Clark's Income Jumped to $1.6 Million, Records Show

[realFedUp]

(does anyone know what boards he sits on?)

http://www.latimes.com/news/nationworld/nation/la-na-clark13dec13,1,2211218.story

Clark's Income Jumped to $1.6 Million, Records Show
From Associated Press

December 13, 2003

WASHINGTON — Going from the U.S. military to a big investment banking house off Wall Street, Wesley Clark's income soared from less than $100,000 in 1999 to more than $1.6 million last year, according to the Democratic presidential candidate's tax records released Friday by his campaign.

More than half of the retired general's income in the last two years came from giving speeches and writing books, according to Clark's financial disclosure form filed with the Federal Election Commission.

After joining Stephens Group Inc. as an investment banker in his home state of Arkansas in 2000, Clark collected fees of more than $239,000 while sitting on several firms' boards. In 14 months, Clark made more than $1 million at Stephens before leaving to start his own consulting firm. Clark's checking account at his new business contains $500,000 to $1 million, according to his disclosure form, which requires filers to provide income ranges.

Clark became chairman of the board last year at WaveCrest Laboratories in Virginia, collecting $195,000 for consulting on the design and distribution of the company's motorized bicycle that is being marketed to the U.S. military.

continued

[LTR]

1. Good for Wes

He's a very intelligent guy when it comes to economics!

[underpants]

2. Nothing against Clark but that is a vivid example of how boards work

I used to work for an executive compensation company and the account I had was a furniture company where the board members (Directors, Audit-that is just two boards they all sat on) got $1,500-2,000 whole life insurance policies just for showing up. They could take the cash or just have it added to existing policies from which they got cash value (or could let it feeds itself) when they retired. They were all stinking rich anyway so this was literally a bonus.

Good for Clark. Some of that was probably from CNN too (didn't read the article).

[Cooley Hurd]

3. How dare he earn money! Same thing w/ Bill Clinton...

No offense, RFU (as you can see by my avatar, we're on the same side), but this reminds me of when the conservatives get all up in arms about Clinton earning money (from speeches and writing books). I don't see this a a negative mark on Clark's record...

ABB! :hi:

[realFedUp]

5. I don't believe I am up in arms about Clark's income

I posted a news story. I am asking what boards he sits on.
Some boards are a conflict of interest in presidential
campaigns and voters like to know what boards someone
sits on and receives income from. Some boards do pay
a lot of money for having an ex-NATO general sitting on
them.

I have no problem with someone "earning" money.

[Cooley Hurd]

7. I agree, there certainly should be disclosure...

...his source of income (to prove no conflicts of interest exist), as all the candidates (D or R) are required to do. However, the amount he earns is irrelevant.

Like I said, we're on the same side :hi: ABB!

[realFedUp]

8. yeah, right.

Don't jump down the messenger's throat next time.

[Jerseycoa]

12. When he entered the race

or soon after, I believe he resigned from his board positions. Somebody else can correct me if they have a better memory.

[Tinoire]

49. Nope... Still sits on several MIC boards

He resigned as managing director of merchant banking for the Stephens Group Inc. in March 2003 after a 3 year stint there before going on to CNN when he was already examining running for President.

Gen. Wesley Clark Resigns From Stephens
ArkansasBusiness.com | February 28, 2003
http://bellaciao.org/en/article.php3?id_article=377

He resigned from Acxiom AFTER the scandal broke about Acxiom selling the information about Jet Blue's passengers to HomeLand Security.

He still serves on the boards of directors of

Sirva Inc. of Westmont, Ill. (the day he launched his campaign, he missed their board meeting)
privately held Time Domain Inc. of Huntsville, Ala.
Messer-Griesheim
Entrust Inc., an Addison, Texas, (Internet-security company),
Time Domain Corp. (a Huntsville, Ala., advanced wireless-technology company)
WaveCrest Laboratories (closely linked with US Military & Industrial Complex) (think he's the Chairman there)

International Crisis Group (ICG) Board of Trustees Brussels, Belgium

Also is Senior Advisor for the Center for Strategic International Studies (pro bono)
http://csis.org/scholars/alpha.htm#c http://www.csis.org/

