Word: loaned
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Dates: during 1990-1999
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...difference could be crucial. An inquiry focused narrowly on Whitewater and the failed Madison Guaranty Savings & Loan, whose owner James McDougal and then wife Susan were partners with the Clintons in that land venture, might be concluded speedily, but be open to charges of inadequacy. A broader investigation could turn into a fishing expedition lasting for years...
...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 paid more per acre than...
Besides the $183,000 loan from Citizens Bank, Whitewater was started with a down payment of $20,000. But documents establish that the $20,000 was also borrowed, from Union Bank of Little Rock. That raises the question of whether the loan from Citizens was prudent, given that there was no cash down payment. Also, it is not known for sure how much, if any, unborrowed cash the Clintons put into Whitewater...
...squares with Hillary's known activities. In her 1988 letter requesting power of attorney, she mentions having been actively involved in selling lots. Also, she built, sold and then bought back a model home. It now turns out that Hillary built the house in 1981 with a $30,000 loan from the tiny Bank of Kingston, which was controlled by McDougal and Steve Smith, a former top aide to Governor Clinton. (Another shareholder was Jim Guy Tucker, who has succeeded Clinton as Arkansas Governor.) Marlin Jackson, who was then Arkansas banking commissioner, has told TIME that the loan violated state...
Enter David Hale, an Arkansas judge and head of a lending company that was backed by federal money. Hale claims that in 1986, Clinton, who had appointed him to the bench, and McDougal pressured him to arrange a $300,000 loan to clean up some dubious Madison Guaranty loans. Hale did approve a loan of that amount to McDougal's wife, but $110,000 went into Whitewater. Clinton denied exerting any pressure and said he had been unaware of such money winding up in Whitewater. Hale proposed to Casey that he have himself wired up to record incriminating conversations, perhaps...