Word: mcdougall
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...never want to live anywhere else," proclaimed the sales brochure for the 42 lots of the Whitewater project near Flippin in northern Arkansas. However, despite the scenic snapshots and the homey-but- hokey handwritten spiel, no one was buying into the forested real estate development. To spur sales, Jim McDougal, a local savings and loan tycoon, % thought he needed a model home -- and the help of one of his Whitewater partners, Hillary Rodham, as she then called herself. In 1980 McDougal loaned her $30,000 to build, own and ultimately sell a three-bedroom ranch-style unit. When the buyer...
...loans in Arkansas, Madison Guaranty, was sliding toward insolvency. Its chief lending officer, Harry Don Denton, was furious that a local S&L had sold Madison millions of dollars in bad loans. He wanted the deal undone and at the suggestion of his boss, Madison chairman (and Whitewater partner) McDougal, he turned for help to one of the state's top lawyers, Hillary Rodham Clinton. After meeting with her for several hours, Denton helped her carry the files to her car in preparation for a lawsuit...
...Justice Department to investigate whether funds from Madison were illegally diverted during the mid-1980s to real estate companies and politicians, including Clinton. According to government officials, $12,000 may have ended up in Governor Clinton's campaign coffers. Some of it may also have been illegally funneled by McDougal into a real estate venture called Whitewater Development, which he and his wife owned with the Clintons. Another, peripheral issue: payments to Hillary Clinton when she represented Madison Guaranty in its bid to resist closure by state thrift regulators while Bill Clinton was Governor...
...each case the investigation is focusing on whether funds were misused by the S&L and McDougal, not whether the Clintons' involvement posed conflicts of interest. The only allegation against the President is being made by David Hale, a former municipal judge, who was indicted in September on charges of defrauding the Small Business Administration. Hale, who ran a federally sponsored lending company in Arkansas, claims that in 1985 Clinton and McDougal pressured him into making an improper $300,000 loan to McDougal's wife. White House officials dismiss the allegation, and Hale has admitted that he has no documentation...
Federal officials insist that the Clintons are not targets of the investigation and that the only link is their coincidental association with McDougal. Clinton said last week that neither he nor Hillary had done anything improper. "Knowing and being associated with Jim McDougal looked a lot different when he seemed to be a successful entrepreneur than it does now," says Bruce Lindsey, another native Arkansan, now senior adviser to the President. Indeed, based on the evidence known thus far, the Clintons may be guilty only of poor business judgment (they lost nearly $70,000 on the Whitewater deal...