Word: loaned
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Dates: during 1990-1999
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Students are now required to view a 45-minute DOE video before signing their loan papers, a process that does not make much sense for Harvard, Miller said...
Though McDougal didn't intend this to be the effect, the transaction exposed Hillary to considerable personal liability on the loan, which carried an interest rate of about 20%. The Clintons remained oblivious to Whitewater's true financial picture, as shown in a letter Hillary sent to McDougal in the fall of 1981, along with a signed loan-renewal form: "If Reaganomics works at all, Whitewater could become the western hemisphere's mecca. Give our regards to Susan and we to hope to visit soon...
...that extraordinarily optimistic view of Whitewater's prospects was soon drawn into question. In August 1982, a loan officer at Madison wrote Hillary that she was past due on paying back the loan McDougal had got for her to finance the model home. Eventually Bill Clinton himself borrowed over $20,000 from the Security Bank of Paragould, whose former president, Marlin Jackson, was Clinton's bank commissioner, and applied the proceeds to reduce Hillary's debt. (That amount, however, did not wipe out her debt entirely. It isn't clear who paid off the several thousand dollars remaining, but Madison...
...this point, surely even the Clintons realized that Whitewater was proving to be a disastrous investment. They had to borrow another $20,000 from Citizens Bank (a note the Clintons and the McDougals signed personally) at 14.5% just to cover interest payments on the original Citizens loan. Existing revenues weren't nearly sufficient to cover interest expenses, which kept rising as notes were renewed at higher rates and new notes taken on. So far, the partners had kept their fingers in the dike by continuing to borrow from friendly bankers or the bank controlled by McDougal. But this was little...
MCDOUGAL FOUND HIS NEW FUNDING IN JANUARY 1982 by buying a controlling interest in the Woodruff County Savings & Loan Association in Augusta, Arkansas. Since new laws allowed S&Ls extraordinary latitude in making loans with their federally insured deposits, McDougal began buying more land and building developments. He also renamed the S&L, once again turning to a favorite President for inspiration: Woodruff became Madison Guaranty Savings & Loan. He opened a flagship office in Little Rock and began seeing the Clintons socially again (Bill had won back the Governor's job in 1982). Thus McDougal happily agreed to hold...