The House Oversight Subcommittee on Government Operations held a hearing on Capitol Hill Thursday on the Clinton Foundation. Mark Meadows (R-NC), the Chairman of the Subcommittee on Government Operations, led the hearing Thursday — special prosecutor John Huber was a NO-SHOW.
The whistleblowers, Lawrence Doyle of DM Income Advisors and John Moynihan of JFM Associates, argued that according to their research, the Clinton Foundation was operating outside of its bounds as a 501c3 non-profit organization and instead operated exactly like the global fund in Geneva, Switzerland by brokering money and pharmaceuticals.
Mr. Moynihan also stated that 60% of the donations going to the Clinton Foundation were used for “administration fees” which is a stark difference from the industry norm of 10-15% for admin fees.
“The investigation clearly demonstrates that the [Clinton] Foundation was not a charitable organization per se, but in pointed fact was a closely held family partnership,” Mr. Doyle said.
Doyle continued, “As such, it was governed in a fashion in which is sought in large measure to advance the personal interests of its principles as detailed within the financial analysis…and further confirmed within the supporting documentation and evidence.”
Congressman Jim Jordan (R-OH) asked the whistleblowers to elaborate on their claims the Clinton Foundation was operating as an agent of a foreign government.
“They were brokering money and they were brokering pharmaceuticals — they were an agent of money through these donors, they would take a vig (fee), broker the money and then they negotiated these relationships with the pharmaceutical companies — by the same token they were brokering the pharmaceuticals and again taking the vig (fee),” Doyle said.
As Reported By Fox News:
According to a committee notice, the purpose of Thursday’s hearing was to discuss the management of 501(c)(3) nonprofit organizations, using the Clinton Foundation as a case study.
The committee advisory said these organizations are “not permitted to be organized or operated for the benefit of any private individual and are only permitted to engage in minimal political activity” and added that when “a nonprofit organization violates these terms, defrauds contributors, or engages in impermissible political activity, the IRS may revoke its tax exempt status.”