Word: shelterer
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...understand?" McDougal asked. He explained he wanted the Clintons out of Whitewater. It was just a shell, but he was planning to do some real estate development and he needed a vehicle. Whitewater, he said, had a track record; it had good credit; it had tax losses to shelter any future profits. Susan felt sorry for him, realizing how much he needed this. Then she mentioned that she hadn't actually signed the power of attorney herself; a friend had. Jim's spirits soared. "Call Hillary and void it," he said...
...next time Hillary dropped in, McDougal asked her about it, and she told him that both she and Blair had been quite successful and that she was looking for some kind of tax shelter. Hillary pressed Jim to see how much in interest payments from Whitewater she could deduct from their taxes, arguing that she and Bill were entitled to a full half of the interest payments. But it was McDougal who was making a disproportionate share of the interest payments and was thus entitled to the deduction. Jim finally burst out, "Goddamn it, Hillary, didn't they teach...
...might have added that you can't take a deduction for everything you do pay--only for payments of interest and legitimate business expenses. Yet, in a pattern that would continue, the Clintons deducted $10,131 on their 1978 tax returns, describing it as an itemized interest expense, to shelter some of the commodities profits. The Clintons had written a personal check in this amount to the McDougals' Great Southern Land Co. on Dec. 28, and the payment was reflected in the Whitewater accounting ledger as an "adjusting entry." But Whitewater apparently didn't pay anywhere near that much interest...
...first-year class every year is politely asked by the administration to make a list of 16 friends by the beginning of March. With these 16 people we will be sent out of our comfortable shelter in the Yard and into the world of upper-class houses. Of course, this is a problem every year. Wise seniors nod and respond, "Oh, the night before the blocking forms were due...well...it was quite a mess." However, something new arises for the class of '99, for whom the transitions seem to be particularly endless. Once we choose our 16, nine...
...such a big and poor country as China where the educated class comprises only a minority, what the intellectuals demand seems far ahead of what should come first for the majority--the 800,000,000 peasants who ask nothing more than the rights to have food, clothes, and shelter. Without a practical promise to win over their support, any attempts aimed at fundamental social changes by those intellectuals will not be going anywhere...