Word: loaning
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More serious still is a nagging suspicion that Whitewater might be a scandal in the making. In the TIME/CNN poll, 35% think the questions about the Clintons' connections to a failed Arkansas savings and loan are a very serious matter, vs. 53% who don't think so. And 44% think the Clintons are hiding something, in contrast to 38% who believe the public explanations...
...public, Fiske wrote out a personal charter on a pad of yellow legal paper. He insisted that he would investigate "any individuals or entities" who had broken federal laws relating in any way to the President's or First Lady's dealings with Whitewater or Madison Guaranty Savings and Loan, the defunct S&L once headed by James McDougal, the Clintons' partner in Whitewater. Over the longer term that could mean trouble for the President, the First Lady or both. Over the shorter term Fiske can only help them by absorbing all questions about the matter into the black hole...
...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...
Those rosy opinions were sandwiched between totally contrasting judgments by the Federal Home Loan Bank Board, which supervised S&Ls whose deposits were insured by the Federal Government, as Madison's were. In a 1984 audit, the bank board warned that Madison's "investment and lending practices in real ( estate developments" were jeopardizing its "viability." In 1986, eight months after the second Massey letter, another bank-board audit cited a hair- raising list of "problems," including "conflicts of interest, high-risk land developments, poor asset quality . . . inadequate income and net worth, low liquidity, securities speculation, excessive compensation ((presumably to officers...