Word: madison
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...essential background is simple enough: the Clintons and McDougals formed Whitewater, a company that tried unsuccessfully to sell land in northern Arkansas for vacation homes, in 1979, Clinton's first year as Governor; it lingered in existence until late last year. In 1989, McDougal's S&L, Madison Guaranty, went broke, costing federal taxpayers $47 million. Madison was regulated by Clinton's state government, while its deposits were insured by the Federal Government...
...MONEY FROM MADISON GUARANTY AND/OR WHITEWATER DIVERTED INTO CLINTON'S CAMPAIGNS FOR GOVERNOR? The RTC is known to have raised this question. The grounds for its suspicions are somewhat less clear. But there is no question that James McDougal was one of Clinton's money raisers. In particular, it is known that he held a fund raiser in 1985 and came up with $35,000 to help repay Clinton for a $50,000 loan that the Governor had made to his own campaign fund the previous year (making personal loans to their campaigns is a common practice among politicians). There...
Then there was an incident in which McDougal in effect swapped 20 Whitewater building lots, almost half the project's total, for little more than a twin- engine Piper Seminole airplane that was later sold for a loss of $13,000. That loss was absorbed by Madison Guaranty's depositors, but federal taxpayers eventually had to pick up the tab through the RTC. Another intriguing factor is that the plane was at one point owned by Seth Ward, the father-in-law of Webster Hubbell, then a law partner of Hillary's and now Reno's top deputy...
...nearly two years, the Clintons have explained their business partnership with the McDougals' Whitewater development by claiming they were simply passive investors. As Hillary's law practice shows, however, she was more involved with Whitewater and Madison Guaranty than she has let on. According to Denton, some of Bill Clinton's dealings appear rather tangled as well. ) Denton says that in 1978, while he was an officer of Union Bank in Little Rock, he made out a personal loan of roughly $25,000 to Clinton and McDougal to help pay for Whitewater acreage. Denton recalls that within two years...
McDougal, acquitted on bank-fraud charges, is under investigation again. Hale will stand trial sometime this year. Congressional Republicans, meanwhile, have called for hearings on the Madison collapse as a prerequisite for considering Clinton's bank reforms. In Whitewater only six homes have been constructed. As for the house that Hillary built, its current owner, John Lauramoore, half expects tourists to start lining up outside. "Maybe I can cut up the carpet and sell pieces and say that Bill Clinton walked on it," he says. "Even though he didn't, they wouldn't know...