WhoWhatWhy.com / By Russ Baker
comments_imageCOMMENTS: 5

There's a Lot More to Arrested Financier Hassan Nemazee's Past Than Just Being a 'Clinton Fundraiser'

Nemazee was much more than just a Clinton fundraiser -- he was a bipartisan financier of the influence bazaar that American politics has become.
August 28, 2009  |  
 
 
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WhoWhatWhy.com reports exclusively on the background of Hassan Nemazee, the top Hillary Clinton fundraiser who was arrested and charged with forging loan documents. Early media accounts cast the event as an embarrassment for Ms. Clinton and the Democratic Party involving the financial misdoings of one prominent backer. Actually it is much more.  Behind the Nemazee arrest lies a sprawling cautionary tale of presidents, would-be presidents, and the shadow world of wealthy operators who cozy up to them for their own gain.  It reaches into the Bush operation as well as that of the Clintons, and is a microcosm of an influence bazaar that has gone global along with the economy.
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On August 25th, Hassan Nemazee, a top fundraiser for Hillary Clinton,  was arrested and charged with forging loan documents in order to borrow $74 million from Citibank. He could face up to 30 years in prison. Early media accounts cast the event as an embarrassment for Ms. Clinton involving the financial misdoings of one prominent backer. Actually it is much more.

Behind the Nemazee arrest lies a sprawling cautionary tale of presidents, would-be presidents, and the shadow world of wealthy operators who cozy up to them for their own gain.  It reaches into the Bush operation as well as that of the Clintons, and is a microcosm of an influence bazaar that has gone global along with the economy.

Hassan Nemazee, who served as a finance director for Hillary Clinton’s 2008 presidential campaign, began raising sizable sums for the Democratic National Committee in the mid-nineties. In 1998, in the midst of the Lewinsky affair, Nemazee collected $60,000 for Bill Clinton’s legal defense fund in $10,000 increments from relatives and friends.

The following year, President Clinton nominated the money manager and investor to be ambassador to Argentina. Then an article in Forbes raised questions about his business practices. Among other things, Nemazee, an Iranian-American, had magically turned himself into an “Hispanic” by acquiring Venezuelan citizenship in order to fulfill the minority-ownership requirement of a California public pension fund. The nomination was withdrawn.

That embarrassment did not, however, hamper Nemazee’s rise within the Democratic Party. By 2004 he was New York finance chair for John Kerry’s campaign, and in 2006 he served under Senator Chuck Schumer as the national finance chair of the Democratic Senatorial Campaign Committee (DSCC).  During this period the committee raised about $25 million more than its Republican counterpart.
 
By 2008, Nemazee was one of Hillary Clinton’s inner circle, and was being publicly touted as a top foreign policy adviser. When another major fundraiser, a clothing manufacturer named Norman Hsu, was arrested and unmasked as a swindler, it was Nemazee who was trotted out to defend Ms. Clinton and argue that she knew little about Hsu.
 
But she should have known plenty about Nemazee. In 2005, Nemazee and his business partner, Alan Quasha, went deep into the Clinton circle to hire Terry McAuliffe, the Clinton confidante and former chairman of the Democratic Party, for Carret Asset Management, their newly acquired investment firm. During the interregnum between McAuliffe’s party chairmanship and the time he officially joined Hillary Clinton’s campaign as chairman, Nemazee and Quasha set McAuliffe up with a salary and opened a Washington office for him.  There he worked on his memoirs and laid the groundwork for Ms. Clinton’s presidential bid.
 
In March 2007, Nemazee, at the behest of McAuliffe, threw a dinner for Ms. Clinton at Manhattan’s swank Cipriani restaurant, which featured Bill Clinton and raised more than $500,000. In 2008, after Barack Obama gained the nomination, Nemazee raised a comparable sum for him.
 
But it is not fair to characterize Nemazee as an embarrassment to Democrats alone. Nemazee’s profile is considerably more complicated. For legal representation in his current troubles, for example, Nemazee has retained Marc Mukasey, a partner in Rudolph Giuliani’s law firm and the son of Michael Mukasey, who served as George W. Bush’s last Attorney General. 
 
