Since '01, Clintons collected $35M from financial businesses

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WASHINGTON (AP) — Hillary Rodham Clinton wants voters to know she is no friend of Wall Street. But Wall Street has frequently been a friend to her.

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In the 18 months prior to announcing her second campaign for president, the front-runner for the Democratic nomination addressed private equity investors in California and New York, delivered remarks to bankers in Hilton Head, South Carolina, and spoke to brokers at the Ritz-Carlton in Naples, Florida.

Her efforts capped a nearly 15-year period in which Clinton and her husband, former President Bill Clinton, made at least $35 million by giving 164 speeches to financial services, real estate and insurance companies after leaving the White House in 2001, according to an Associated Press analysis of public disclosure forms and records released by her campaign.

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Bill Clinton and Hillary Clinton through the years
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Since '01, Clintons collected $35M from financial businesses
Bill Clinton reacts with his wife Hillary Rodham Clinton during the 3rd night of the Democratic National Convention in New York City in 1992. (AP Photo)
President-elect Bill Clinton gets a kiss from a supporter as he worked the crowd during a rally at City Hall in Macon, Ga., Nov. 23, 1992 for the re-election bid of Sen. Wyche Fowler (D-Georgia). Fowler is in a tight run-off race with Republican challenger Paul Coverdell. (AP Photo/J. Scott Applewhite)
Democratic presidential candidate Bill Clinton and his wife Hillary dance on stage during a "Get-Out-The-Vote" rally at the Brendan Byrne Arena in East Rutherford, N.J. Sunday night, Nov. 1, 1992. (AP Photo/Susan Ragan)
**FILE** In this Sept. 6, 1992, file photo, then Presidential candidate Bill Clinton talks with his daughter Chelsea, 12, before a rally in Hot Springs, Ark. Chelsea was only a couple years older than Malia Obama, daughter of President-elect Barack Obama, when she moved into the White House. (AP Photo/Stephan Savoia, File)
Democratic presidential candidate Gov. Bill Clinton gets a warm welcome from two young unidentified Hurricane Andrew victims in Florida City Thursday, Sept. 3, 1992, when he toured the devastation caused by the storm in Florida City and Homestead, Fla. (AP Photo/Lynne Sladky)
Democratic presidential candidate Bill Clinton gives a thumbs-up sign to a crowd that gathered after he had addressed the American Legion convention in Chicago, Tuesday, August 25, 1992. (AP Photo/Mark Elias)
Hillary Clinton, right, joins her husband Democratic presidential candidate Bill Clinton on bicycle run in Little Rock, Arkansas on August 25, 1992. (AP Photo/Chris Ocken)
FILE WASHINGTON, DC - JAN 6, 1994: President Bill Clinton is escorted by Hillary to a waiting helicopter. The president was leaving for Arkansas after learning of the death of his mother. (Photo by Margaret Thomas/The Washington Post via Getty Images)
Former presidents Bill Clinton, left, and George H.W. Bush enjoy a boat ride down the Kennebunk River in Kennebunkport, Maine, on Monday, June 27, 2005. Clinton was in the state for a book signing of his book, "My Life." The 1992 election rivals became good friends when they led fund-raising as part of the relief effort for victims of the Asian tsunami. Bush extended the invitation after learning that Clinton would be in Maine for the book signing. (AP Photo/Pat Wellenbach)
Secretary of the Interior Ken Salazar, left, and Secretary of State Hillary Rodham Clinton, listen as President Barack Obama makes a statement to the media before a meeting with his cabinet in the Cabinet Room at the White House in Washington, Wednesday, Nov. 28, 2012. (AP Photo/Jacquelyn Martin)
US Secretary of State Hillary Clinton (L) and US President barack Obama (R) are greeted by Myanmar pro-democracy leader Aung San Suu Kyi (C) at her residence in Yangon on November 19, 2012 . Obama arrived in Myanmar for a historic visit aimed at encouraging a string of dramatic political reforms in the former pariah state. AFP PHOTO / Nicolas ASFOURI (Photo credit should read NICOLAS ASFOURI/AFP/Getty Images)
