The Whitewater controversy began with investigations into the real estate investments of Bill and Hillary Clinton and their associates, Jim and Susan McDougal, in the Whitewater Development Corporation, a failed business venture in the 1970s and 1980s. The Clintons were not prosecuted for wrongdoing. A March 1992 New York Times article published during the ….
The Whitewater controversy (also known as the Whitewater scandal, or simply Whitewater) began with investigations into the real estate investments of Bill and Hillary Clinton and their associates, Jim and Susan McDougal, in the Whitewater Development Corporation, a failed business venture in the 1970s and 1980s. The Clintons were not prosecuted for wrongdoing.
A March 1992 New York Times article published during the U.S. presidential campaign reported that the Clintons—then governor and first lady of Arkansas—had invested and lost money in the Whitewater Development Corporation.
The article stimulated the interest of L. Jean Lewis, a Resolution Trust Corporation investigator who was looking into the failure of Madison Guaranty Savings and Loan, owned by McDougal. She looked for connections between the savings and loan company and the Clintons, and on September 2, 1992, she submitted a criminal referral to the FBI naming Bill and Hillary Clinton as witnesses in the Madison Guaranty case. Little Rock U.S. Attorney Charles A. Banks and the FBI determined that the referral lacked merit, but she continued to pursue it.
From 1992 to 1994, Lewis issued several additional referrals against the Clintons and repeatedly called the U.S. Attorney's Office in Little Rock and the Justice Department regarding the case. Her referrals eventually became public knowledge, and she testified before the Senate Whitewater Committee in 1994.
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