Word: flippin
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Dates: during 1990-1999
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Many of the events described in this excerpt are being investigated by independent counsel Starr. The bankers in Flippin, Arkansas, involved in the Whitewater loan, for example, have testified before the grand jury and have been instructed by Starr's staff not to speak about what they know. The Clintons' and McDougals' activities in Whitewater, involving federally regulated banks, savings and loans, federal taxes, favors bestowed and accepted, are areas covered by a network of criminal and civil laws. Under federal law Title 18, section 1344, for example, it may be a crime to submit a false financial-disclosure statement...
...attorney general, the Clintons and McDougals bought 230 acres of land on the White River that they intended to develop for vacation homes. The price: $203,000, all borrowed -- $20,000 from Union Bank of Little Rock for a down payment; $182,611.20 advanced by Citizens Bank Trust of Flippin, a tiny Arkansas town, as a mortgage loan. On Sept. 30, 1979, after Bill Clinton was elected Governor, the couples transferred the land to the newly formed Whitewater company, which they owned fifty-fifty...
...explanation available, and a not fully satisfying one, comes from James Patterson Jr., who was involved in several ways: he was secretary of 101 River Development, which sold the land to the Clintons and McDougals, and also president of Citizens Bank and Trust in the tiny Arkansas town of Flippin, which loaned money to 101 to buy the land and later advanced a $182,611 mortgage loan to Whitewater so it could repurchase the same land. Patterson, in an interview with TIME, insists that the sale to the McDougals and Clintons was an arm's length transaction. The reason they...
...weekend here and you'll never want to live anywhere else," proclaimed the sales brochure for the 42 lots of the Whitewater project near Flippin in northern Arkansas. However, despite the scenic snapshots and the homey-but- hokey handwritten spiel, no one was buying into the forested real estate development. To spur sales, Jim McDougal, a local savings and loan tycoon, % thought he needed a model home -- and the help of one of his Whitewater partners, Hillary Rodham, as she then called herself. In 1980 McDougal loaned her $30,000 to build, own and ultimately sell a three-bedroom ranch...