US Secretary of State Hillary Clinton (L) looks on as US President Barack Obama (2nd L) speaks during a bilateral meeting with Japanese Prime Minister Yoshihiko Noda (2nd R) on the sidelines of the East Asian Summit at the Peace Palace in Phnom Penh on November 20, 2012. During the two-day East Asia Summit in Phnom Penh, Obama was scheduled to hold talks with the leaders of the 10-member Association of Southeast Asian Nations (ASEAN) along with Chinese Premier Wen Jiabao and Japan's Yoshihiko Noda. AFP PHOTO / Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)
US President Barack Obama and Secretary of State Hillary Clinton board Air Force One at the airport in Yangon on November 19, 2012. Huge crowds greeted Barack Obama in Myanmar on the first visit by a serving US president to the former pariah state to encourage a string of startling political reforms. AFP PHOTO/Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)
In this image provided by the United Nations The United Nations Secretary-General Ban Ki-moon, right, meets with Hilary Clinton, Secretary of State of the USA at the King David Hotel in Jerusalem on Wednesday morning Nov. 21, 2012. Clinton will try on Wednesday to wring an elusive truce deal from Israel and Gaza's militant Hamas rulers after earlier efforts to end more than a week of fighting broke down amid a furious spasm of violence. (AP Photo/United Nations, Evan Schneider)
U.S. President Barack Obama speaks to the media after he "doused eleven flames" as he tours the Shwedagon Pagoda with Secretary of State Hillary Rodham Clinton in Yangon, Myanmar, Monday, Nov. 19, 2012. This is the first visit to Myanmar by a sitting U.S. president. (AP Photo/Carolyn Kaster)
President Barack Obama smiles in the Cabinet Room of the White House in Washington, Wednesday, Nov. 28, 2012, while making a statement to the media before his cabinet meeting. From left are, Interior Secretary Ken Salazar, Secretary of State Hillary Rodham Clinton, the president Barack Obama and Defense Secretary Leon Panetta. (AP Photo/Jacquelyn Martin)
FILE - In this Monday, Dec. 9, 2013, file photo, former President Bill Clinton speaks at a CGI Clinton Global Initiative Latin America event at the Copacabana Palace in Rio de Janeiro. During Jay Leno’s two-decade tenure as NBC’s “Tonight” show host, the comic has cracked a total of 4,607 jokes at the expense of President Clinton. The Washington-based Center for Media and Public Affairs counted and catalogued nearly 44,000 jokes Leno made about politics and public affairs during his time at “Tonight,” which ends Thursday. (AP Photo/Silvia Izquierdo, File)
US President Barack Obama(2nd-L), First Lady Michelle Obama(L) along with former president Bill Clinton(3rd-L) and former secretary of state Hillary Clinton(4th-L) take part in a wreath-laying ceremony in honour of the late 35th president of the US John F. Kennedy at Kennedy's gravesite in Arlington National Cemetery on November 20, 2013 in Arlington, Virginia. AFP PHOTO/Mandel NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
Former U.S. Secretary of State Hillary Rodham Clinton reacts to host Jon Stewart during a taping of "The Daily Show with Jon Stewart," Tuesday, July 15, 2014, in New York. (AP Photo/Frank Franklin II)
BERLIN, GERMANY - JULY 06: Copies of the German translation of the book 'Hard Choices' ('Entscheidungen' in German) by Hillary Rodham Clinton, former United States Secretary of State, U.S. Senator, and First Lady of the United States, stand on display at the Staatsoper in the Schiller Theater on July 6, 2014 in Berlin, Germany. (Photo by Adam Berry/Getty Images)
BERLIN, GERMANY - JULY 06: Hillary Rodham Clinton, former United States Secretary of State, U.S. Senator, and First Lady of the United States, speaks during the presentation of the German translation of her book 'Hard Choices' ('Entscheidungen' in German) at the Staatsoper in the Schiller Theater on July 6, 2014 in Berlin, Germany. (Photo by Adam Berry/Getty Images)
AUSTIN, TX - JUNE 20: Hillary Rodham Clinton appears on stage during 'A Conversation With Former Secretary of State Hillary Rodham Clinton' at the Long Center on June 20, 2014 in Austin, Texas. (Photo by Gary Miller/Getty Images)
Former Secretary of State Hillary Rodham Clinton signs copies of her new book "Hard Choices," her recounting of her time as President Barack Obama’s top diplomat, at a book signing event at Barnes & Noble at The Grove in Los Angeles Thursday, June 19, 2014. (AP Photo/Nick Ut)
Former Secretary of State HiIlary Rodham Clinton speaks with people while signing copies of her new book "Hard Choices," at Harvard Book Store, Monday, June 16, 2014, in Cambridge, Mass. (AP Photo/Steven Senne)
