Word: mcdougals
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Dates: during 1990-1999
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...investigation -- which, at least at the start, presumably will focus on an earlier matter: Did Madison Guaranty, a busted savings and loan, funnel money improperly either into Bill Clinton's Arkansas campaigns or into Whitewater, a real estate venture in which the Clintons were equal partners with James McDougal, the owner of Madison Guaranty, and his former wife Susan...
Like earlier statements, this one only raised new problems. James McDougal has told TIME that Lyons also counted, as a contribution to Whitewater and thus an eventual loss to the Clintons, a check for $20,744.65 that actually represented repayment by Bill Clinton of a personal loan. The loan, says McDougal, was for campaign expenses and had nothing to do with Whitewater. Lindsey insists the loan payment was Whitewater-related but says he does not know exactly how the proceeds were used...
More problems are raised by the Clintons' 1980 tax return (the White House refuses to make public their 1978-79 returns). The 1980 return shows combined gross income of $87,556 and interest payments of $13,350: $4,350 to Citizens Bank, $9,000 to "James McDougal." McDougal says both were for interest incurred in 1978-79, which would bring total interest payments claimed by the Clintons for those years to $35,350, or more than the banks received...
...problems only begin there, though. Tax experts such as Tom Ochsenschlager, a partner at the accounting firm Grant Thornton, say it would be improper if the Clintons took a deduction in 1980 for any reimbursement of interest paid by McDougal in an earlier year...
...Further, McDougal in an interview insists the $13,350 of interest paid (or reimbursed) in 1980 was the only cash of their own that the Clintons put into Whitewater. Ever? Yes, says McDougal: "Those two figures I've given you, those interest payments -- that's it. Period. End of discussion." If he is correct -- and the White House fiercely disputes him -- that would mean the Clintons could not possibly have lost anything like the $68,900 they say they invested in Whitewater, since they put less than a fifth that much into...