HILLARY CLINTON'S GREATEST HITS
In the late 1970s, the Clintons and McDougals buy land in the Ozarks with mostly borrowed funds. The Clintons get 50% interest with no cash down. The plot, known as Whitewater, is fifty miles from the nearest grocery store. The Washington Post will report later that some purchasers of lots, many of them retirees, "put up houses or cabins, others slept in vans or tents, hoping to be able to live off the land." HRC writes Jim McDougal, "If Reagonomics works at all, Whitewater could become the Western Hemisphere's Mecca." More than half of the purchasers will lose their plots thanks to the sleazy form of financing used.
The McDougals will be among a number of close HRC's friends and business associates who will end up in jail. Others include her law partner Webster Hubbell and financial middle man David Hale.
Two months after commencing the Whitewater scam, Hillary Clinton invests $1,000 in cattle futures. Within a few days she has a $5,000 profit. Before bailing out she earns nearly $100,000 on her investment. Many years later, several economists will calculate that the chances of earning such returns legally were one in 250 million.
Hillary Clinton makes a $44,000 profit on a $2,000 investment in a cellular phone franchise deal that involves taking advantage of the FCC's preference for locals, minorities and women. The franchise is almost immediately flipped to the cellular giant, McCaw.
Jim McDougal tries to prevent state agencies from shutting down his S&L, which has been providing cash for the Whitewater operation. According to the Washington Times, Ms. Clinton is put on a $2000 a month retainer by the S&L. Ms. Clinton will later claim not to have received any retainer nor to have been deeply involved with Madison.
During the 1992 campaign, Hillary Clinton defends her role in the Madison Guarantee S&L scandal by saying, "I suppose I could have stayed home and baked cookies and had teas. But what I decided to do was pursue my profession, which I entered before my husband was in public life." Forgotten, however, is what inspired this homily: accusations that Ms. Clinton had represented Whitewater business partner Jim McDougal's S&L before her husband's government. Here's what the New York Times reported on March 17, 1992: "Hillary Clinton said today that she did not earn 'a penny' from state business conducted by her Little Rock law firm and that she never intervened with state regulators on behalf of a failed Arkansas savings and loan association. . . "
Records will show that she did, in fact, represent Madison before the state securities department. After the revelation, she says, "For goodness sakes, you can't be a lawyer if you don't represent banks."
