April 11, 2000
Arkansas high court probes Hillary's link to Whitewater deal
By Jerry Seper
THE WASHINGTON TIMES
The Arkansas Supreme Court, which is considering disbarment
proceedings against President Clinton, yesterday said it also is
investigating whether first lady Hillary Rodham Clinton engaged
in fraud in a questionable Whitewater-related land deal.
The probe, confirmed by the court's Committee of
Professional Conduct, has focused on accusations about Mrs.
Clinton's legal representation of a failed Madison Guaranty
Savings and Loan Association real estate venture, which the
Federal Deposit Insurance Corp. called a "sham."
A major area of concern is an option agreement that
facilitated a $300,000 payment to Seth Ward, father-in-law of
Mrs. Clinton's law partner, Webster L. Hubbell. The option,
written by Mrs. Clinton and Mr. Hubbell while they were at Little
Rock's Rose Law Firm, guaranteed Mr. Ward a payoff and negated
his liability in the project.
The Arkansas probe was sought in 1996 by the Landmark Legal
Foundation, a public-interest law firm in Washington, although
James A. Neal, executive director of the Committee of
Professional Conduct, confirmed in a letter this week the
original request had been lost. Mr. Neal said the committee had
begun a new "review" and would report its findings in 30 days.
"Let's hope this time they don't misplace the paperwork,"
said Landmark President Mark A. Levin, who threatened last month
in a letter to seek an order from the Arkansas Supreme Court
forcing the committee to undertake the investigation.
Mr. Neal was out of the office yesterday and unavailable for
comment. A secretary said no one else could speak about the
matter.
Mr. Clinton was investigated by the committee on charges he
obstructed justice and lied under oath in the Paula Jones sexual
harassment case and before the Monica Lewinsky grand jury. The
committee has given him until April 21 to respond.
With regard to Mrs. Clinton, the FDIC said in September 1996
that she and Mr. Hubbell drafted legal papers that Madison used
to deceive bank examiners and divert $300,000 to Mr. Ward.
The FDIC said the papers "facilitated the payment of
substantial commissions to Mr. Ward, who acted as a straw buyer"
in the Madison venture, known as Castle Grande.
A straw buyer is one who owns property in name only, having
never put up any money or assumed any risk.
The FDIC said the Ward payment violated federal regulations,
but did not accuse Mrs. Clinton or Mr. Hubbell of criminal
wrongdoing. It raised serious questions, however, about their
involvement in a real-estate deal that ultimately cost taxpayers
$3.8 million when Castle Grande failed.
The first lady, in a sworn statement to the FDIC, said she
did not recall working on the option, although Rose Law Firm
billing records mysteriously discovered in the White House living
quarters show that the word processing code used by the firm for
legal documents prepared by Mrs. Clinton is on at least four
pages of the option.
The billing records show Mrs. Clinton spoke with Madison
officials about Castle Grande on 14 occasions, billed Madison for
a "conference call with Seth Ward," and listed charges for
"telephone conference with Seth Ward regarding option."
The May 1986 option was designed to facilitate the transfer
of a 22.5-acre parcel to Mr. Ward from the Castle Grande project,
a 1,050-acre development near Little Rock. Though the option was
never exercised, it disguised the reason for the $300,000 payment
and created a paper trail to justify the outlay.
Mr. Hubbell, who served 18 months in prison on his guilty
plea to defrauding the government and the Rose firm of $400,000,
has declined to comment on the option.
Mrs. Clinton's attorney, David Kendall, has said the option
was never exercised "so it did not facilitate the payment of a
single penny of commissions to Mr. Ward."
He also has noted that the FDIC did not accuse Mrs. Clinton
of wrongdoing or having knowledge of any illegal intention with
regard to the option.
Mr. Ward has denied any wrongdoing, saying his role in the
project has unfairly been described by the FDIC.
--end--
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