Hillary Rodham Clinton speaks at an event to discuss her new book in Washington, Friday, June 13, 2014. Clinton discussed choices and challenges she faced during her four years as America's 67th Secretary of State, and how these experiences drive her view of the future. (AP Photo/Molly Riley)
Former Secretary of State Hillary Rodham Clinton answers a question from the crowd during an appearance to promote her new book, Wednesday, June 11, 2014, in Chicago. (AP Photo/Stacy Thacker)
BERLIN, GERMANY - JULY 06: Hillary Rodham Clinton, former United States Secretary of State, U.S. Senator, and First Lady of the United States (R), speaks next to Christoph Amend, editor in chief of Zeit Magazin, during the presentation of the German translation of her book 'Hard Choices' ('Entscheidungen' in German) at the Staatsoper in the Schiller Theater on July 6, 2014 in Berlin, Germany. (Photo by Adam Berry/Getty Images)
Former U.S. Secretary of State Hillary Rodham Clinton waves to the media after a meeting with French President Francois Hollande at the Elysee Palace in Paris, Tuesday, July 8, 2014. (AP Photo/Michel Euler)
Former U.S. Secretary of State Hilary Clinton arrives with France's Foreign Minister Laurent Fabius at the Quai d'Orsay, in Paris, Monday, July 7, 2014. The former U.S. secretary of state was in Paris or the publication in France of her book “Hard Choices” which recounts her four years running American diplomacy. French Foreign Minister Laurent Fabius offered a reception in her honor. (AP Photo/Thibault Camus)
Hillary Rodham Clinton, center, joins U.S. Sen. Jeanne Shaheen, D-N.H., left, and Gov. Maggie Hassan, D-N.H., during a get out the vote rally center, Sunday, Nov. 2, 2014 in Nashua, NH (AP Photo/Jim Cole)
Hillary Rodham Clinton, left, talks to voters with U.S. Sen. Jeanne Shaheen, D-N.H., right, and Gov. Maggie Hassan, D-N.H., at the Puritan Backroom Restaurant, Sunday, Nov. 2, 2014 in Manchester, N.H. (AP Photo/Jim Cole)
Former President Bill Clinton speaks during U.S. Sen. Tom Harkin's annual fundraising Steak Fry, Sunday, Sept. 14, 2014, in Indianola, Iowa. (AP Photo/Charlie Neibergall)
Dick Furinash, of Liberty Center, Iowa, walks with cutouts of former Sec. of State Hillary Rodham Clinton and former President Bill Clinton during U.S. Sen. Tom Harkin's annual fundraising Steak Fry, Sunday, Sept. 14, 2014, in Indianola, Iowa. (AP Photo/Charlie Neibergall)
Dick Furinash, of Liberty Center, Iowa, stands with cutouts of former Sec. of State Hillary Rodham Clinton and former President Bill Clinton during U.S. Sen. Tom Harkin's annual fundraising Steak Fry, Sunday, Sept. 14, 2014, in Indianola, Iowa. (AP Photo/Charlie Neibergall)
Former Sec. of State Hillary Rodham Clinton, former President Bill Clinton and U.S. Sen. Tom Harkin work the grill during Harkin's annual fundraising Steak Fry, Sunday, Sept. 14, 2014, in Indianola, Iowa. (AP Photo/Charlie Neibergall)
Former Secretary of State Hillary Rodham Clinton waves as she walks with U.S. Sen. Tom Harkin, left, former President Bill Clinton and Ruth Harkin, right, as they arrive at Harkin's annual fundraising Steak Fry, Sunday, Sept. 14, 2014, in Indianola, Iowa. (AP Photo/Charlie Neibergall)
Former Secretary of State Hillary Rodham Clinton listens to questions from Lissa Muscatine, proprietor of the Politics and Prose bookstore during a discussion on the empowerment of women and girls at the Ford Foundation, Friday, Sept. 12, 2014, in New York. The discussion was part of a two-day conference assessing the progress of women's empowerment since a similar conference took place in Beijing in 1995.(AP Photo/Julie Jacobson)
Former Secretary of State Hillary Rodham Clinton, center, greets members of the audience after a discussion on the empowerment of women and girls at the Ford Foundation, Friday, Sept. 12, 2014, in New York. The discussion was part of a two-day conference assessing the progress of women's empowerment since a similar conference took place in Beijing in 1995.(AP Photo/Julie Jacobson)
EAST HAMPTON, NY - AUGUST 16: Hillary Rodham Clinton signs copies of her book 'Hard Choices' at BookHampton on August 16, 2014 in East Hampton, New York. (Photo by Sonia Moskowitz/Getty Images)
