Word: mcdougall
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...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...
Given the firm's emphasis on generating new business and Madison's increasing visibility, it's not surprising that Rose lawyers eyed it as a potential client. Rose hadn't done any work for McDougal since an ill-fated 1981 suit involving Madison Bank & Trust, when McDougal had been so annoyed by Rose's handling of the case that he refused to pay its bill. Hillary thought a direct appeal to McDougal would work, which prompted a 1983 letter to McDougal from Rose's chief executive. Though Hillary herself hadn't worked on the 1981 matter (Vince Foster...
Despite this, Richard Massey, an associate at the Rose firm who specialized in securities law, and a corporate partner at Rose, David Knight, hoping to land Madison business, had lunch in the spring of 1985 with John Latham, whom McDougal had hired as Madison Guaranty's chief executive officer. But the lunch proved fruitless: Latham said Madison already had outside counsel and didn't plan to hire others...
...there was another route to McDougal: Hillary. The previous August, one particularly hot morning, Bill had dropped in on McDougal during one of his jogging sessions, and conversation had shifted to Hillary and her situation at the Rose firm. Hillary had been complaining to her husband that she was under pressure from her partners to generate more business, which was hard for her because she had so many duties as the state's first lady. Hillary had been griping about this, which was getting on his nerves, he told McDougal...