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| For Immediate Release | |
| Sep 3, 1999 | Contact: Press Office 202-646-5172 |
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President Can't Take Gift from Chinagate Fundraiser "This loan scheme blatantly violates government ethics and banking laws. Bill and Hillary Clinton should be subject to the same standards for a mortgage as every other American couple." - Larry Klayman, Judicial Watch Chairman (Washington, September 3) The government watchdog group Judicial Watch said today that the loan scheme being used to by Bill and Hillary Clinton to buy a house is illegal and improper. First, the $1.35 million loan "guarantee" by Chinagate fundraiser Terence McAuliffe is nothing less than an outright gratuity to the President personally, which is illegal under government ethics and bribery laws. Federal court testimony in Judicial Watch's Chinagate case has already shown that McAuliffe was involved in illegal fundraising and influence-peddling -- this seems more of the same. Judicial Watch also questioned why The White House Counsel's Office, which "approved" the loan scheme, is giving the Clintons' personal legal advice at taxpayer expense. Second, there is no ethical or legal way for a bank such as Bankers Trust Co., which reports indicate is foreign-owned, to give a million dollar mortgage to a couple who professes to be $5 million in debt. And no bank can use an illegal "guarantee" from a Clinton fundraiser as collateral for any loan. "This loan scheme blatantly violates government ethics and banking laws. Bill and Hillary Clinton should be subject to the same standards for a mortgage as every other American couple," said Judicial Watch Chairman Larry Klayman. Judicial Watch will immediately investigate and challenge the loan scheme and warned that any bank improperly making loans to the Clintons could be subject to severe criminal and/or civil liabilities. Judicial Watch notes there is an ethical way for the Clintons to buy a home -- liquidate their million dollar trust and use those proceeds to buy a modest house outright. They don't need to buy one valued at $1.7 million. "Based on their history, laws against bank fraud and bribery seem of no importance to Bill and Hillary Clinton. Bill and Hillary Clinton continue to think they're above the law. Judicial Watch is committed to reminding them they are not," stated Klayman. |
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