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05-28-2003, 01:41 PM
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A Whitewater Chronology (http://www.opinionjournal.com/extra/?id=110003549)
What really happened during the Clinton years.
Wall Street Journal Editorial Staff
Wednesday, May 28, 2003 12:01 a.m. EDT
This comprehensive chronology covers the events shaping Bill Clinton's journey from Little Rock to the Oval Office and during the eight years of his Presidency. It originally appeared in Volume VI of "A Journal Briefing: Whitewater." You can order all six volumes, in print or CD-ROM, at The Wall Street Journal Store (http://www.dbstorefront.com/wsjstore/shopping/browse.asp?dept=5). Click here (http://www.dbstorefront.com/wsjstore/shopping/browse.asp?dept=5) to read Robert Bartley's review of Sidney Blumenthal's "The Clinton Wars."
<u>1976</u>
Bill Clinton is elected Arkansas Attorney General. Little Rock investment banker Jackson Stephens forms Stephens Finance with Indonesian banker Mochtar Riady to do business in Asia.
<u>1977</u>
Hillary Rodham Clinton joins the Rose Law Firm. Jackson Stephens joins with former Carter administration budget director Bert Lance and a group of Mideast investors--later identified as key figures in the corrupt Bank of Credit & Commerce International--in an unsuccessful attempt to acquire Financial General Bankshares in Washington, D.C. Amid the legal maneuvers surrounding the takeover attempt, a brief is submitted by the Stephens-controlled bank data processing firm Systematics; two of the lawyers signing the brief are Hillary Rodham and Webster Hubbell.
<u>1978</u>
August: The Clintons purchase a 230-acre land tract along Arkansas's White River, in partnership with Jim and Susan McDougal.
October: Mrs. Clinton, now a partner at the Rose Firm, begins a series of commodities trades under the guidance of Tyson Foods executive Jim Blair, earning nearly $100,000. The trades are not revealed until March 1994.
November: Bill Clinton is elected Governor of Arkansas. He makes Jim McDougal a top economic adviser.
<u>1979</u>
Feb. 16: The Federal Reserve rejects the bid by BCCI frontmen to take over Financial General Bankshares.
June: The Clintons and McDougals form Whitewater Development Co. to engage in real estate transactions.
<u>1980</u>
November: Gov. Clinton is defeated by Republican Frank White. He joins his trusted friend Bruce Lindsey at the Little Rock law firm of Wright, Lindsey and Jennings.
<u>1981</u>
Jim McDougal purchases Madison Bank and Trust.
Aug. 25: The Federal Reserve approves a new bid--by largely the same group of BCCI frontmen--to acquire Financial General Bankshares.
<u>1982</u>
Financial General changes its name to First American and Democratic Party icon Clark Clifford is appointed chairman. BCCI fronts begin acquiring controlling interest in banks and other American financial institutions. In Arkansas, Jim McDougal purchases Madison Guaranty Savings & Loan. It begins a period of rapid expansion. November: Bill Clinton defeats Frank White, winning back the governor's seat.
<u>1983</u>
Capital Management Services, a federally insured small business investment company owned by Judge David Hale, begins making loans to the Arkansas political elite.
Jackson Stephens forms United Pacific Trading with Mochtar Riady to do business in the U.S. and Asia.
<u>1984</u>
Stephens and Riady join forces to buy First Arkansas Bankstock Corp., changing its name to Worthen Bank and installing 28-year-old James Riady as president.
Jan. 20: The Federal Home Loan Bank Board issues a report on Madison Guaranty questioning its lending practices and financial stability. The Arkansas Securities Department begins to take steps to close it down.
August: According to Jim McDougal, Gov. Clinton drops by his office during a morning jog and asks that Madison steer some business to Mrs. Clinton at the Rose Law Firm.
November: Gov. Clinton wins re-election with 64% of the vote.
<u>1985</u>
January: Roger Clinton pleads guilty to cocaine distribution charges and is given immunity from further prosecution in exchange for cooperation. He testifies before a federal grand jury and serves a brief prison sentence.
Jan. 16: Gov. Clinton appoints Beverly Bassett Schaffer, a longtime associate, to serve as Arkansas State Securities Commissioner.
March: Mrs. Clinton receives from Madison Guaranty the first payment of a $2,000-per-month retainer. Madison's accounting firm, Frost & Co., issues a report declaring the savings and loan solvent.
April 4: Jim McDougal hosts a fund-raiser to help Gov. Clinton repay campaign debts. Contributions at the fund-raiser later draw the scrutiny of Whitewater investigators.