OAKLAND, CA - JULY 23: Former Secretary of State Hillary Clinton speaks during a during a round table event to launch the 'Talking is Teaching: Talk Read Sing' campaign at the Children's Hospital Oakland Research Institute on July 23, 2014 in Oakland, California. Former Secretary of State Hillary Clinton launched the 'Talking is Teaching; Talk Read Sing' campaign in partnership withToo Small to Fail and the Bill, Hillary and Chelsea Foundation that encourages parents and caregivers to close the word gap by talking, singing and reading to children every day from the birth. (Photo by Justin Sullivan/Getty Images)
Former President Bill Clinton, right, and former Secretary of State Hillary Rodham Clinton, second from right, wave to the media as Marc Mezvinsky and Chelsea Clinton pose for photographers with their newborn baby, Charlotte, after the family leaves Manhattan's Lenox Hill hospital in New York, Monday, Sept. 29, 2014. (AP Photo/William Regan)
This photo provided by Clinton spokesman Kamyl Bazbaz shows former Secretary of State Hillary Rodham Clinton, left, and former President Bill Clinton, right with their granddaughter Charlotte Clinton Mezvinsky on Saturday, Sept. 27, 2014, at Lenox Hill Hospital in New York. The Clintons's daughter, Chelsea, gave birth Friday night to her first child, Charlotte. (AP Photo/Office of President Clinton, Jon Davidson)
IMAGE DISTRIBUTED FOR HULT PRIZE - Former President Bill Clinton announces the Hult Prize winner onstage during The Hult Prize Finals and Awards Dinner 2014 at the 10th Clinton Global Initiative Annual Meeting in New York on Sept. 23, 2014. (Jonathan Fickies/AP Images for Hult Prize)
Former Secretary of State Hillary Rodham Clinton and former U.S. President Bill Clinton appear together on stage during a plenary session at the Clinton Global Initiative, Monday, Sept. 22, 2014 in New York. (Photo by Greg Allen/Invision/AP)
Former President Bill Clinton speaks during U.S. Sen. Tom Harkin's annual fundraising Steak Fry, Sunday, Sept. 14, 2014, in Indianola, Iowa. (AP Photo/Charlie Neibergall)
Former President Bill Clinton speaks during a public memorial service for Philadelphia Inquirer co-owner Lewis Katz Wednesday, June 4, 2014, at Temple University in Philadelphia. Katz and six others died when his private jet crashed during takeoff on Saturday, May 31, 2014, in Massachusetts. He was 72. (AP Photo/Matt Rourke)
Former Presidents Bill Clinton, left, and George W. Bush, laugh while participating in the Presidential Leadership Scholars Program Launch, Monday, Sept. 8, 2014, at The Newseum in Washington. The two are launching a new scholars program at four presidential libraries, aiming to help academics and business leaders learn more about presidential leadership. (AP Photo/Jacquelyn Martin)
With five days left to campaign in Kentucky's combative Senate race, Democratic candidate Alison Lundergan Grimes gets an assist from former President Bill Clinton in Ashland, Ky., Thursday, Oct. 30, 2014, a region where the coal industry provides job. Her opponent, Senate Minority Leader Mitch McConnell of Ky., a 30-year incumbent, calls Grimes "anti-coal" and has tried to link her to President Barack Obama's energy policies putting restrictions on coal-fired power plants, which generate about 90 percent of Kentucky's electricity. (AP Photo/J. Scott Applewhite)
President Bill Clinton and Gov. Andrew M. Cuomo talk during a news conference as Lieutenant Governor candidate Kathy Hochul speaks to supporters Thursday, Oct. 30, 2014, in New York. (AP Photo/Frank Franklin II)
Former President Bill Clinton speaks as Democratic candidate for U.S. Senate Michelle Nunn looks on during a rally in Atlanta Friday, Oct. 31, 2014. (AP Photo/John Bazemore)
Former President Bill Clinton, left, and Florida Democratic gubernatorial candidate Charlie Crist wave to supporters at a campaign event, Monday, Nov. 3, 2014, in Orlando, Fla. Crist, a former Florida Republican governor, is running against Republican Florida Gov. Rick Scott. (AP Photo/John Raoux)
NEW YORK, NY - JANUARY 06: Former president of United States (US) Bill Clinton (R) and his wife, former US Secretary of State Hillary Clinton (L), leave St. Ignatius Loyola Church after the funeral of former three-term governor Mario Cuomo on January 6, 2015 in New York City. (Photo by Selcuk Acar/Anadolu Agency/Getty Images)
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The long and lucrative relationship between the Clinton family and the nation's finance industry has emerged as a key issue in her Democratic primary race. Her rivals, including Vermont Sen. Bernie Sanders, accuse her of being too cozy with Wall Street and the industry she once represented as a senator from New York.

