation an award for fighting AIDS from Bill Clinton during the recent Clinton Global Initiative annual meeting in New York.