Posted on 09/30/2008 4:17:20 AM PDT by HAL9000
Today - September 30, 2008 - is Bill Clinton's last day on the job at InfoGROUP, the company that own's CNN's presidential polling partner, Opinion Research. After the company discovered the millions of dollars of corporate waste lost to the Clintons, his contract is not expected to be renewed.
The information was learned from a court settlement filed with the SEC and the Court of Chancery in the State of Delaware a few weeks ago, which revealed some term of his contract, including the ending date. There is no evidence that it will be renewed. It appears that Bill Clinton is effectively fired from the company, and his buddy, Vinod Gupta, is required to reimburse the company for the millions of dollars he swindled from shareholders, including the money wasted on the Clintons.
The full SEC documents are available at the source link above. Here are excerpts containing the good parts -
WHEREAS, the Amended Consolidated Complaint alleges, in substance, the following with respect to the issues set forth below:Private Aircraft:
From 2001 to 2005, Vinod Gupta, his family and friends, as well as certain Company directors, former President Clinton and his family, and other prominent individuals made improper, personal use of the Company’s private jets, and Vinod Gupta did not reimburse the Company for costs incurred in connection with such use. In addition, for a period of time, all payments for private jet use were made through Annapurna Corporation (“Annapurna”), a company wholly owned by Vinod Gupta, allowing Vinod Gupta to profit from these transactions. Further, in 2004 and 2005, in order to avoid reporting the Company’s extensive related-party transactions with Annapurna, the Company purchased the interests held by Annapurna in the private jets.
Former President Clinton’s Consulting Agreements:
The consulting agreements executed between the Company and former President Clinton in 2002 and 2005 were without any consideration to the Company, and the agreements were arranged without Board or Committee approval.
Grants to Former President Clinton:
In 2002, Vinod Gupta granted options of the Company’s stock to former President Clinton, as a third-party consultant, without proper authorization and approval.
WHEREAS, in its August 13 Order (as amended on August 20), the Court dismissed allegations in the Amended Consolidated Complaint that: (i) the July 21, 2006 standstill letter agreement between the Company and Vinod Gupta is invalid; (ii) Defendants breached their fiduciary duties by exempting Vinod Gupta from the Company’s shareholder rights plan; and (iii) the Company’s consultancy contracts with former President Clinton constituted corporate waste;
The SLC also examined the usage of the private planes from 1998 — 2007. Exact information about the approximately 1820 flights infoGROUP paid for on private jets during this period was not available. Therefore, the SLC examined flights in several categories, including: (1) flights described in the Amended Consolidated Complaint, as well as flights that were part of the same itinerary; (2) flights taken by former President Clinton and his family; (3) flights taken by other prominent individuals; (4) flights to international destinations and Hawaii; and (5) flights from selected time periods. In order to assess these categories of flights, the SLC collected documents, including invoices, infoGROUP travel forms, Vinod Gupta’s calendar, and his itineraries. The SLC also spoke to Vinod Gupta, his counsel, and other witnesses about the purpose of various flights.
The SLC has determined that remedial action is appropriate with respect to a portion of these flights, including, for example, flights to Aspen for Vinod Gupta and his sons; flights to Hawaii for Vinod Gupta, his family, and several guests; flights for former President Bill Clinton after infoGROUP had signed a consulting agreement with him; and flights for former President Clinton’s family members and other third parties.
Stock Options:
The SLC investigated the circumstances surrounding stock option grants to Vinod Gupta, former President Bill Clinton, and an outside company named Mindspirit LLC.
On July 31, 2001, the Compensation Committee granted 700,000 options to be allocated at the discretion of Vinod Gupta. Vinod Gupta is listed as one of the potential recipients. Thus, the Compensation Committee appears to have authorized Vinod Gupta to allocate options to himself. Several members of the Compensation Committee stated that there was an “understanding” that Vinod Gupta would take 500,000 of these options for himself. Vinod Gupta, however, did not allocate any of these options to himself. All other stock option grants to Vinod Gupta originated from the Compensation Committee or the Board. The SLC has determined that no remedial action is indicated with respect to this issue. In April 2002, infoGROUP signed a consulting agreement with former President Clinton that extended from May 1, 2002 to April 30, 2005. The agreement provided that Clinton would give advice and counsel to Vinod Gupta on strategic growth and business development in exchange for 100,000 stock options and other compensation. The Clinton consulting agreement was discussed at the April 15 and July 15, 2002 Audit Committee meetings, but there is no record of an approval of the option grant or a resolution giving Vinod Gupta authority to grant such options. President Clinton’s options expired without being exercised. The SLC has determined that remedial action is appropriate with respect to the authority to issue options generally, although no specific remedial action is necessary with respect to the unexercised and expired options granted to former President Clinton.
Former President Clinton’s Consulting Agreement:
The SLC investigated the circumstances surrounding infoGROUP’s consulting payments to former President Clinton.