His criticism plays into an argument her GOP rivals have long made, that Clinton can't be trusted and will flout the rules to get ahead.

Her backers in the financial industry say they have little expectation her family's personal profits will influence her policymaking, noting their own opposition to her plan to raise taxes on hedge fund and private equity gains known as carried interest.

"She and Bill were both government servants all of their life, and there was a set period of time when they could make money," said venture capitalist Alan Patricof, a longtime Clinton fundraiser, of the Clintons' paid speechmaking. "She had to maximize her earning potential."

The Clinton campaign also points to her record, saying it shows a history of working to regulate the industry. Negative ads run by a group called Future 45, a super PAC backed by six-figure checks from hedge fund managers, demonstrate that Wall Street expects her to follow through, aides said.

"Any honest look at Hillary Clinton's record shows she spoke out early and often against Wall Street's excesses in the run-up to the financial crisis," said campaign spokesman Brian Fallon. "It's clear they believe she will take action as president to crack down on the industry's abuses."

The bulk of the Clintons' paid speeches to the financial industry came after the 2008 economic crash. From 2009 to 2014, the couple made $26 million from 109 appearances sponsored by banks, insurance companies, hedge funds, private equity firms and real estate businesses, and at those industries' conferences and before their trade organizations.

With Hillary Clinton serving as secretary of state for most of that period, her husband brought in the bulk of the money, nearly $17 million. That included $250,000 Bill Clinton earned for mingling with investment managers in New York on May 12 — thirty days after she released a video announcing her second bid for the White House.

Advocates for boosting financial regulation say the large personal payouts underscore a political imperative for Clinton to take tough policy positions.

"She needs to show that she is not too cozy with the banks, and that makes it even more important for her to draw a clear line and propose very tough measures," said Robert Reich, a secretary of labor during the Clinton administration who has advised Hillary Clinton's campaign.

Exactly what the Clintons said in their speeches is hard to find. Although many of the remarks were given to large groups, reporters were typically barred. Often, Hillary Clinton's contract expressly prohibited the remarks from being broadcast, transcribed or "otherwise reproduced," according a copy of her agreement for one speech with the University of Buffalo.

