Latest update: April 19th, 2013
Former Bill Clinton, the man who unwittingly carried out his promise for a “New Middle East,” worked as a paid lobbyist to pressure Israel against increasing taxes on natural gas from huge off-shore energy fields, former Finance Minister Yuval Steinitz revealed.
Clinton’s wealth is estimated at well over $55 million, making him the richest living president, but no one knows better than him that “enough is never enough,” especially when it comes to “helping” Israel.
One of his most famous “accomplishments” as president was to engineer the signing of the Oslo Accords, with a grinning Yasser Arafat and Yitzchak Rabin at his side on the White House lawn. Clinton promised a “new Middle East,” and we got one when the Oslo Accords literally exploded in Israel’s face in 2002.
Clinton has not given up his version of helping Israel while making pocket money to boot.
Israel has the wonderful problem of figuring out how much to tax the gigantic natural gas pumped from discoveries off the Mediterranean Coast. The energy fields will bring billions of dollars in profits for energy companies, and the government wants a share of the natural wealth.
As Finance Minister, Steinitz proposed raising taxes on companies that developed the natural resources. The energy firms still would be left with envious profits but wanted to stop the tax hike, a reasonable objective for any company.
Clinton’s agreement to be its front-man raises serious questions about the ethics of a former president lobbying a foreign country.
“Pressure [against the tax hike] began from the White House,” Steinitz told the Hebrew language Maariv newspaper.
“The energy companies hired American lobbyists, including former President Bill Clinton, who sent letters and had discussions to dismantle the Shashinsky Commission,” which examined the natural gas issue, “and to stop the tax law.”
“Members of the U.S. Congress asked me for clarifications,” Steinitz said. “We began to feel a sense of pressure, as if we were doing something impeachable to commercial ties between the two countries. I tried to explain that we are among the countries earning the lowest rates from natural gas and petrol, that we get nothing and that the citizens of Israel have as much moral right to profit from public resources as do private companies.”
The Shashinsky recommendations for a tax increase in November 2010, and the pressure decreased, apparently under orders of President Barack Obama.
No one has accused Clinton of doing anything illegal, but the ethics of the former president’s polices and accumulation of wealth following his terms of office deserve examination.
“Between 1997 and 2003 …You went from a period, a regime, where people did have at least some concern about going to jail, to a point where everything is legal. …Looking back I would say that this period definitely started under Clinton,” said Charles Ferguson, whose documentary film Inside Job in 2010 won an Academy Award.
Clinton certainly did not have to lobby against Israel for lack of money.
“I never had any money until I got out of the White House, you know, but I’ve done reasonably well since then,” Clinton has said in an understatement that would be laughable if not true.
“Reasonably well?” Let’s check.
As a lame duck president in December 2000, Clinton signed into law the Commodities Futures Modernization Act, which ensured that derivatives could not be regulated. Two months later, shortly after leaving the White House, Clinton received $125,000 from Morgan Stanley for a speech Clinton he delivered to the company in New York City. A few weeks later, Credit Suisse also hired Clinton for a speech, at a $125,000 speaking fee, according to the NakedCapitalism.com website.
“It’s not a coincidence that deregulation accelerated in the late 1990s, as Clinton and his whole team began thinking about their post-Presidential prospects,” the site added.
If Clinton was only somewhat rich man before becoming president, he has more than made up for lost change.
In the decade after the end of his second term, he pocketed nearly $10 million for speaking fees. That comes out to a lot more than his hourly wage as president.
And who paid for the privilege of hearing his wisdom?
Citigroup: $250,000; Deutsche Bank, $150,000; Goldman Sachs, $300,000 for two speeches, and that is only three coins in the fountain.
About the Author: Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.
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