In April 2002, infoGROUP signed a consulting agreement with former President Clinton that extended from May 1, 2002 to April 30, 2005. The agreement provided that former President Clinton would give advice and counsel to Vinod Gupta on strategic growth and business development in exchange for $2.1 million and other compensation. The Audit Committee discussed the terms of a proposed three-year contract with former President Clinton. In September 2005, infoGROUP and former President Clinton executed a new consulting agreement that extends from October 1, 2005 through September 30, 2008. The agreement provided that President Clinton would give advice and counsel to Vinod Gupta on strategic growth and business development in exchange for $1.2 million and other compensation. There is no evidence that the Audit Committee or Board discussed this consulting agreement. Former President Clinton spoke at Company events, mentioned Vinod Gupta and infoGROUP in speeches to other audiences, helped introduce Vinod Gupta to potential business contacts, and appears to have helped attract significant business to infoGROUP.
The SLC has determined that remedial action is necessary with respect to the authority that Company officers have regarding transactions entered into on behalf of the Company, although no monetary remedial action is appropriate with respect to this issue.
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Well, I can’t edit the post now. Plus the website was down for several hours overnight, and I didn’t have much time to work on it and get it posted at the time slot I targeted it for. I compose my articles quickly online and get them posted ASAP. I put my explanatory remarks at the top because more people would complain if they were at the bottom, or if they weren’t included at all. Maybe some professional journalist will come along and do a better job with it in a real publication. That happens occasionally.
I know that your stuff is more entertaining for a general audience. But so far, I’ve been lucky to expose some Clinton scandals of real consequence that seem incredible at first, but were eventually validated in the course of time. I know that I take risks and go out on a limb sometimes, but so far, it’s worked out very well. I have some advantages in having observed the Clintons for several years before they became national figures, I’ve had Bill Clinton in my face a time or two, and I’m personally acquainted with some of their close friends and colleagues, so I have good sources of information. I know of other Clinton scandals that I can’t post about without exposing my sources. On the infrequent occasions where I’ve made an error, I make an effort to acknowledge it and set the record straight. After posting here for over ten years with no serious mishaps, I’m not inclined to change my methods.
I’m confident about my interpretation of the SEC document. I’ve been following the developments closely in this long-running scandal, and there are some other factors that I’m not going to discuss on a public forum. The bottom line is that Bill Clinton’s contract will not be renewed again. He can still earn money by selling books and giving speeches, but he is out of the only private sector corporate employment he’s had in last 26 years. He is effectively fired. He was lucky to get the job at all after his law license was suspended. The suspension is over now, so he may no longer be considered radioactive, but I’m sure there will be plenty more Clinton scandals in the future, and I intend to keep publicizing them when I find them.
And if I’m wrong - in the extremely unlikely event that he gets a new contract at InfoGROUP, I would probably be the first to post that info.
I can appreciate your concerns, but considering the time we’ve both been on this forum, I would have preferred that you contacted me with your concerns through the FR mail system instead of nagging me on a public thread.
Ahhhhh...the legacy continues!
Yep!
Bill Kringtone setting NEW LOWS all the time!
Living DOWN to his Legacy.
See my post just above in #76 ...
http://www.freerepublic.com/focus/news/2093764/posts?page=76#76
What can I say? I can’t think of any former Democrap President worth the time to flush ‘em down where they belong. I mean, think about it.
Bill Kringtone
Jimmah Cahtah
Lyndon B. Johnson
The “Who’s Who” list of BAD Presidents there!
The reason for the public "nagging" was to prevent someone out there from posting your comments in a blog or article as if they were part of the original story. Remember, quite a few folks check out the FR for material for their own stories. My "nagging" alerted them not to use your comments as if they were part of the original story. Oh, and the reason I noticed this in the first place is that I was about to use it as a source on another blog until I noticed I never saw the opening remarks at that source. One has to be very careful on these things. The left will use any opportunity to discredit conservatives.
Well, THAT’S a start !! :)
And welcome to FreeRepublic.com !
poor Vinod Gupta, he is about to learn that once you cease to be his cashcow, bill ceases to take your phone calls......forget the golf game Vinod, you got bigger problems...
and who would those bimbos be?
The Clintons knew that they were misusing corporate resources at the expense of the shareholders on their flights to Switzerland, Acapulco, Bill's cruises on the company's megayacht with the all-female crew, etc. And it's unlikely that Bill Clinton brought much business to the company - except for the CNN presidential polling contract, which was obviously intended to help Hillary's campaign more than InfoGROUP.
LOL!
Will they press charges?
I'm shocked.
In mid-July a half a million images of 0bama's alleged birth certificate simply disappeared from google image search.
I use live search now.
I certainly am not disagreeing with you. I was pointing out that the story did not mention any wrong doing.
Isn't Biden's son Beau, Attorney General of Delaware?
Live search? Is it free? What’s the address?
Yeah, Joe Biden's son is Attorney General of Delaware.
Welcome to the FR!
Live search.
It’s free.
It’s here:
*sigh* It’s Microsoft.
(And they just “improved’ how they present image search results). *double sigh*
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