Still, some details have trickled out.

When she addressed the National Multifamily Housing Council in April 2013, she focused on foreign affairs, including the Arab Spring and North Korea, and deflected questions about whether she would run for president, according to a post on the organization's website that has since been taken down.

A reporter from the real estate blog The Real Deal was at her October 2014 speech to the annual convention of the Commercial Real Estate Women Network in Miami Beach. Clinton focused her remarks on boosting the number of women in their field, telling more than 1,200 attendees that industry groups must work to "achieve parity."

"Bold choices (offer) big return," she said, according to the blog. "It's so important for women like us to get out of our comfort zones and be willing to fail. I've done that, too, on a very large stage."

Beyond the personal income, Clinton also has close political ties to the finance industry. Over the course of her career, from her 2000 run for the Senate to the two presidential campaigns, people working in the finance, insurance and real estate industries have given her campaigns about $35 million — more than donors from any other lines of work, according to the Center for Responsive Politics.

Her top two contributors over those years were employees from Citigroup and Goldman Sachs, the center found.

Since her husband left the White House, the family's charity, the Clinton Foundation, has collected millions more from the industry, with companies such as Barclay's, Citigroup, Fidelity, HSBC and Goldman Sachs listed as donating as much as $5 million each.

In public remarks, Clinton casts herself as having offered a major rebuke of the industry in 2007, before the economic downturn that led to the Great Recession. "I went to Wall Street in December of 2007 — before the big crash that we had — and I basically said, 'Cut it out!'" she said in this year's first Democratic primary debate.

But while she suggested steps to regulate the industry in that 2007 speech, she was careful to strike a more balanced tone, saying "there's plenty of blame to go around."

Less than a year later, she backed the $700 billion bank stabilization plan, known as TARP, to bail out the industry in the midst of the financial crisis — a bill Sanders voted against.

"In fairness, not many in politics were on top of the issue," said Brad Miller, a Democratic former North Carolina congressman and an advocate of tougher financial regulation. "No one knew the effects of the bad mortgages on the financial system. I certainly didn't."

Both Sanders and former Maryland Gov. Martin O'Malley, another Democratic rival, support reinstating the law that once separated commercial and investment banking. Known as Glass-Steagall, it was repealed in 1999 during her husband's administration.

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While Clinton doesn't rule out breaking up the big banks, she argues that restoring Glass-Steagall wouldn't go far enough to curb risk. Instead, she would impose a graduated fee on large financial firms that would increase as companies hold greater amounts of debt, to discourage excessive risk.

A separate tax would be levied on high-frequency trading, and she has vowed tougher criminal penalties for individuals who break the rules. She would also raise taxes on the wealthy, including closing the so-called carried interest loophole that allows some Wall Street profits to be taxed at a lower rate.

"I go after not just the banks," Clinton told Democrats in North Charleston, South Carolina, on Saturday. "I go after the hedge funds, big insurance companies, shadow banking."

Dennis Kelleher, president and chief executive of Better Markets, a financial watchdog group, said that while financial reformers are wary of her family's relationships on Wall Street, her agenda includes "some very tough things that no one else is talking about."

Those proposals aren't worrying her backers on Wall Street, who argue that her time representing New York gives Clinton a deep understanding of how their industry works. They note that she's avoided vilifying their industry as has Sanders, who recent described their business model as "fraud" or even President Barack Obama, who angered some of his donors when he called Wall Street investors as "a bunch of fat cat bankers" in a 2009 interview.

Her proposals also don't do much to win some who feel the better choice for the industry will be found among the GOP's candidates.

Donors working in the finance and insurance industry have given $22 million to Texas Sen. Ted Cruz and $21 million to former Florida Gov. Jeb Bush and their affiliated super PACs — roughly three times as much as to Clinton and the outside group supporting her, according to Crowdpac.com, a nonpartisan political research company.

"People on Wall Street view her with a level of caution that they didn't view President Clinton with," said Anthony Scaramucci, a major Republican donor and founder of SkyBridge Capital, which paid Clinton $175,000 to address its annual investment conference in 2010. "It's this progressive nonsense."

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