Clinton not in the clear

Few of the funds raised have been spent on charitable works. In 2013, for instance, the Clinton Foundation took in $140 million, but spent just $9 million (6.4 percent) on direct aid. A typical charity devotes about 75 percent of receipts to aid.

Much more is spent on pay and benefits for staff, office rent, conferences and travel. Some of the highest-paid staffers are political operatives, such as Huma Abedin, who for a time was on the payrolls of both the Clinton Foundation and the State Department, and Sid Blumenthal, who ran a private intelligence network for Hillary in Libya.

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Hillary turned over fewer than half her emails, Mr. Schweizer noted. The gaps in the email record coincided with meetings with shadowy foreigners who later gave to the Clinton Foundation. Dirt on the Clinton Foundation gleaned from public records is suspicious enough. What might a U.S. attorney armed with subpoena power find?

The FBI, the Justice Department and the Southern District refuse to comment on whether Mr. Bharara is investigating the Clinton Foundation. Former U.S. Attorney Joe DiGenova interprets these as non-denials.

Could Hillary Clinton be indicted before the election? Or might she win in November, only to be indicted in December? What a fine kettle of fish that would be.