Bill Clinton Gave a Speech for $250,000 to a Controversial Vulture Fund as His Wife Ran for President
“On May 12, 2015, the private equity firm Apollo Global Management announced it was unloading the remainder of its stake in Noranda Aluminum. Apollo had gained control of the Tennessee-based company in a 2007 leveraged buyout and had subsequently followed a familiar playbook in the cutthroat world of corporate takeovers: It saddled Noranda with the debt it had used to buy the company and then extracted large dividends. As Noranda struggled to stay solvent, Apollo eventually cashed out of the firm. In early 2016, the debt-riddled aluminum company declared bankruptcy, shut down its largest smelting plant in Missouri, and laid off hundreds of employees.
That same day in 2015 that Apollo disposed of its stake in Noranda, Bill Clinton pocketed $250,000 for a speech to one of its subsidiaries, Apollo Management Holdings.
The company declined to answer questions about Clinton’s speech. It would not discuss the subject of his talk or any details about the event. A Clinton spokesman did not respond to requests for comment.
The Apollo speech came a month after Hillary Clinton—who recently said her husband would be “in charge of revitalizing the economy” in her administration—formally declared her candidacy. Prior to launching her White House bid, Clinton had ditched the profitable speaking circuit. (She earned almost $22 million between April 2013 and March 2015, according to an analysis by CNN.) But the former president continued to deliver lucrative paid speeches until late 2015, banking about $3 million in payments just in the months that his wife had been running for president.
According to a financial disclosure filed by Hillary Clinton’s campaign two weeks ago, Bill Clinton gave speeches to a broad range of outfits that doled out more than $200,000 per appearance. These companies and organizations include Univision (which is owned by Haim Saban, a major funder of pro-Hillary super-PACs), investment bank Stephens Inc., computer giant Oracle, and the American Institute of Architects. But Apollo is among the more controversial companies that paid Clinton’s hefty speaking fee. (In 2013, Hillary Clinton also gave a speech to Apollo, netting $225,000.)” …