Hillary Clinton is facing new criticism of her family’s wealth and financial entanglements a week after she released financial records that omitted a company Bill Clinton has used as a conduit for his consulting work.
The former president was personally involved in setting up WJC, LLC, according to state filings obtained by CNN. (WJC are the initials for William Jefferson Clinton). It appears to exist in order to offer Clinton the tax and legal benefits of a limited liability company — a standard business structure — even though it had no employees or assets and only functioned as a pass-through for payments for his work.
Hillary Clinton didn’t list it in her personal financial disclosure this month, and the company’s existence was first reported by The Associated Press on Tuesday and confirmed in documents obtained by CNN.
“President Clinton set up a commonly used mechanism to manage his personal business affairs. All of the income has been reported and is accounted for. Anyone trying to paint this as anything more than that is playing politics,” said Angel Urena, Bill Clinton’s spokesman, when asked why WJC, LLC was set up.
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