Word: mcdougals
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Thousands of pages of documents released by House Banking Committee chairman Jim Leach supplied new information about the Clintons' handling of their Whitewater real estate venture in the mid-1980s as well as their complicated relationship with business partner Jim McDougal. Rumpled and unfailingly polite, Leach claimed that his committee's investigation had uncovered a pattern of cronyism in which McDougal ponied up most of the money for Whitewater while receiving favors from former Governor Clinton and his wife. "In a nutshell," said Leach, "Whitewater is about...conflicts of interest that are self-evidently unseemly...
Ever since Whitewater first surfaced as a potential scandal during the 1992 campaign, the Clintons have insisted on three points: that they were merely passive investors in a company controlled by McDougal and his wife; that they lost on the deal--as much as $68,900; and that they never gave McDougal or his businesses special treatment. The picture drawn by the papers released last week casts doubt on each of those assertions. Amid dozens of the documented contacts between the Clintons and McDougals on Whitewater-related issues, a 1981 letter sent by Hillary Clinton to Jim McDougal was especially...
...turned out, Whitewater was a sinkhole of an investment, but far more so for the McDougals than for the Clintons, despite their fifty-fifty partnership. A recent report commissioned by federal investigators found that McDougal and his companies covered more than three-quarters of the nearly $200,000 in losses sustained by Whitewater. And according to an analysis done for committee Republicans--but disputed by both the White House and the President's personal lawyer--the Clintons underpaid the IRS $13,272 by taking improper deductions for Whitewater expenses...
...These indictments may have little or nothing to do withWhitewater," saysTIME's James Carneyof the 48-page indictment that charges Bill Clinton's former business partner James McDougal, his wife Susan, and Arkansas governor Jim Guy Tucker with bank fraud and numerous other crimes. "Webster Hubbell was indicted, and it was shown that the Clintons had nothing to do with his crime. It is not clear that this involves the Clintons at all," says Carney. " Still, it certainly isn't good news for the Clintons...
Zeroing in on yet another Clinton associate, special Whitewater prosecutor Kenneth Starr has informed James McDougal -- who owned the collapsed Savings and Loan at the center of the investigation -- that he's likely to be indicted. The possibility of an indictment against McDougal surfaces the same week that former Associate Attorney General Webster Hubbell pleaded guilty to a pair of felonies in connection with Arkansas real-estate deal gone bad. McDougal has been down this road before: He was indicted four years back -- and later acquitted -- in the $65 million failure of Madison Guaranty Savings and Loan. The Clintons...