Those are the ones that are talked about. Untalked about are these:

National Endowment for Democracy (currently implicated in the Venezuelan Coup Scandal for having financed the oppostition to Hugo Chavez) which Ronald Reagan started in the early 1980s to promote American values abroad. Also on the board Frank Carlucci, Carlyle fame, Morton Abramowitz, Vin Weber, Evan Bayh http://www.ned.org/about/who.html

Markle Foundation Task Force on National Security in the Information Age http://www.markletaskforce.org/bios.html (Scary group with intimate ties to the Saban Center (Daniel Pipes)

trustee of the International Crisis Group http://www.intl-crisis-group.org/home/index.cfm

Anyway this article from the Wall Street Journal covers a few of those boards:

Pentagon Ties Boost Clark's Business
Retired General Helps Firms Navigate Homeland Security and Defense-Procurement Maze By Jacob M. Schlesinger and Sara Schaefer in Washington and Greg Hitt in Little Rock,Ark.

Wall Street Journal, 9/18/03

IN ANNOUNCING his presidential campaign, Wesley K. Clark promoted himself as the candidate best qualified to prosecute the war on terror. As a businessman, he has applied his military expertise to help a handful of high-tech companies try to profit from the fight. Since retiring from a 34-year Army career in 2000, Gen. Clark has become : chairman of a suburban Washington technology-corridor start-up, managing director at an investment firm, a director at four other firms around the country and an advisory-board member for two others. For most, he was hired to help boost the companies' military business.

http://bellaciao.org/en/article.php3?id_article=377

[Zhade]

51. Tinoire, I hope this isn't too forward, but -- I love you.

Hehe...your rapid responses and truly outstanding research skills ROCK.

Btw, Vin Weber is part of NED - and is/was also a lobbyist for Choicepoint, which we all remember from Florida 2000.

[Tinoire]

61. Thanks for the tid-bit on Vin Weber

I didn't realize about the link to choicepoint.

Circles within circles...

Thanks a million :)

[Zhade]

68. My pleasure!

You've pulled up some pretty impressive stuff, so thank you a million, too! :)

/gooey flattery

[realFedUp]

69. Great research, Tinoire. Thanks

:-)

[Donna Zen]

27. Clark earning money

Except that he resigned from all boards to make this run. IOW, he now earns a retirement income of $85,000 a year. Contrast that to the congress people running who are basically enjoying a tax payer paid vacation.

Any other smears for today? BTW, Wavecrest develops hydrogen engins that in addition to other functions are powering lightweight bikes. And yes, the military is ONE of their customers.

[realFedUp]

29. This is a news story.

So far no one has listed the boards Mr. Clark
has been on and received income from. There
is no smear here...just looking for information
that is in the public domain.

[Donna Zen]

31. The WSJ or NYT

did a blow by blow of every penny and every board. I saw on DU--LBN.

They even included the amt. in his two checking accounts.

[Tinoire]

53. He only resigned from one board- Acxiom, after the scandal

Fabiani was as recently as one week ago defending Clark being on the remaining boards (minus of course Stephens from which re resigned when he announced).

What information do you have that Fabiani doesn't? Maybe you should write to Markle and the National Endowment for Democracy telling them to update their Board of Director pages.

[eileen_d]

63. Are you using web sites as your only source?

Because as an unemployed webmaster, I can tell you... things like lists of board of directors can sit and rot on a web site for months.

[Tinoire]

67. Oh lol, that was classic.

If you don't know how to check dates, post a thread in the Lounge and some kind soul will explain it to you.

[mikehiggins]

4. If I'm reading this correctly

it's costing Clark a whole lot of money out of his own pocket to run for President. What is wrong with this guy?

[deminflorida]

6. There's a Huge difference between being born with money and

Earning it. Especially with the voters.

[stickdog]

40. Sure, he EARNED all that money? How?

Selling influence, perhaps?

Selling out US citizens' privacy with Axciom, perhaps?

[Cheswick2.0]

47. who is your candidate, Nader? Bush?

if not I see no reason for this kind of vicious spin about one of the democrats. This is the primaries, but maybe you should save some of your hate for bush.

