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In the first installment of the Fox News Channel series "Scandalous," viewers were given a look back at one of the major scandals in which the Clintons were allegedly involved.

President Bill Clinton, a native of Hope, Ark., was offered a partnership in an investment opportunity in the Ozark Mountains by Jim and Susan McDougal.

The tract of land along the White River in Marion County later became known as "Whitewater."

Jim McDougal grew fond of the young Clinton and hired him while working in the office of then-Sen. J. William Fulbright (D-Ark.). 

As the program described, McDougal convinced Clinton to invest in "Whitewater Estates," and the consortium approached a local broker to express interest in developing the property in 1978.

"Whitewater eventually struggled in part because of interest rate spikes during the Jimmy Carter administration."

One loan was made out to Hillary Rodham Clinton in the amount of $30,000, the program recalled.

In the meantime, Bill Clinton had been elected and served one term as Arkansas governor. 

McDougal had also purchased what became Madison Guaranty Savings and Loan, one of what was then many small S&L associations nationwide.

The institutions were characterized as having much less regulation than the big banks, and as deputy independent counsel Hickman Ewing Jr. recalled, McDougal was going so far as to offer ten percent interest on checking accounts.

"I don't think I ever saw a savings and loan as dirty as Madison Guaranty," deputy independent counsel Solomon Wisenberg said.

As "Scandalous" recalled, McDougal was charged with using matching funds granted to Madison by the Small Business Administration to "help friends of the Clintons."

As the Washington Post reported in 1996, Bill Clinton asked a financier named David Hale to loan $300,000 to Whitewater partner Susan McDougal.

The Whitewater investment property eventually failed, and allegations continued to dog the Clintons - who have never been formally charged with any wrongdoing - into Bill's first presidential term.

In 1995, the Senate convened the "Whitewater committee" to look into the related financial dealings.

Watch more above.


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