Word: mcdougall
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...EARLY 1992, AS CLINTON ENDURED A BRUISING PRIMARY campaign for the White House, Whitewater came back to haunt Bill and Hillary. Jeff Gerth of the New York Times began poking around Arkansas, interviewing McDougal and others about Madison and Whitewater. Hillary called her good friend New York lawyer Susan Thomases. She told Thomases that a reporter had stumbled onto a "stupid" investment she and Bill had made, and that the whole deal made her furious, especially at her husband. He'd got them into it, she said; McDougal was his friend. "I don't want everyone digging into our personal...
...understand?" McDougal asked. He explained he wanted the Clintons out of Whitewater. It was just a shell, but he was planning to do some real estate development and he needed a vehicle. Whitewater, he said, had a track record; it had good credit; it had tax losses to shelter any future profits. Susan felt sorry for him, realizing how much he needed this. Then she mentioned that she hadn't actually signed the power of attorney herself; a friend had. Jim's spirits soared. "Call Hillary and void it," he said...
That summer, when Chris Wade happened to mention that he had a new listing he thought might interest McDougal, the Clintons' finances were on McDougal's mind. He mentioned to Wade, "I'd like to do something to help Bill Clinton. He's starving to death as attorney general. I'd really like to see him make a little money." McDougal said he'd jump in the car with Susan and come...
...Take a look at this," Wade said when the McDougals arrived in Flippin after the three-hour drive from Little Rock. A group of local businesspeople, shareholders of the 101 Development Corp., had just listed a parcel of 230 acres along the White River, about a 20-minute drive from Flippin. The group had bought the property after the prior owner had fallen into bankruptcy. McDougal was intrigued, especially because the acreage had a lot of frontage on the White River. The river descends through the rugged terrain of north-central Arkansas and has stretches of white water, making...
...McDougals told Wade they were interested, and wanted to talk to the Clintons and maybe some other potential investors about it. They weren't told that the price per acre of nearly $900, a total of $203,000, was more than double what the 101 group was paying for it in a deal that hadn't even yet closed. As with his earlier deal with Wade, McDougal wanted to move quickly, listing the individual lots for resale as soon as possible, even before closing. He didn't see the investment as more than a two- or three-year venture...