Hillary and Bill Clinton are asking for a third term in the White House, and voters who want to know what this portends should examine the 12-page memo written by a Clinton insider that was hacked and published Wednesday by WikiLeaks. This is the cold, hard reality of the Clinton political-business model.

Longtime Clinton aide Doug Band wrote the memo in 2011 to justify himself to lawyers at Simpson, Thacher & Bartlett who were reviewing his role and conducting a governance review of the Clinton Foundation at the insistence...