Word: madison
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Dates: during 1990-1999
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...covered by McDougal. With more interest and principal payments due, 1985 was even worse. Only one lot was sold. Negative cash flow was over $75,000, requiring even more payments from McDougal. At about the same time he was retaining Hillary and the Rose firm, McDougal had Madison Financial, his S&L's investment subsidiary, pay him a "bonus" of $30,000, payable to Whitewater, according to minutes of a Madison board meeting. The money was deposited directly in the Whitewater account, the one instance where money went directly from Madison into Whitewater. The Clintons weren't asked...
Rose records don't indicate any Madison Guaranty payments in the immediate months after the meeting between McDougal and the Governor, but the following spring, Hillary scheduled a visit with McDougal, arriving late in the morning of April 23. After his experience in the Governor's office, McDougal wasn't nearly as enamored of Hillary as he had once been, but they were still cordial. After some pleasantries, Hillary mentioned that her husband had suggested she stop by. "Fine," McDougal said. Honoring his commitment made earlier to Bill, he said, "I'm sending you some work...
Hillary suggested Madison Guaranty pay the firm a monthly retainer, and McDougal seemed surprisingly amenable. "Two thousand a month should cover it," he suggested. The details he'd leave to Latham, McDougal added, though he assumed Hillary would be the partner in charge and would get credit within the firm for the business. As he saw it, the whole matter was a favor to the Governor...
...turn of events came as a surprise to Massey, the Rose associate who ended up doing most of the work. Latham called Massey shortly after to discuss a stock offering the S&L wanted to make. It was the first Massey knew of Madison Guaranty's having become a client...
Soon after the story appeared, Jim and Susan were in McDougal's office at Madison when Bill Clinton called. McDougal's secretary put him on the speaker phone. The Governor sounded upset, wanting to know what was going on with Whitewater. Despite the venture's worsening financial straits, Jim tried to reassure him: "I've got my plate full, and I know you do too," he began. Clinton interrupted...