April 7: The New Jersey securities firm Bevill, Bresler & Schulman files for bankruptcy amid fraud charges and an estimated $240 million in losses; one of the biggest apparent losers is Stephens-dominated Worthen Bank, which holds with Bevill $52 million of Arkansas state funds in uncollateralized repurchase agreements.
April 30: Hillary Clinton sends a recapitalization offer for the foundering Madison Guaranty to the Arkansas Securities Commission. Two weeks later, Ms. Schaffer informs Mrs. Clinton the plan is approved, but it is never implemented.
October: Governor and Mrs. Clinton lead a trade delegation to Taiwan and Japan.
Jim McDougal launches the Castle Grande land deal.
<u>1986</u>
Jan. 17: The U. S. Attorney for the Western District of Arkansas drops a money laundering and narcotics-conspiracy case against Arkansas associates of international drug smuggler Barry Seal. Arkansas State Police Investigator Russell Welch and Internal Revenue Service Investigator Bill Duncan, the lead agents on the case, protest; later, both are driven from their jobs.
Feb. 19: Barry Seal is gunned down by Colombian hitmen in Baton Rouge, La. He becomes the touchstone in murky allegations of covert operations, cocaine trafficking and gun running swirling around his base at Mena airfield in western Arkansas.
March 4: The Federal Home Loan Bank Board issues a second, sharply critical report of Madison, accusing Jim McDougal of diverting funds to insiders.
April: Roger Clinton is paroled from prison.
James Riady steps down as president of Worthen Bank.
April 3: David Hale's Capital Management Services makes a $300,000 loan to Susan McDougal in the name of a front, Master Marketing. Some of the funds wind up in a Whitewater Development Co. account. Indicted for fraud on an unrelated transaction in 1993, Mr. Hale claims that then-Gov. Clinton and Jim McDougal pressured him into making the loan.
August: Federal regulators remove Mr. McDougal from Madison's board of directors.
Oct. 5: Deceased Mena drug smuggler Barry Seal's C-123K is shot down over Nicaragua with an Arkansas pilot at the controls and a load of weapons and Contra-supporter Eugene Hasenfus in the cargo bay.
Oct. 24: Clinton friend and "bond daddy" Dan Lasater and nine others, most from the Little Rock bond trading community, are indicted on cocaine charges. Roger Clinton, who has cooperated with the prosecution, is named an unindicted co-conspirator.
November: Gov. Clinton wins re-election. Gubernatorial terms are extended from two years to four.
According to Susan McDougal, Whitewater records are taken to the Governor's Mansion and turned over to Mrs. Clinton sometime during the year.
<u>1987</u>
Officials at investment giant Stephens Inc., including longtime Clinton friend David Edwards, take steps to rescue Harken Energy, a struggling Texas oil company with George W. Bush on its board. Over the next three years, Mr. Edwards brings BCCI-linked investors and advisers into Harken deals. One of them, Abdullah Bakhsh, purchases $10 million in shares of Stephens dominated Worthen Bank.
Jan. 15: Dan Lasater begins serving a 30-month sentence for cocaine distribution. In July, he is paroled to a Little Rock halfway house.
Aug. 23: In a mysterious case later ruled a murder and linked to drug corruption, teenagers Kevin Ives and Don Henry are run over by a train in a remote locale a few miles southwest of Little Rock.
<u>1988</u>
October: A Florida grand jury indicts BCCI figures on charges of laundering drug money. It is the first sign of serious trouble at the international bank.
<u>1989</u>
Manhattan District Attorney Robert Morgenthau begins a wide-ranging probe of BCCI.
March: Federal regulators shut down Madison Guaranty Savings & Loan, at a taxpayer loss of about $60 million. Jim McDougal is indicted for bank fraud.
June 16: Mena investigator Bill Duncan resigns from the Internal Revenue Service following clashes with Washington supervisors over the probe.
<u>1990</u>
May: Jim McDougal goes to trial on bank fraud and is acquitted.
November: Gov. Clinton is elected to a second four-year term, promising to serve it out and not seek the presidency in 1992.
Dec. 3: The Federal Deposit Insurance Corp. cites the Riady family's Lippo Bank in Los Angeles for poor loans and inadequate capital.
<u>1991</u>
Yah Lin "Charlie" Trie, Clinton friend and Little Rock restaurateur, opens Daihatsu International Trading Co., with offices in Arkansas, Washington and Beijing. He later emerges as a central figure in the Clinton-Gore campaign scandal.
