Word: loaning
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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...
...suspicions are somewhat less clear. But there is no question that James McDougal was one of Clinton's money raisers. In particular, it is known that he held a fund raiser in 1985 and came up with $35,000 to help repay Clinton for a $50,000 loan that the Governor had made to his own campaign fund the previous year (making personal loans to their campaigns is a common practice among politicians). There is some suspicion that at least part of the money may have come from Madison's depositors rather than from bona fide individual contributors...
Iowa Republican Jim Leach, ranking minority member of the House Banking Committee, makes this charge explicitly. Says he: "The effect is that the money that flowed into the Clinton campaign to pay back a personal loan of the Clintons' ends up being deferred public financing of a campaign, and not by choice. That is, the money in effect came from an insolvent thrift ((institution)), paid back later by the federal taxpayer" in the form of reimbursements to money-losing depositors. Nothing has been proved, however, and Clinton has denied any knowledge of money improperly diverted into his campaigns...
...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...