There’s more than choice of counsel involved. Before moving into the Democratic camp, Nemazee had backed such Republican senators as Jesse Helms, Sam Brownback and Alfonse D’Amato. None could be described as Clinton fans. Nemazee’s business partner, Alan Quasha, who specializes in buying up troubled companies, has also played both sides of the partisan divide. Quasha gave to both Bush and Al Gore in 2000, and in the 2008 race gave to Republicans Mitt Romney and Rudy Giuliani as well as Democrats Barack Obama and Chris Dodd.
 
The strikingly trans-partisan and trans-national nature of this high-stakes influence game is best exemplified by the relationship between Quasha’s oil company, Harken Energy, and George W. Bush. Harken provided a home for Bush in the 1980’s when his own oil businesses failed, offering him handsome compensation and a solid financial base from which to enter politics. Bush was named to the Harken board and received a range of benefits from the company while devoting most of his time to his father’s presidential campaign and then his own outside career efforts.
 
Harken is a curious outfit. Its early funding sources were opaque, and its investors and board members had a dizzying array of connections into global power centers -- and ties to the Saudi leadership and the former Philippine dictator Ferdinand Marcos, the Shah of Iran, as well as to the Swiss Bank, UBS, which has been charged by the US government with providing cover for  Americans who were evading taxes.
 
Around the time George W. Bush joined its board, Harken received an unusual and sizable cash infusion from the Harvard Management Company, which handles Harvard University’s endowment, the largest in the nation. Robert G. Stone, Jr., a figure with ties to US intelligence and to the Bushes, was head of the Harvard board of overseers that approved financial strategies. Former employees of Harvard Management have recently made highly-publicized charges that the company engaged in Enron-style investment practices. (Prior to going to work for Nemazee and Quasha, Terry McAuliffe had publicly criticized Bush for his financial dealings with Harken, disparaging that company’s own Enron-like accounting. Both Quasha and Nemazee, like Bush, have Harvard degrees, and both have sat on prestigious Harvard committees in recent years.)
 
Nemazee’s role as a foreign policy adviser to Hillary Clinton can be better understood through his own Iranian connections.  His father was a shipping magnate who was close with the Shah of Iran and served as the Shah’s commercial attaché in Washington; Nemazee was a founding member of the Iranian-American Political Action Committee, a lobbying group. Recent strains have been reported between President Obama and Secretary of State Hillary Clinton over policy toward Iran. Clinton has advocated a harder line toward the Islamic fundamentalists who took over when the Shah of Iran was overthrown in 1979, while Obama has stressed dialogue.  
 
With Nemazee’s arrest for financial fraud certain to attract some sustained coverage, it remains to be seen whether it will be treated as yet another isolated case of financial wrongdoing, or lead to a deeper look at the influence bazaar that American politics has become.

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For a more in-depth look at Nemazee and Quasha, see the 2007 whowhatwhy article by Russ Baker and Adam Federman. For a thorough investigation of Harken, see Baker’s 2009 book, Family of Secrets: The Bush Dynasty, the Powerful Forces That Put It in the White House, and What Their Influence Means for America.)
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See more stories tagged with: bush, hillary clinton, bill clinton, fundraising, john kerry, chuck schumer, hassan nemazee, harken, alan quasha

comments COMMENTS ( 5 )
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Comments are closed-

I vote for the latter
[Report this comment]
Posted by: Sister_Lauren on Aug 29, 2009 5:07 AM   
Current rating: 4    [1 = poor; 5 = excellent]
Want to see what rust looks like on a national scale?

Government-owned homes

So where is that green economy rebuilding America? And, why do they hate us?

I for one love to see stories looking into the financial wrongdoings of Democrats, but I am very concerned it will become another witch hunt like before.

One thing Republicans love to do is cause a distraction by going after other people, especially Clintons, so they get away with their own crimes. We have to look at the big picture and ferret out all the rats. It is like a cancer, if we do surgery and miss a part, we might as well not do surgery at all.

The corruption is global and involves both parties, many governments.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Sewer Dwellers
[Report this comment]
Posted by: desidid on Aug 29, 2009 12:33 PM   
Current rating: 4    [1 = poor; 5 = excellent]
Anyone who still harbors any illusions that the majority of Democrats or Republicans elected into office are all that different, I have a pet rock to sell you. These people live in the dankest and most dispicable places. They view the foibles of the poor as a absence of personal responsibility. They view there own lack of moral or ethical behavior as a means to an end. But the end is rarely meant to uplift us all, it is meant to shore up their own personal enrichment.


