Word: mcdougall
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...realizing that Whitewater could be a drain forever, McDougal decided to sell the remaining lots to Chris Wade, the Whitewater broker who had bought Lot 7. The payment: the assumption of $35,000 in bank debt plus a used Piper Seminole airplane, valued at $35,000 by Wade. McDougal took the plane, and Wade began making at least some payments on the debt. Citizens Bank, however, did not release either the McDougals or the Clintons from liability for the full amount of the loan...
...September of that year, Rosalee Wade, Chris' wife, who handled bookkeeping at Ozarks Realty, forwarded the county property-tax bill for Whitewater to McDougal. The bill, however, was not paid, and on Nov. 14, the local paper included the Whitewater Development Co. on a list of delinquent taxpayers. People in Flippin knew Clinton was a partner in the enterprise, and soon they were gossiping that the Governor had not paid his taxes...
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...
...Susan were taken aback. They were admittedly lax about such tax matters themselves, but they had an employee whose job was to make sure taxes on the developments got paid on time. But whatever the reason for the delinquency, in Clinton's anger McDougal saw a glimmer of opportunity. Perhaps he could extricate the Clintons from the deal while still saving face. "Let's just get you out of this," McDougal suggested. Whitewater will "break even," McDougal euphemistically said, but that was the best that could be hoped for. Bill and Hillary could simply sign over their interest...
...Fine with me," Clinton replied, sounding relieved. McDougal said he'd do the paperwork. "Just run it by Hillary, would you?" Clinton asked...