Clinton Foundation discloses names of contributors

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From Fazle Rashid
NEW YORK Dec 19: Former President Bill Clinton under pressure to reveal his financial dealings since he left the White House eight years ago came out with a catalogue of contributors to his charitable foundation that includes among other King Abdullah of Saudi Arabia and country like Taiwan with which US does not have full diplomatic ties.
The Clinton's financial records were demanded to ease the confirmation of Senator Hillary Clinton as the next secretary of state. Clinton Foundation which works on health mainly combating AIDS and malaria, climate change and development reported revenue collection of $132 million in 2007. The Foundation was reluctant to identify the contributors that triggered some controversy.
Middle-East nations have been generous contributors to the Foundation but Hillary Clinton's aides maintain that her flexibility to act as a broker in the region will remain unaffected. Saudi Arabia alone gave $10M to 25m as did government aid agencies in Australia, Dominican Republic, Brunei, Kuwait, Oman, Qatar, Norway and Taiwan each gave $1million. So did the ruling family of Abu Dhabi, Dubai Foundation, and an organisation called friends of Saudi Arabia, founded by a Saudi prince, the New York Times reported today.
The Clinton Foundation also received contributions from Bill and Melinda Gates, Frank Giustra, Canadian mining executive, Lakshmi Mittal, Indian steel tycoon, Amar Sing, Indian politician and Rubert Murdoch the media moghul. The Indian tycoon lobbied with Clinton on behalf of civilian nuclear contractors. Clinton's office categorically stated that the disclosure should ensure that there would be " not even the appearance of a conflict of interest".
The Republicans are not likely to pose any problem for Hillary Clinton's Senate approval for the top diplomatic post. The president-elect Obama and Clintons have arrived at an agreement that the Clinton Global Initiative, an off-shoot of the Clinton Foundation will be incorporated separately and will not hold any event outside the US and will not accept any fresh contributions from foreign governments.
Federal law of course does not require former presidents to reveal foundation donors and Clinton had resisted move to identify donors arguing his contributors had asked for confidentiality. Other president to accept foreign donation is senior Bush who accepted donations from Saudi Arabia and foreign countries for his library, NYT said.
The Clinton Foundation has so far raised over $500 million since it began operation in 1997. It has now turn into a global operation with a 1100 paid staff and volunteers in 40 countries. Clinton operators said they have nothing to hide. Meanwhile over $50 billion dollar fraud , considered to be the biggest in US history, perpetrated by investment manager Bernard Madoff is taking in its sweep many reputed financial institutions and banks. Banks such as HSBC, Royal Bank of Scotland, BNP paribas of France lent money without " spotting a fraud and in at least one case without due diligence teams visiting Mardoff'soffice.
Bank of America shelved a $3billion sale of China Construction Bank stock fearing it could stoke many to off-load their lucrative holdings.
US banks in 2005 made huge investments into Chinese banks.