Word: mcdougal
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Bill and Hillary's move to the Governor's mansion in January 1979 did little to ease these anxieties. He confided in Susan McDougal that he loved being Governor: "This is fun. Women are throwing themselves at me. All the while I was growing up, I was the fat boy in the Big Boy jeans." At an inauguration party, Susan had seen Bill Clinton disappear from the party with a tall blond woman in tow. Hillary was putting on a brave face, but the incident was stirring up a buzz, and Susan could tell she was upset. She went over...
SHORTLY AFTER CLINTON BECAME GOVERNOR IN 1979, MCDOUGAL joined the Administration as an economic adviser. Whitewater was not going well: a year after the land had been bought, not a single lot had been sold, and a survey had yet to be completed...
...some of the improvements to the property, McDougal had simply written a check on the account of his and Susan's company, Great Southern Land Co. But he'd asked the Clintons for payments during the first year that totaled $22,620, a negative cash flow for the Clintons of nearly $2,000 a month...
...whole thing was deeply embarrassing to McDougal. Here he'd brought the Clintons in as a favor, and the investment was turning sour. Thus it was with considerable excitement that McDougal told Bill and Hillary of the project's first sale, one of the lots bordering the river, in September 1979. Within six months, they'd sold five more lots. But the down payments on the lot sales barely covered Wade's real estate commissions and the closing costs. At the end of May 1980, with the Citizens Bank loan up for renewal and the next quarterly interest payment...
...next time Hillary dropped in, McDougal asked her about it, and she told him that both she and Blair had been quite successful and that she was looking for some kind of tax shelter. Hillary pressed Jim to see how much in interest payments from Whitewater she could deduct from their taxes, arguing that she and Bill were entitled to a full half of the interest payments. But it was McDougal who was making a disproportionate share of the interest payments and was thus entitled to the deduction. Jim finally burst out, "Goddamn it, Hillary, didn't they teach...