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Wed, June 20, 2007 : Last updated 20:01 pm (Thai local time)



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Home > Business > Clintons avoid 'honest mistake'





STREET WISE
Clintons avoid 'honest mistake'

It's not clear whether Hillary Rodham Clinton knows anything about the political situation in Thailand, but she might have something to teach Thai politicians.

Because she just did something that might have saved deposed prime minister Thaksin Shinawatra had he acted the same way.

Thaksin once claimed that he had committed "an honest mistake" by failing to report some of his assets when he was in office.

This "honest mistake" has led to the downfall of his government.

The Clinton family, according to the US press, decided in April to sell millions of dollars of stocks held by their blind trust after learning that those investments included oil and pharmaceutical companies, military contractors, and Wal-Mart. The Clintons were concerned their personal finances might become a political liability.

The Clintons liquidated the trust - valued at US$5 million to $25 million (Bt173 million to Bt865 million) - and are leaving the proceeds in cash to eliminate any chance of political embarrassment due to their holdings as Hillary runs for the 2008 Democratic presidential nomination.

In 1993, Bill Clinton's share of the blind trust was valued at $15,001 to $50,000 and Hillary's at $500,001 to $1 million.

The New York Senator became aware of her investments because of a government directive this spring that she, as a presidential candidate, had to dissolve her blind trust and disclose all her assets to the public.

In 1993, Bill disclosed their assets to comply with federal ethics rules. The Clintons were far less wealthy then than they are today. Their estimated net worth at the time was between $633,015 and $1.62 million.

These days, the Clintons' financial health has improved considerably. According to the financial disclosure documents, the couple's total net worth is somewhere between $10 million and $50 million.

We must stress here that a large part of the money was accumulated after Bill left the Oval Office.

Besides investments, Bill earned about $10 million for speeches in 2006, continuing a pattern since he left office of earning large sums through speaking and other activities to help pay legal bills and cover the couple's expenses. Hillary has earned $350,025 in royalties for her autobiography, "Living History".

The Clintons sold the stock

as they prepared to disclose their holdings in the blind trust.

Until that point the Clintons were not aware of the stocks and other financial assets it comprised.

Although the rules do not require the Clintons to sell the stocks, they are well aware that in politics there's no such thing as an "honest mistake".

jeerawat@nationgroup.com








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