The Clintons and Indian Finance - A Number Of Stories

I received this email on the matter of the Clintons and the financial scandal claims invoving india. Here it is...

HILLARY CLINTON (D-PUNJAB)'S PERSONAL FINANCIAL AND POLITICAL TIES TO INDIA
The Clintons have reaped significant financial rewards from their relationship with the Indian community, both in their personal finances and Hillary's campaign fundraising. Hillary Clinton, who is the co-chair of the Senate India Caucus, has drawn criticism from anti-offshoring groups for her vocal support of Indian business and unwillingness to protect American jobs. Bill Clinton has invested tens of thousands of dollars in an Indian bill payment company, while Hillary Clinton has taken tens of thousands from companies that outsource jobs to India. Workers who have been laid off in upstate New York might not think that her recent joke that she could be elected to the Senate seat in Punjab is that funny.

IT'S ALL ABOUT THE MONEY

PERSONAL HOLDINGS
2006: Bill Clinton Invested Tens of Thousands In An Indian Bill Payment Company. According to Hillary Clinton's personal financial disclosure form, as part his ownership of WJC Investments, LP LLC, Bill Clinton held between $15,001 and $50,000 worth of stock in Easy Bill Limited, an Indian company. According to the company's website, "Functioning as a one-stop bill payment shop, Easy Bill facilitates payment of utility bills as well as recharging of pre-paid mobile connections at a place the consumer is already familiar and comfortable with the neighbourhood store." In addition to providing terminals throughout India where customers may pay their bills, the company also maintains a call center described as "a dedicated response centre for efficient customer service." [Hillary Clinton 2006 Financial Disclosure Report, http://www.easybillindia.com/]

2006: Bill Clinton Collected $300,000 From Cisco In 2006. Hillary's personal financial disclosure forms indicate that Bill Clinton gave two speeches to Cisco Systems, each for $150,000 on 5/18/06 and 8/17/06. [Hillary Clinton 2006 Financial Disclosure Report; 3,4]

CAMPAIGN FUNDRAISING
Hillary Clinton Accepted Almost $60,000 In Contributions From Employees Of Cisco Systems, Which Laid Off American Workers to Hire Indian "Techies." Clinton's Presidential Exploratory Committee took $39,450 from Cisco employees during the first quarter of 2007. Cisco employees have also donated $18,900 to Clinton's Senate committee between 1999 and 2006. Forbes reported, in a feature called "A Tale of Two Cities" that Cisco was laying off $60,000-a-year "techies," while hiring new employees in Bangalore, India. "Cisco used only a few Infosys workers in Bangalore six years ago [in 1998]; [by 2004, it used] almost 300 contract staff, plus 550 full-fledged employees in its own Bangalore office." In 2006, Newsweek reported that "for Cisco, India is the new frontier, where it's investing $1.2 billion to build a gleaming R&D campus that will employ 3,000 people." [FEC filings; Forbes, 4/12/04; Newsweek, 3/6/06]

Clinton Donor, Sant Singh Chatwal, Cited Clinton's India Caucus Work Vowed To Raise $5 Million. In March 2007, the Economic Times wrote, "[Clinton] has roped in New York-based hotelier Sant Chatwal as cochair of her recently formed presidential exploratory committee to run for the 2008 White House race. [...] He is also creating an organization called Indian Americans for Hillary 2008." In April 2007, Mangalorean reported that Indian Americans for Hillary 2008 (IAFH) had already raised $1 million and "aimed to raise at least five million dollars." A major fund raiser on June 24 hosted by Chatwal, the founder of IAFH; steel baron, Lakshmi Mittal, and businessman SP Hindujas, was expected to pull more than 1,000 guests. In June 2007, The New York Times reported that "two Indo-American receptions have a total of $450,000 in commitments." In the picture (right), Sen. Clinton speaks at a reception hosted to push forward the US-India nuclear deal while Sant Singh Chatwal listens carefully. [New York Times, 6/7/07; Economic Times of India, 3/18/07; mangalorean.com, 4/14/07, accessed 4/18/07; picture, Tribune India, 9/14/06]

Chatwal Owed The City Of New York More Than $2 Million In Back Taxes, Fled Prosecution For Fraud But Was Arrested During Visit to India With Bill Clinton. Sant Singh Chatwal, who raised more $200,000 for Sen. Clinton in 2000, owed New York City $2.4 million in back property taxes. In addition, during a visit to India with Bill Clinton, in May 2001, Chatwal was arrested by authorities there and charged with defrauding the New York City branch of the Bank of India out of $9 million he borrowed in 1994. He posted bail, then fled India, boarding a flight to Vienna despite an attempt by authorities to detain him. [New York Daily News, 11/24/02; New York Daily News, 11/7/00]