[Zhade]

50. Oh, Jesus.

"who is your candidate, Nader? Bush?"

Are you seriously suggesting that because stickdog states a fact about Clark once being on the board of Axciom, which is involved with passenger-color-coding CAPPS, that he/she is now pro-Bush? What, "you're either with us or against us"?

That's the kind of bullshit tactics Freepers use. You know better.

[eileen_d]

64. It's the kind of bullshit tactic used on DU all the time

y'know... "same shit, different day"

[stickdog]

54. I don't like Axciom, and I don't like 7 figure influence peddlers.

Sorry.

[Voltaire99]

70. McCarthyism has no place in these discussions

He made a valid point. Far from rebutting him, you've merely cheapened discourse.

[Lefta Dissenter]

9. WOW, you have to give a guy credit

for staying in the military for so long, living that demanding lifestyle, when he could have been earning so much more money and having more control over his life (where to live, etc.).

My understanding is that he stepped down from his positions on various boards before starting his run for the presidency. I may be wrong, but I'm sure other Clarkies will either correct or confirm this.

[realFedUp]

10. It would be good to get AP confirmation of that

not that I don't trust what a Clarkie would tell us....

[bicentennial_baby]

13. He did

Right around the time he announced in Sept. If I can find a link, I'll post it.

[stickdog]

41. Yeah, just like you gotta give Cheney, Schlutz and Poppy "credit," right?

Can you say Revolving Whore?

[MildManneredReporter]

62. The difference being

He earned it. 34 years in the military, despite his curriculum vitae. Do you have any idea how much money he could have earned over the years? But chose to accept the pittance the military paid instead...

As opposed to the chickenhawks, who... well, forget it. Your mind is closed, no amount of truth can get in.

[stickdog]

71. Nobody EARNS the right to peddle their influence for millions. (nm)

[msmcghee]

11. OTOH - this does add information to the base.

Perhaps he didn't think his chances were that good going in. But decided that he had some important things to add to the debate - and in any case, having run, his credibility would be way up for making more money in the future as a consultant and/or board member.

I'm not saying this as something to hold against him. But it helps explain why he waited so long to decide - his passion for being president was not his primary motivation.

I still think he'd make a great president, as would Dean or Kerry. And passions can change. Perhaps his already have.

I'm the most comfortable with Kerry, but I'm about as far from the white southern mentality that we need to appeal to in order to have a chance as you could get. Clark probably has the best chance with those guys.

I know my taste in politicians would never fly with average Americans. So keep me off of any campaign committees, please. ;-)

[Jerseycoa]

14. When he came out of the Army

He had decided to make money, which he never had in his life. I think his top Army salary was $50-100,000. So he was making a lot of money for a year or two and he decided the country needed him more and he is running for president. I'll try to find something more on it for you all, he has spoken about it openly.

:dem:

[carpediem]

24. He is very goal minded

I read that when he retired he set a 3 part goal for himself.

1. Earn 40 million dollars
2. Work as a professor for a while
3. Work as a golf pro. (he said golf is a great game because it is humbling - and you have to learn from your mistakes to grow)

I thought it was quite an interesting and impressive set of goals. Looks like he was on his way for the first one.



NOTE: I wish I had the link for that article, unfortunately my computer is acting up and I can only access my computer from the network and can't get at my favorites. I am really going to be upset if I lost all the links I had collcted from my time on DU.

[Maine-i-acs]

15. Lots of retired military guys do the same.

After surviving on military pay for all that time they've earned it.

[realFedUp]

21. maybe a lot of retired starred Generals

sign up for the speaker's circuit, but not
regular military guys.

[stickdog]

42. Yep, by working at taxpayers' expense for so long, they EARN the right to

sell out taxpayers by selling their influence to help megacorps score huge pork-ridden contracts that MORE than "justify" their CEO-like salaries!

[roguevalley]

56. sounds like every rethuglican out there.

[Kinkistyle]

16. If I could make a million doing speeches and writing books...

I would do it in a heartbeat. A HEARTBEAT. I am still a good person, I just want to be rich. So what?

