Bank loans to Clinton lead to 'cronyism' row
Friday 15 July 1994
The loans were made between 1983 and 1988 by the Bank of Cherry Valley, owned by Maurice Smith, a friend and close aide of Mr Clinton. They were repaid by contributions to special parallel accounts at the same bank, from donors including Tyson Foods, the giant Wal-Mart stores group, and various Arkansas banks and state-regulated utilities.
Undeclared at the time, the dealings have only been brought to light by press investigation of Mr Clinton's finances while he was an investor in the controversial Whitewater land development in the 1980s. The loans complied with the letter of the law, qualifying neither as personal income nor campaign contributions, which would have had to be disclosed. They appear to have been spent mainly on media advertising for Mr Clinton's legislative plans covering education reform and various other initiatives for the state.
White House officials yesterday denied the loans were a form of slush fund, or for the personal use of Mr Clinton, whose salary was then just dollars 35,000 a year. But critics have seized on them as further proof of cronyism and dependence on special interests. 'This was really just money to support his efforts to stay in office,' said one.
The new raking over of the President's gubernatorial days in Arkansas could hardly have come at a worse moment. Last week's trip to Europe has done little to revive his sagging popularity. On 26 July, the House is due to start its televised hearings on Whitewater, guaranteeing vast publicity, if not necessarily enlightenment.
In early August a federal judge in Little Rock will pronounce on the crucial issue of presidential immunity in the Paula Jones harassment affair. If immunity is denied, as Ms Jones' lawyers demanded yesterday, the case could go ahead this autumn, amid saturation coverage beside which Whitewater pales.
Apple agrees deal with Visa on contactless payments
- 1 Is Apple's iCloud safe after leak of Jennifer Lawrence and other celebrities' nude photos?
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
London 'terror threat': Metropolitan police deny tube attack hoax
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
£55000 - £60000 per annum + Benefits + Bonus: Harrington Starr: Lead C# Develo...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£45000 - £53000 Per Annum plus bonus plus package: The Green Recruitment Compa...
£110 - £135 per day + Competitive Rates: Randstad Education Maidstone: Outstan...