Word: mcdougals
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Dates: during 1990-1999
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...their tax records dating back to 1980. They drew the line there, which meant that the first two years of the Whitewater investment, which they began in 1978, were out of bounds. That kind of defensive perimeter is just the thing to get reporters sniffing. Earlier this year James McDougal, the Clintons' former partner in Whitewater, made matters worse when he began suggesting that the First Couple had never invested more than $13,500 of their own money. That sounded suspiciously like Whitewater was a sweetheart deal in which McDougal, who later headed a buccaneering S&L, made most...
...were finally released last week, they did indeed show a total of about $22,000 for 1978 and 1979 in Whitewater-related interest deductions on two loans. Those included $10,131 that the Clintons say they paid in 1978 to Great Southern Land Co., a company mostly owned by McDougal that he now says handled payments to the Whitewater lending institutions at that time. In the following year, the returns show the Clintons paying $11,749 directly to "banks and loan companies," as well as $238 to McDougal. A new accounting of the Clintons' Whitewater investment released Friday shows payments...
...McDougal is embarrassed to have claimed that the Clintons were not making Whitewater payments. "My face is red, I have to admit," he says. "I think those are legitimate deductions. I am now convinced that I have substantially underestimated the amount they put in Whitewater." There may be more to be embarrassed about. Though the Clintons' tax records show that they paid more than $10,000 to McDougal's Great Southern Land Co. in 1978, records examined by TIME indicate that the banks received no more than $5,752 in interest that year. Just how was McDougal handling the Clintons...
...fraud that would enable the RTC to file civil claims to recover some of the $47 million that Madison's failure cost taxpayers. That probe would almost inevitably delve into the alleged flow of money between Madison and Whitewater Development Co., in which the Clintons were partners with James McDougal, Madison's former owner. Thus the participants in the vain attempt to get Stephens could try to invoke the basketball rule: no harm, no foul. Or they could claim that when White House aides made remarks merely to express dislike and suspicion of Stephens (the aides make no secret they...
...less on Whitewater than the $68,900 calculated in a 1992 report issued by Denver attorney James Lyons at the Clintons' request. Why did the Clintons embrace that figure if it was wrong? "I didn't have the records of the company," the First Lady told McGrory. But Susan McDougal, a partner in Whitewater, says she turned over all corporate documents to the Clintons. So how come Hillary Clinton could not find them? Stay tuned...