Word: mcdougall
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...they learned about damage control during the bitter campaign of 1992. Old Washington hands point out that suspicions of hiding a scandal usually hurt a President far more than the scandal itself. That seems especially true in this case. The affairs of Whitewater and its partners -- the Clintons, James McDougal, the owner of a failed Arkansas savings and loan, and his wife Susan -- were so convoluted that they defy quick summary. Even the questions that the dealings raise are too complex to fit on a bumper sticker. The press and television paid almost no attention until recently, and then largely...
...there is a strong reason for White House efforts to soft-pedal the whole affair, and it can be put in a single word: Hillary. Compared with the President, the First Lady was a central player. Among other things, she sought power of attorney for Whitewater and represented McDougal's S&L before a state regulator appointed by her husband, then Arkansas Governor. "This is hers," says a White House official. "If the troopers ((who accused Bill Clinton of extramarital affairs)) were about him, this one is about...
...essential background is simple enough: the Clintons and McDougals formed Whitewater, a company that tried unsuccessfully to sell land in northern Arkansas for vacation homes, in 1979, Clinton's first year as Governor; it lingered in existence until late last year. In 1989, McDougal's S&L, Madison Guaranty, went broke, costing federal taxpayers $47 million. Madison was regulated by Clinton's state government, while its deposits were insured by the Federal Government...
...MONEY FROM MADISON GUARANTY AND/OR WHITEWATER DIVERTED INTO CLINTON'S CAMPAIGNS FOR GOVERNOR? The RTC is known to have raised this question. The grounds for its suspicions are somewhat less clear. But there is no question that James McDougal was one of Clinton's money raisers. In particular, it is known that he held a fund raiser in 1985 and came up with $35,000 to help repay Clinton for a $50,000 loan that the Governor had made to his own campaign fund the previous year (making personal loans to their campaigns is a common practice among politicians). There...
Other aspects of the Whitewater venture are somewhat odd. To begin with, the Clintons got a half share, although they invested much less than the McDougals (who put in $92,000). The Clintons have claimed to be only "passive" investors who let the McDougals run the show, but that hardly squares with Hillary's known activities. In her 1988 letter requesting power of attorney, she mentions having been actively involved in selling lots. Also, she built, sold and then bought back a model home. It now turns out that Hillary built the house in 1981 with a $30,000 loan...