3/30/2008

Clinton's campaign manager Connected to Sub-Prime Crisis

WASHINGTON - Hillary Rodham Clinton's campaign manager, Maggie Williams, earned about $200,000 on the board of a Long Island subprime lender that charged prepayment penalties — a practice that Clinton, a critic of the subprime industry, now seeks to eliminate.

Williams, who took over the reins of Clinton's campaign in February, served as a director on the board of the Woodbury, N.Y.-based Delta Financial Corp. from April 2000 until the firm declared bankruptcy in December, according to Securities and Exchange Commission records.

She was originally recruited by former New York City Deputy Mayor Bill Lynch, a Delta consultant. Her assignments were to create a new code of "best practices," to improve Delta's relationship with African-American customers, and to improve the company's crisis management operation in the wake of state and federal predatory lending probes that resulted in a $12 million payout to borrowers.

Williams, 53, isn't the only Clinton insider who made money from an industry the candidate has demonized. A month ago, The Wall Street Journal reported that Clinton ally and former HUD secretary Henry Cisneros grossed more than $5 million in stock sales and board compensation from Countrywide Financial, one of the nation's largest subprime lenders.

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