[msmcghee]

18. Please remember your poor friends . .

. . here at DU.

;-)

[stickdog]

43. Deep. (nt)

[Spazito]

17. Good for Clark and his team for getting this out right away...

it will be interesting when the others do the same so there can be some comparision.

[leetrisck]

19. How dare he earn any money? This info

has been out there for quite awhile so certainly isn't new. Go back and check Colin Powell's income after he retired. Guess it's just too bad Clark wasn't born with a silver spoon up his nose.

[realFedUp]

20. I guess you missed the initial inquiry

What boards is he sitting on or as some Clark supporters
say, sat on? Nothing wrong with making money in the private
sector...any Presidential candidate has to put this stuff
in the public eye...it's the law.

If you don't want people to know what boards Clark
has sat on or what business he's conducted after
he left the Army, that's your business.

[leetrisck]

26. I don't care because I already know as does

anyone else who has read it already - it's there - nobody has hidden it

[freethought23]

32. And what was he doing working for an investment banking firm?

This just blows my mind. What could he know about investment banking? What could he possibly contribute to the firm, except perhaps that he has contacts with important people in government who could steer some contracts toward businesses that are clients of the firm?

And then he became a "consultant"? On what? Was he selling influence then, too?

Go ahead and flame me, Clarkies. This inquiring mind still wants to know.

[Dookus]

35. Perhaps

his Masters in Economics from Oxford and history of teaching Economics was enough.

[freethought23]

36. I don't think so.

That's not worth a million dollars on Wall Street.

[Dookus]

37. Evidently....

Wall Street disagrees with you.

[freethought23]

52. No...

Wall Street didn't hire Wes for his master's degree. Now here's an assignment for you: what other qualifications does Wesley have that might be desireable for a firm that does IPO's for defense-related companies? Hmmm....?

[Dookus]

55. pure speculation with...

absolutely no facts to back it up.

Welcome to DU. Soon you'll learn how to provide arguments.

[freethought23]

57. Here are some facts

You really don't know what Stephens, Inc., the investment bank that paid Wes a million dollars, does? You, my friend, are the one who needs some education.

This is from their website:

Our Security and Defense IT Services group focuses on companies that offer products or technology-related services to the defense, intelligence, and homeland security markets. As we define it, the security industry primarily includes vendors of surveillance, detection, access control, and fortification products. Our universe of defense IT service providers are involved in a variety of missions, including systems integration, consulting, research and development, project management, outsourced services and managed network services.

Analyst: Timothy J. Quillin, CFA

Associate: Michael Zhang, CFA


Companies:
• Anteon International Corporation • CACI International, Inc.
• FLIR Systems, Inc. • Identix Inc.
• InVision Technologies, Inc. • ManTech International Corporation
• MTC Technologies, Inc. • OSI Systems, Inc.
• PEC Solutions, Inc. • SI International, Inc.
• SRA International, Inc. • Titan Corporation, The
• Verint Systems Inc.


http://www.stephens.com/research/industries/subindustry.asp?sub_id=32

[Dookus]

58. Again....

long on speculation, short on facts. Evidently Clark's education and experience were valuable to a Wall Street company. You are speculating that there was something more nefarious involved, but you've done nothing but provide a list of clients.

You've provided absolutely no evidence that there was anything untoward about them hiring Clark. The man was a Rhodes Scholar, Masters in Economics, Professor of Economics and an incredibly accomplished leader. YOU think that's not enough to get a job on Wall Street. I disagree.

You're smearing by association - a rather low tactic.

[freethought23]

59. No, not again

With all due respect, I think you are naive.

Clark was never a Professor of Economics. He was an assistant professor of social science at West Point, where he briefly taught economics a long time ago, in the 1970's.

He has been a soldier all his adult life. His qualifications to do investment banking are virtually nil. But his Pentagon connections would be valuable.

These are inductive grounds for thinking that his function at Stephens was influence peddling. Is this a smoking gun? No, I don't have subpoena power.

Have a great day! :)

[Dookus]

60. Well...

you can think me as naive as you want. I think you're a very poor debate. You've provided not a lick of evidence that Clark was unqualified for the job. Only your own speculation.