FDIC Charged Chatwal With Obtaining Improper Loans. In a separate 1996 case, the Federal Deposit Insurance Corp. charged Chatwal with obtaining improper loans from the First New York Bank for Business, causing the bank to lose more than $25 million. Chatwal, who was a director of the bank, arranged more than $14 million in loans to himself and his businesses, often with no collateral, said the FDIC. He didn't repay the loans and the bank failed. [New York Daily News, 11/24/02; New York Daily News, 11/7/00]
CLINTON AND THE SENATE INDIA CAUCUS
Clinton Co-Founded The Senate India Caucus, A Project Of The U.S. India Political Action Committee.
In 2004, Clinton co-founded and became the co-chair of the Senate India Caucus which was coordinated by the U.S. India Political Action Committee (USINPAC). Roll Call reported, "The goals of the caucus, which already has 31 members, include increasing trade with India and improving security against global terrorism." Sen. Clinton said, "It is imperative that the Unites States do everything possible to reach out to India. This Caucus is dedicated to expanding areas of agreement with India and engaging in a candid dialogue of differences." [link to photo at USINPAC website, accessed 4/17/07; Roll Call, 4/28/04; PR Newswire, 4/29/04]
CLINTON WINS "WEASEL AWARD" FOR COMMENTS ON INDIA
2005: Anti-Offshoring Advocacy Group Gave Sen. Clinton A "Weasel Award," Citing Pro-Outsourcing Comments Clinton Made In India. The Press Trust of India wrote, "An American anti-offshoring advocacy group has awarded its first 'Weasel Award of 2005' to Democrat Senator Hillary Clinton for her recent remarks supporting outsourcing. The Delaware-based IT Professionals Association of America (ITPAA) representing over 1,200 IT professionals nationwide, said on its Web site that it presented this award to business and political leaders that it believes 'betray the trust of the American people.' Scott Kirwin, founder of the organization claimed that people were 'tired of Democrats pretending they care about the problems facing average Americans. Senator Clinton's actions prove they clearly do not.' The ITPAA based its award on press reports of Hilary Clinton supporting outsourcing and assuring political and business leaders in India that the US would not attempt to save the jobs lost. 'Outsourcing will continue. There is no way to legislate against reality. We are not in favor of putting up fences.' Hillary had said on Feb 28 in India, according to a report by the Asia Times. Kirwin also cited her position as co-chair of the 'Friends of India Caucus' in the Senate, a group of senators that supports issues important to India, including outsourcing and H-1B and L-1 visas, as another reason behind the ITPAA's decision to give the award to the prospective Democrat presidential nominee." [Press Trust Of India, 3/5/05; Link To Weasel Award]

2/05: On India Trip, Clinton Allayed India's Fears That Outsourcing Would End. The India Review wrote, "Senator Clinton allayed apprehensions in India that there would be a bar on outsourcing. 'There is no way to legislate against reality. Outsourcing will continue," she said. [India Review, 4/05, accessed, 6/7/07]

Sen. Clinton (D-Punjab) Joked That She Was Senator From The Punjab Region In India. "At the fundraiser hosted by Dr Rajwant Singh at his Potomac, Maryland, home, and which raised nearly $50,000 for her re-election campaign, Clinton began by joking that, ''I can certainly run for the Senate seat in Punjab and win easily,' after being introduced by Singh as the Senator not only from New York but also Punjab." [India Abroad, 3/17/06]
CLINTON CLAIMS OUTSOURCING
Clinton Says "Outsourcing Does Work Both Ways." Crain's New York Business wrote, "Mrs. Clinton may be motivated by a desire to uphold the free trade legacy of the Clinton years. [...] In an appearance on CNN's Lou Dobbs Tonight, she boasted about attracting 10 jobs to New York from India-based Tata Consulting. When Mr. Dobbs inquired if she had understood the degree to which Tata, which helps U.S. companies outsource, was stealing American jobs, Mrs. Clinton rejoined: 'They've actually brought jobs to Buffalo. Outsourcing does work both ways.'" [Crain's New York Business, 6/21/04; CNN, 3/3/04]

In An Interview With Lou Dobbs, Senator Clinton Defended Her Support Of Tata Consulting, A Company That Brought Ten Jobs To Native Buffalo Residents But Destroyed Thousands Of Jobs Over The Years. Lou Dobbs asked Clinton, "Senator, a number of people pointed out to us, e-mailing us and calling us, saying, ask the senator about her helping Tata Consulting, a well-known outsourcer, open jobs -- and office in Buffalo, New York. I'm asking you, did you really understand the degree to which they were involved in outsourcing jobs when you were there?" Clinton replied, "Well, of course I know that they outsource jobs, that they've actually brought jobs to Buffalo. They've created 10 jobs in Buffalo and have told me and the Buffalo community that they intend to be a source of new jobs in the area, because, you know, outsourcing does work both ways." [CNN, 3/3/04]

Tata Consultancy Services (TCS) Is Famous For Pioneering The Business Practice Of Off-shoring. The San Jose Mercury News wrote, "TCS, however, will go down in the annals of offshoring as the original hightech body shop. Starting in the early 1990s, TCS blanketed the American landscape with legions of itinerant software programmers from India. [...] Tata pioneered an industry that eventually evolved into the dynamo of offshoring, or sending work to cheap labor markets overseas. [...] Tata's methods have not been popular among U.S. technology workers, however, who complain guest workers suppress local wages and offshoring takes good jobs overseas." [San Jose Mercury News, 12/6/04]

Tata's Buffalo, N.Y. Training Center Caters To The Needs Of The Company's 8,000 Employees In The United States, 80 Percent Of Whom Are Workers From India. India Abroad wrote, "At the Chrysalis Center TCS will host new employees in month-long training sessions to make them aware of the company's history and culture and to hone their core IT skills that will bridge existing knowledge with advanced skills necessary to work on innovative projects for customers." The center will also cater to the training needs of the more than 8,000 TCS employees across the US, 80 percent of whom are from India, according to Buffalo News. [India Abroad, 7/30/04; Buffalo News, 7/20/04]

Gupta Said Democrats' Stand On Outsourcing Was Poll-Year Rhetoric. The Economic Times wrote, "Vinod 'Vin' Gupta [...] also believes that the Democratic Party's stand on outsourcing is more poll year rhetoric than any serious economic policy statement. 'We have to compete globally and US has to find the best product and services at the best cost. Tapping global resources will obviously make the US economy stronger,' says Gupta whose own company InfoUSA outsources both technology support and database work to vendors in India. Gupta, who has helped Hillary Clinton and Al Gore in fund-raising efforts for their campaigns, is now involved in fund raising efforts for Senator Kerry." [The Economic Times, 3/29/04]