January: The Federal Reserve orders an investigation of BCCI's alleged control of First American Bank.
July 5: Regulators world-wide shut down BCCI amid widespread charges of bank fraud and allegations of links to laundered drug money, terrorists and intelligence agencies.
Aug. 13: Chairman Clark Clifford and top aide Robert Altman resign from First American.
Oct. 3: Bill Clinton announces his candidacy for president, denouncing "S&L crooks and self-serving CEOs."
<u>1992</u>
March 8: New York Times reporter Jeff Gerth discloses the Clintons' dealings with Madison and Whitewater. March 20: Washington Times reporter Jerry Seper discloses Hillary Clinton's $2,000-per-month retainer from Madison.
March 23: In a hasty report arranged by the Clinton campaign, Denver lawyer James Lyons states the Clintons lost $68,000 on the Whitewater investment and clears them of improprieties. The issue fades from the campaign.
July 16: Bill Clinton accepts the Democratic Party's presidential nomination in New York.
July 22: A Manhattan grand jury hands up sealed indictments against BCCI principals, including Clark Clifford and Robert Altman. A week later, a grand jury in Washington and the Federal Reserve issue separate actions against Clifford and Altman.
August: Clinton friend David Edwards arranges a $3.5 million lead gift from Saudi Arabian benefactors to the University of Arkansas for a Middle East studies center.
Aug. 31: Resolution Trust Corporation field officers complete criminal referral #C0004 on Madison Guaranty and forward it to Charles Banks, U.S. Attorney for the Eastern District of Arkansas. The referral alleges an elaborate check-kiting scheme by Madison owners Jim and Susan McDougal and names the Clintons and Jim Guy Tucker as possible beneficiaries. Later, Mr. Banks forwards the referral to Washington. In the heat of the campaign, the issue is sidelined.
Nov. 3: Bill Clinton is elected President of the United States. December: Vincent Foster, representing the Clintons, meets with James McDougal and arranges for him to buy the Clintons' remaining shares in Whitewater Development Co. for $1,000. Mr. McDougal is loaned the money for the purchase by Tyson Foods counsel Jim Blair, a longtime Clinton friend and commodities adviser. The loan is never repaid.
...
Click here to read more (http://www.opinionjournal.com/extra/?id=110003549)
What Hides In The Ether?
A Whitewater Chronology (http://www.opinionjournal.com/extra/?id=110003549)
What really happened during the Clinton years.
Wall Street Journal Editorial Staff
Wednesday, May 28, 2003 12:01 a.m. EDT
This comprehensive chronology covers the events shaping Bill Clinton's journey from Little Rock to the Oval Office and during the eight years of his Presidency. It originally appeared in Volume VI of "A Journal Briefing: Whitewater." You can order all six volumes, in print or CD-ROM, at The Wall Street Journal Store (http://www.dbstorefront.com/wsjstore/shopping/browse.asp?dept=5). Click here (http://www.dbstorefront.com/wsjstore/shopping/browse.asp?dept=5) to read Robert Bartley's review of Sidney Blumenthal's "The Clinton Wars."
<u>1976</u>
Bill Clinton is elected Arkansas Attorney General. Little Rock investment banker Jackson Stephens forms Stephens Finance with Indonesian banker Mochtar Riady to do business in Asia.
<u>1977</u>
Hillary Rodham Clinton joins the Rose Law Firm. Jackson Stephens joins with former Carter administration budget director Bert Lance and a group of Mideast investors--later identified as key figures in the corrupt Bank of Credit & Commerce International--in an unsuccessful attempt to acquire Financial General Bankshares in Washington, D.C. Amid the legal maneuvers surrounding the takeover attempt, a brief is submitted by the Stephens-controlled bank data processing firm Systematics; two of the lawyers signing the brief are Hillary Rodham and Webster Hubbell.
<u>1978</u>
August: The Clintons purchase a 230-acre land tract along Arkansas's White River, in partnership with Jim and Susan McDougal.
October: Mrs. Clinton, now a partner at the Rose Firm, begins a series of commodities trades under the guidance of Tyson Foods executive Jim Blair, earning nearly $100,000. The trades are not revealed until March 1994.
November: Bill Clinton is elected Governor of Arkansas. He makes Jim McDougal a top economic adviser.
<u>1979</u>
Feb. 16: The Federal Reserve rejects the bid by BCCI frontmen to take over Financial General Bankshares.
June: The Clintons and McDougals form Whitewater Development Co. to engage in real estate transactions.