Have a great day, too. And you may want to hang around here a little longer before you start showing so much attitude.

[JNelson6563]

22. I'm good with that

but if I ever get to enjoy a beer with him, he's buyin'! :toast:

Julie

[Rainbows]

23. Corporate Lackeys They All Except ...

From an underpaid corporate lackey of the Military Industrial Complex to a free enterprise corporate lackey, the only difference is his 'person finances.
Poor corporate lackey = Rich corporate lackey
Time for a President that is not a corporate lackey of either stripe.
Kucinich for real change in 04, Power back to the PEOPLE!!!

[bobthedrummer]

25. Welcome to DU, Rainbows!

:hi:
I'm voting for Dennis February 17th, 2004 in Wisconsin, so is my family and a lot of other Kucinich supporters.

BTW, Howard Dean is my second choice. A Dean/Clark ticket IMHO would take out Bush, but so would a Dean/Graham ticket.

I no longer state my objections to Wes Clark being on the winning ticket-it's that important an election in history to take back our country.

It's vital.

[Rainbows]

34. Tis Important indeed ...

and Thank You for your welcome. We have to get the Junta out, there is no doubt, but let us hope beyond odds for progressives to wake up and heed the call for real change, and a real progressive instead of a couple of republican-lites. DK in 04...Corporate sponsers no more. :)

[Donna Zen]

28. Oh, one other thing that this thread fails to mention

Some of that money has already been given as scholarships to kids who couldn't afford to go to college. I believe it is from some film interview or bio, and no, I don't intend to spend part of my Saturday finding links. If I bump into the story, I'll post it. But "if you can do good, you should" Clark had determined to use his gifts to engage in a retired life that included philanthropy. Instead he has engaged the wrath of those who would like to see him starve in the street. Let's see--reared by a widow until he was ten as opposed to a life of luxury on Park Avenue. I'll have a beer with a person who rose on hard work and merit anytime.

His job at Jackson Stevens, which only lasted for about a year, was to put together funding for emerging technologies. Clark knows what is going on in "green" tech and means what he says about restructuring the Federal R & D to push these cutting edge companies into job creating companies.

[stickdog]

44. Wow! And he gives to charity, too!

He is a super-soldier, isn't he?

[Dr Fate]

30. Americans would never vote for a successful business man.

We are more attracted to mean who LOSE money in their business deals. Sarcasm on.

[RichV]

33. How did Clark make all that money?

1. Underpants
2. ???
3. Profit!

[KalicoKitty]

38. And how much has the chimp raised?

Over $12 Million, I believe I heard, and he is the only one running in his party. Guess he will have to give a lot to Diebold.

[stickdog]

39. Can you say Revolving Whore? (nt)

[robbedvoter]

45. Yet another non-news innuendo from Peter Yost - September records

spun now. I mean, why talk about Clark testifying against Milosevic when you can rumage through his finance sheets? So what if you find nothing? Like with the Waco story, inuendo is good enough.
Remember freepers obsessing about Clinton's finances? How much he gets per speech, how much the office rent, hos much the Secret service costs the taxpayers. Thank you peter Yost for the Clinton treatment. And looky how many freepers on DU these days!
I suppose if you are not born on Park ave, the ability to earn money - in a Dem is always suspicious. How dare a smart, educated man writing books , holding several jobs make a lot of monet? What do you think this is? America or sumpthin? Damn these Arkansas upstarts getting close to us, old money!

[stickdog]

46. He was a lobbyist who sold his influence for a ridiculously handsome wage.

It ain't the worst thing anybody ever did, but there's no fucking glory in it.

[KC21304]

48. Maybe he wasn't in it for the glory.

He stands up very favorably against all the other candidates. That is why I am for Kerry/Clark.

[silverweb]

65. I want one of those bikes!

http://www.greenspeed.us/electric_mountain_bike.htm

Very, very cool....

:)

[freethought23]

66. Only $2,250.00

http://www.limboland.net/Merchant2/merchant.mvc?Screen=PROD&Store_Code=gs&Product_Code=M750&Category_Code=