Clintons sell off stock holdings

BBC
Bill and Hillary Clinton have sold the stocks held in their blind trust to avoid any conflict of interest as she runs for the US presidency, aides say.

The Clintons would not reinvest the proceeds, valued from $5m (£2.54m) to $25m (£12.6m), US media reported.

Documents show the Clintons amassed most of this money since leaving the White House through investments made on their behalf and without their input.

In addition, Mr Clinton earned about $10m (£5m) from speeches in 2006.

Blind trusts are devices which place the management of a person's assets into the hands of experts who decide how those funds are invested.

The Clintons' trust was set up in 1993 after Mr Clinton took office and then registered as a Senate blind trust when Mrs Clinton was elected as a senator.

They were advised by federal ethics officials that they would need to reorganise the trust to comply with the rules for presidential candidates, which differ from those for senators.

Mrs Clinton, who is bidding to be the Democratic candidate in the 2008 election, and her husband decided instead to dissolve the trust.

Their stocks were converted to cash in April to avoid any questions about possible conflicts of interest, their legal and financial advisers said.

Documents show the trust had included investments in oil and drug companies, and companies based overseas.

Presidential candidates are often questioned about their investments, especially those in sectors which might be at odds with their stated positions or policies, correspondents say.

Speeches

The Clintons' decision to cash in their holdings was a reminder of the couple's previous history with investments that haunted them politically, the New York Times says.

The Clinton presidency was dogged by the Whitewater real estate scandal that questioned the couple's involvement in an Arkansas land deal dating back to 1978. They were only cleared of wrongdoing in 2000.

Since leaving office, Mr Clinton has earned more than $40m with speeches and other public activities.

The couple have assets of at least $10m (£5m) and as much as $50m (£25.3m), with no liabilities, according to Mrs Clinton's Senate financial disclosure report published on Thursday.

Other House and Senate members also filed disclosure reports outlining their finances on Thursday.