<u>1980</u>
November: Gov. Clinton is defeated by Republican Frank White. He joins his trusted friend Bruce Lindsey at the Little Rock law firm of Wright, Lindsey and Jennings.
<u>1981</u>
Jim McDougal purchases Madison Bank and Trust.
Aug. 25: The Federal Reserve approves a new bid--by largely the same group of BCCI frontmen--to acquire Financial General Bankshares.
<u>1982</u>
Financial General changes its name to First American and Democratic Party icon Clark Clifford is appointed chairman. BCCI fronts begin acquiring controlling interest in banks and other American financial institutions. In Arkansas, Jim McDougal purchases Madison Guaranty Savings & Loan. It begins a period of rapid expansion. November: Bill Clinton defeats Frank White, winning back the governor's seat.
<u>1983</u>
Capital Management Services, a federally insured small business investment company owned by Judge David Hale, begins making loans to the Arkansas political elite.
Jackson Stephens forms United Pacific Trading with Mochtar Riady to do business in the U.S. and Asia.
<u>1984</u>
Stephens and Riady join forces to buy First Arkansas Bankstock Corp., changing its name to Worthen Bank and installing 28-year-old James Riady as president.
Jan. 20: The Federal Home Loan Bank Board issues a report on Madison Guaranty questioning its lending practices and financial stability. The Arkansas Securities Department begins to take steps to close it down.
August: According to Jim McDougal, Gov. Clinton drops by his office during a morning jog and asks that Madison steer some business to Mrs. Clinton at the Rose Law Firm.
November: Gov. Clinton wins re-election with 64% of the vote.
<u>1985</u>
January: Roger Clinton pleads guilty to cocaine distribution charges and is given immunity from further prosecution in exchange for cooperation. He testifies before a federal grand jury and serves a brief prison sentence.
Jan. 16: Gov. Clinton appoints Beverly Bassett Schaffer, a longtime associate, to serve as Arkansas State Securities Commissioner.
March: Mrs. Clinton receives from Madison Guaranty the first payment of a $2,000-per-month retainer. Madison's accounting firm, Frost & Co., issues a report declaring the savings and loan solvent.
April 4: Jim McDougal hosts a fund-raiser to help Gov. Clinton repay campaign debts. Contributions at the fund-raiser later draw the scrutiny of Whitewater investigators.
April 7: The New Jersey securities firm Bevill, Bresler & Schulman files for bankruptcy amid fraud charges and an estimated $240 million in losses; one of the biggest apparent losers is Stephens-dominated Worthen Bank, which holds with Bevill $52 million of Arkansas state funds in uncollateralized repurchase agreements.
April 30: Hillary Clinton sends a recapitalization offer for the foundering Madison Guaranty to the Arkansas Securities Commission. Two weeks later, Ms. Schaffer informs Mrs. Clinton the plan is approved, but it is never implemented.
October: Governor and Mrs. Clinton lead a trade delegation to Taiwan and Japan.
Jim McDougal launches the Castle Grande land deal.
<u>1986</u>
Jan. 17: The U. S. Attorney for the Western District of Arkansas drops a money laundering and narcotics-conspiracy case against Arkansas associates of international drug smuggler Barry Seal. Arkansas State Police Investigator Russell Welch and Internal Revenue Service Investigator Bill Duncan, the lead agents on the case, protest; later, both are driven from their jobs.
Feb. 19: Barry Seal is gunned down by Colombian hitmen in Baton Rouge, La. He becomes the touchstone in murky allegations of covert operations, cocaine trafficking and gun running swirling around his base at Mena airfield in western Arkansas.
March 4: The Federal Home Loan Bank Board issues a second, sharply critical report of Madison, accusing Jim McDougal of diverting funds to insiders.
April: Roger Clinton is paroled from prison.
James Riady steps down as president of Worthen Bank.
April 3: David Hale's Capital Management Services makes a $300,000 loan to Susan McDougal in the name of a front, Master Marketing. Some of the funds wind up in a Whitewater Development Co. account. Indicted for fraud on an unrelated transaction in 1993, Mr. Hale claims that then-Gov. Clinton and Jim McDougal pressured him into making the loan.
August: Federal regulators remove Mr. McDougal from Madison's board of directors.
Oct. 5: Deceased Mena drug smuggler Barry Seal's C-123K is shot down over Nicaragua with an Arkansas pilot at the controls and a load of weapons and Contra-supporter Eugene Hasenfus in the cargo bay.
