Replying to last bread.
The Rockefeller Fund … where have I heard that name? That’s right, they are connected to Shore Bank, the Rose Law firm, and the beginnings of the Clinton Foundation. Jane Pierce, HRC’s former college classmate and World Bank employee is all over the Judicial Watch “Mad Hatter” e-mail cache.
This is a footnote from the REVIEW OF MANAGEMENT PRACTICES AT THE TREASURY DEPARTMENT’S COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND A Majority Staff Report Prepared for the Use of the SUBCOMMITTEE ON GENERAL OVERSIGHT AND INVESTIGATIONS OF THE COMMITTEE ON BANKING AND FINANCIAL SERVICES U.S. House of Representatives One Hundred Fifth Congress Second Session June 1998
“Banking Journal article, is the parent company of South Shore Bank. Ms. Piercy, who would later serve on the Clinton Administration’s transition team and as the U.S. Executive Director to the World Bank, had reportedly discussed the community development lending concept with the Clintons during a visit to Little Rock in the mid-1980’s; the Clintons were intrigued and worked with several Shorebank officers to establish Southern Development Bancorporation (“Southern Development”) in Arkadelphia, Arkansas in 1988. Mrs. Clinton, one of the company’s original shareholders, served on its board of directors until her departure for Washington following the 1992 election. Also serving on the Board were Ronald Grzywinski, a cofounder of Shorebank, and George Surgeon, a board member at Shorebank who was chosen to serve as the first President of Southern Development. Another of Mrs. Clinton’s fellow Southern Development shareholders and board members was Mack McLarty, who would later serve as White House chief of staff. Mrs. Clinton’s law firm, the Rose firm, handled the company’s legal work, collecting fees totaling between $100,000 and $200,000 for its services. Southern Development received assistance from the Winthrop Rockefeller Foundation to purchase Elk Horn Bank in 1988, which became the principal subsidiary of Southern Development. Governor Clinton reportedly used his influence to help obtain capital for Southern Development. Mr. Surgeon has been quoted as saying Governor Clinton “twisted a lot of arms” to get Southern Development funded. A quasi-state agency established by Governor Clinton, Arkansas Capital Corp., contributed $300,000 to start up the bank. See generally, Charles R. Babcock and Sharon LaFraniere, “The Clintons’ Finances: A Reflection of Their State’s Power Structure,” The Washington Post, July 21, 1992, at A7; Tom Leander, “In Arkansas, They’re Banking on the Poor,” American Banker, December 2, 1991; Glenn R. Simpson, “U.S. Loans to Firms with Clinton Ties Are Questioned,” The Wall Street Journal, May 15, 1997, at A24; “Three Chicago Banks Invest in Clinton’s Favorite Bank (South Shore Bank, Chicago),” ABA Banking Journal, May 1, 1993, at 9; Lorin Mitchell, “Former Chicagoan Is On Track to World Bank Post,” Chicago Tribune, May 19, 1994, at 7; “Banking System Changes are Key to Clinton’s Economic Plan,” Business Management, Vol. 68, No. 10., October 1, 1992, at 36.“