|
|
|
Whitewater - Here’s what
happened
|
Summer at 1978 - Jim McDougal approached the Bill and Hillary
Clinton about a potential real estate investment along the White
River in Arkansas. The McDougals and Clintons purchase 230 acres
for $203,000; it was termed "Whitewater." A bank loan
of $200,000 was taken out.
Fall of 1978 - Mrs. Clinton invests $1,000 in commodities and
rakes in $100,000 in less than a year. This deal stirred some suspicions
because of its return and because her husband was elected governor
of Arkansas that same year.
Late 70s & early 80s - Clintons deduct around $10,000 a year
on their tax return using the Whitewater investment as a tax shelter.
The amount appears inflated.
Early 80s - The McDougals buy a bank and a savings & loan,
renaming them Madison Bank & Trust Co. and Madison Guaranty
Savings & Loan, respectively. In 1989, Jim McDougal was indicted
on charges of bank fraud, misappropriation Of funds and conspiracy.
He was acquitted in 1990, hid 80s - The majority of plots in the
Whitewater development had still not sold, leaving the McDougals
and Clintons with a financial lemon. Miscellaneous loans were taken
to paying off interest, accounts shifted as the McDougals struggled
to keep the mortgages from defaulting. In 1985, 86, 90, & 92,
Hillary Clinton refused to relinquish the Clinton’s interest
in Whitewater to the McDougals. Financial losses totaled $160,000
for the McDougals and $40,000 for the Ciintons.
1986 - Twin City Bank requested and was denied financial information
from the Clintons for loan renewal.
1987 - Governor Clinton signs a bill which solely benefited Twin
City Bank. Meanwhile, his loan is approved without proper documentation.
1992 - In the primaries, Whitewater surfaced as an issue and Was
soon drowned out. After being elected, the Clintons sold their interest
to the McDougals for $1,000.
1993 - Bill Clinton is inaugurated president. Files on Whitewater
are moved from Rose law firm, where Hillary worked, to Washington.
These files are believed to be the infamous files that were subpoenaed,
lost and miraculously recovered in the White House.
Spring of 1993 - A number of employees are fired in the travel
department of the White House. These firings were apparently ordered
by Hillary to make room for friends, though she has denied all the
charges on "Travelgate." July of 1993 - Vincent Foster,
a friend of Hiliary’s and counsel to the president, commits
suicide. Foster was in charge of Whitewater, Travelgate and other
legal affairs.
1993 - Present - Investigation into Whitewater begins and is led
by Independent Counsel Kenneth Starr.
Spring of 1996 - Jim and Susan McDougal are convicted for conspiracy,
mail and bank fraud and other a sundry charges. Bill Clinton was
the star witness for the defense.
Last week - Susan McDougal is ordered by the grand jury to testify
in court in the impending case against Bill Clinton. She has, as
of press time, refused.
|
|
|
