Word: lindseyism
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...documents bore some of the Administration's biggest names, including White House counsel Bernard Nussbaum, senior adviser Bruce Lindsey, communications director Mark Gearan and deputy chief of staff Harold Ickes. They were ordered to Federal District Court in Washington to provide testimony for a grand jury in Little Rock. At issue is a series of meetings between White House aides and Treasury Department officials connected to the Whitewater investigation. Another subpoena ordered the White House to preserve any evidence relating to the meetings. Deputy counsel Joel Klein immediately barred the destruction of computer records or the removal of any burn...
...second meeting in October, Nussbaum was joined by Gearan; Lindsey, a top Clinton aide who was the chief explainer of Whitewater; and Josh Steiner, Treasury Secretary Lloyd Bentsen's chief of staff. According to Gearan, they discussed how best to respond to press questions about Whitewater...
...addition to the subpoenas to Nussbaum, Lindsey and Gearan, who attended one or all of the meetings, and Ickes, who has lately been handling Whitewater damage control for the White House, two others went to aides of Hillary Rodham Clinton. Her chief of staff, Maggie Williams, attended at least one meeting. Press secretary Lisa Caputo had heard last fall from an RTC official about press inquiries involving the case. Four more subpoenas went to former Bentsen aide Jack DeVore and Altman, Hanson and Steiner at Treasury...
Deducting interest already capitalized by Whitewater? That would have created a tax problem, says Lindsey, only if Whitewater had generated a capital gain, which it never did. (No argument there; the development was a dismal failure.) In that case, says Lindsey, the IRS would have insisted that the interest had been improperly capitalized and must be added to the taxable gain; no gain, no problem. Not so, replies tax expert Bruce Miller, chief managing partner in San Francisco for Kenneth Leventhal & Co., an accounting firm specializing in real estate: "You can't both deduct it and capitalize it, even...
What difference does it all make anyway? The amounts of money involved are small. The possibility of legal penalties is smaller still, since any underpayment may well have been inadvertent, resulting largely from what even Lindsey concedes was at times casual bookkeeping. The political embarrassment to the White House will be great if a President who has asked many Americans to pay higher taxes can be shown to have underpaid his own. But the penalty in loss of public trust if that revelation is forced out of an unwilling and obfuscating White House could be the greatest...