Word: mcdougals
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Dates: during 1990-1999
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...McDougal was the kind of go-go entrepreneur that likes to befriend politicians but that politicians sometimes later regret ever having met. His friendship with fellow Arkansan Bill Clinton began in the late 1960s, when both were young staffers for Senator William Fulbright. In 1978 Bill and Hillary joined McDougal and his wife Susan in a real estate venture. A year later, Clinton became Governor and appointed McDougal his economic-development adviser. By the early 1980s, McDougal had left government work to make his fortune: he converted Madison Guaranty, a tiny institution, into one of the largest savings and loan...
While hardly anyone accuses Clinton of going into politics to get rich, his wealth of friends can be more problematic. So when stories resurfaced last week linking the President and First Lady to a new federal probe into McDougal's S&L, the details may have revealed less about any financial wrongdoing than about the potential hazards of small-state politics in Arkansas, where the Clintons maintained a close network of political allies and business associates...
...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...
Essentially, there are two issues. One is that in 1978, when Clinton was Arkansas attorney general, he and Hillary invested in Whitewater Development Co., a corporation that planned to sell lots for vacation homes. They maintained their investment even after 1982, when Jim McDougal, head of Whitewater, became majority owner of the now defunct Madison Guaranty Savings and Loan, which was regulated by the state Clinton shortly was elected to govern. (After winning his first two-year gubernatorial term in 1978, Clinton lost his 1980 bid.) The other is that Hillary was a partner in the Rose Law Firm, which...