Oct. 24: Clinton friend and "bond daddy" Dan Lasater and nine others, most from the Little Rock bond trading community, are indicted on cocaine charges. Roger Clinton, who has cooperated with the prosecution, is named an unindicted co-conspirator.
November: Gov. Clinton wins re-election. Gubernatorial terms are extended from two years to four.
According to Susan McDougal, Whitewater records are taken to the Governor's Mansion and turned over to Mrs. Clinton sometime during the year.
<u>1987</u>
Officials at investment giant Stephens Inc., including longtime Clinton friend David Edwards, take steps to rescue Harken Energy, a struggling Texas oil company with George W. Bush on its board. Over the next three years, Mr. Edwards brings BCCI-linked investors and advisers into Harken deals. One of them, Abdullah Bakhsh, purchases $10 million in shares of Stephens dominated Worthen Bank.
Jan. 15: Dan Lasater begins serving a 30-month sentence for cocaine distribution. In July, he is paroled to a Little Rock halfway house.
Aug. 23: In a mysterious case later ruled a murder and linked to drug corruption, teenagers Kevin Ives and Don Henry are run over by a train in a remote locale a few miles southwest of Little Rock.
<u>1988</u>
October: A Florida grand jury indicts BCCI figures on charges of laundering drug money. It is the first sign of serious trouble at the international bank.
<u>1989</u>
Manhattan District Attorney Robert Morgenthau begins a wide-ranging probe of BCCI.
March: Federal regulators shut down Madison Guaranty Savings & Loan, at a taxpayer loss of about $60 million. Jim McDougal is indicted for bank fraud.
June 16: Mena investigator Bill Duncan resigns from the Internal Revenue Service following clashes with Washington supervisors over the probe.
<u>1990</u>
May: Jim McDougal goes to trial on bank fraud and is acquitted.
November: Gov. Clinton is elected to a second four-year term, promising to serve it out and not seek the presidency in 1992.
Dec. 3: The Federal Deposit Insurance Corp. cites the Riady family's Lippo Bank in Los Angeles for poor loans and inadequate capital.
<u>1991</u>
Yah Lin "Charlie" Trie, Clinton friend and Little Rock restaurateur, opens Daihatsu International Trading Co., with offices in Arkansas, Washington and Beijing. He later emerges as a central figure in the Clinton-Gore campaign scandal.
January: The Federal Reserve orders an investigation of BCCI's alleged control of First American Bank.
July 5: Regulators world-wide shut down BCCI amid widespread charges of bank fraud and allegations of links to laundered drug money, terrorists and intelligence agencies.
Aug. 13: Chairman Clark Clifford and top aide Robert Altman resign from First American.
Oct. 3: Bill Clinton announces his candidacy for president, denouncing "S&L crooks and self-serving CEOs."
<u>1992</u>
March 8: New York Times reporter Jeff Gerth discloses the Clintons' dealings with Madison and Whitewater. March 20: Washington Times reporter Jerry Seper discloses Hillary Clinton's $2,000-per-month retainer from Madison.
March 23: In a hasty report arranged by the Clinton campaign, Denver lawyer James Lyons states the Clintons lost $68,000 on the Whitewater investment and clears them of improprieties. The issue fades from the campaign.
July 16: Bill Clinton accepts the Democratic Party's presidential nomination in New York.
July 22: A Manhattan grand jury hands up sealed indictments against BCCI principals, including Clark Clifford and Robert Altman. A week later, a grand jury in Washington and the Federal Reserve issue separate actions against Clifford and Altman.
August: Clinton friend David Edwards arranges a $3.5 million lead gift from Saudi Arabian benefactors to the University of Arkansas for a Middle East studies center.
Aug. 31: Resolution Trust Corporation field officers complete criminal referral #C0004 on Madison Guaranty and forward it to Charles Banks, U.S. Attorney for the Eastern District of Arkansas. The referral alleges an elaborate check-kiting scheme by Madison owners Jim and Susan McDougal and names the Clintons and Jim Guy Tucker as possible beneficiaries. Later, Mr. Banks forwards the referral to Washington. In the heat of the campaign, the issue is sidelined.
Nov. 3: Bill Clinton is elected President of the United States. December: Vincent Foster, representing the Clintons, meets with James McDougal and arranges for him to buy the Clintons' remaining shares in Whitewater Development Co. for $1,000. Mr. McDougal is loaned the money for the purchase by Tyson Foods counsel Jim Blair, a longtime Clinton friend and commodities adviser. The loan is never repaid.
...
Click here to read more (http://www.opinionjournal.com/extra/?id=110003549)
What Hides In The Ether?