According to Betty J. Eddy in her book "Embraced by The Light", when we die we experience the pain we create for others ten fold. If this is true, and I hope it is, there can be no greater justice for a life spent on personal aggrandizement.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Profit locomotive gone loco
[Report this comment]
Posted by: maxsmart on Aug 29, 2009 12:43 PM   
Current rating: 5    [1 = poor; 5 = excellent]
Somewhere there are those making extreme excess profits in order to make all the campaign contributions and pay armies of lobbyists. We all pay for it and it is sucking the lifeblood out off our country and world and leaving others to suffer poverty, starvation, and poor health. We all suffer because this is like a vulture feeding on it's own live body, eventually the system dies...

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Purge the incumbents
[Report this comment]
Posted by: weathered on Aug 31, 2009 7:40 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
the imcumbents, they're dirty.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Then an article in Forbes raised
[Report this comment]
Posted by: teon6 on Sep 19, 2009 1:36 PM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
The following year, President Clinton nominated the money manager and investor to be ambassador to Argentina. Then an article in Forbes raised questions about his business practices. Among other things, Nemazee, an Iranian-American, had magically turned himself into an “Hispanic” by acquiring Venezuelan citizenship the big bang theory subs the big bang theory subtitles nokia 7900 prism user guide nokia 7900 prism user manual connecting dump terminal seropol5 in order to fulfill the minority-ownership requirement of a California public pension fund. The nomination was withdrawn.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Alternet Comments:

Comments are closed-

I vote for the latter
[Report this comment]
Posted by: Sister_Lauren on Aug 29, 2009 5:07 AM   
Current rating: 4    [1 = poor; 5 = excellent]
Want to see what rust looks like on a national scale?

Government-owned homes

So where is that green economy rebuilding America? And, why do they hate us?

I for one love to see stories looking into the financial wrongdoings of Democrats, but I am very concerned it will become another witch hunt like before.

One thing Republicans love to do is cause a distraction by going after other people, especially Clintons, so they get away with their own crimes. We have to look at the big picture and ferret out all the rats. It is like a cancer, if we do surgery and miss a part, we might as well not do surgery at all.

The corruption is global and involves both parties, many governments.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Sewer Dwellers
[Report this comment]
Posted by: desidid on Aug 29, 2009 12:33 PM   
Current rating: 4    [1 = poor; 5 = excellent]
Anyone who still harbors any illusions that the majority of Democrats or Republicans elected into office are all that different, I have a pet rock to sell you. These people live in the dankest and most dispicable places. They view the foibles of the poor as a absence of personal responsibility. They view there own lack of moral or ethical behavior as a means to an end. But the end is rarely meant to uplift us all, it is meant to shore up their own personal enrichment.


According to Betty J. Eddy in her book "Embraced by The Light", when we die we experience the pain we create for others ten fold. If this is true, and I hope it is, there can be no greater justice for a life spent on personal aggrandizement.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Profit locomotive gone loco
[Report this comment]
Posted by: maxsmart on Aug 29, 2009 12:43 PM   
Current rating: 5    [1 = poor; 5 = excellent]
Somewhere there are those making extreme excess profits in order to make all the campaign contributions and pay armies of lobbyists. We all pay for it and it is sucking the lifeblood out off our country and world and leaving others to suffer poverty, starvation, and poor health. We all suffer because this is like a vulture feeding on it's own live body, eventually the system dies...

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Purge the incumbents
[Report this comment]
Posted by: weathered on Aug 31, 2009 7:40 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
the imcumbents, they're dirty.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

Comments are closed-

Then an article in Forbes raised
[Report this comment]
Posted by: teon6 on Sep 19, 2009 1:36 PM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
The following year, President Clinton nominated the money manager and investor to be ambassador to Argentina. Then an article in Forbes raised questions about his business practices. Among other things, Nemazee, an Iranian-American, had magically turned himself into an “Hispanic” by acquiring Venezuelan citizenship the big bang theory subs the big bang theory subtitles nokia 7900 prism user guide nokia 7900 prism user manual connecting dump terminal seropol5 in order to fulfill the minority-ownership requirement of a California public pension fund. The nomination was withdrawn.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

 
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