1. Archive

Chronology of Whitewater events

Events leading to Saturday's resignation by White House counsel Bernard Nussbaum in connection with the Whitewater controversy:

1978: Bill and Hillary Clinton, along with James McDougal, who subsequently became an S&L operator, buy 200 acres in the Ozarks in attempt to construct a resort development.

1979: Whitewater Development Corp. is formed, with the Clintons as half owners, along with McDougal and his then-wife, Susan.

October 1986: McDougal is ousted as president of Madison Guaranty Savings and Loan, though he remains as owner. Examiner's report by Federal Home Loan Bank Board conducted several months earlier faults thrift for risky investments in real estate deals, low cash reserves and shoddy record-keeping.

March 1989: Madison fails, at cost of between $47-million and $60-million to taxpayers.

March 1992: Clinton's presidential campaign issues report saying the Clintons invested about $70,000 in Whitewater but did nothing improper. The report, based on an examination by a Denver accounting firm, also makes clear that incomplete or missing records make a complete study impossible.

December 1992: Clintons sell their share in Whitewater to McDougal, and eventually claim a $1,000 capital gain on their taxes.

July 20, 1993: Vince Foster, deputy White House counsel and former partner of Hillary Rodham Clinton at Rose Law Firm, is found dead in an apparent suicide. Whitewater documents are removed from his office by administration officials and turned over to David Kendall, Clinton's personal attorney.

Oct. 31: Washington Post reports that federal regulators recommended to Justice Department that a criminal investigation be conducted into Madison Guaranty's failure.

Nov. 9: Paula Casey, U.S. attorney in Little Rock, recuses herself from probe of Whitewater's ties to failed Madison Guaranty, and is replaced by Justice Department prosecutor Donald Mackay. Republican lawmakers call on Attorney General Janet Reno to nominate a special counsel to investigate ties between Madison Guaranty's failure and Whitewater.

Dec. 23: Clinton says he and his wife will turn over to Justice Department prosecutors all Whitewater records but warns the process might take several weeks.

Jan. 5, 1994: White House reveals subpoena has been issued for Whitewater records under terms negotiated on Dec. 23 between prosecutors and Kendall.

Jan. 9, 1994 Sen. Daniel Patrick Moynihan becomes first Democrat to join Republicans calling for a special prosecutor or independent counsel. Seven other Democratic lawmakers issue the same demand within 48 hours.

Jan. 12: Bowing to intensifying political pressure, Clinton asks that a special prosecutor be appointed to investigate his involvement in Whitewater.

Jan. 20: Robert Fiske, a Manhattan lawyer, is selected by Reno to be special counsel in the Whitewater case.

Jan. 26: House Speaker Thomas Foley declares there is no need for congressional hearings on Whitewater.

Feb. 9: The Senate votes 95-0 extend the deadline for civil fraud actions against failed S&Ls _ a victory for Republicans demanding a more extensive probe of the Whitewater case.

Feb. 16: At the request of Fiske, a federal judge in Little Rock, Ark. agrees to empanel a special grand jury to look into Clinton's real estate investment.

Feb. 25: Deputy Treasury Secretary Roger Altman announces he has removed himself from the investigation of Madison Guaranty and will step down March 30 as head of the S&L cleanup agency. Altman had acknowledged giving the White House a private briefing on the status of the S&L agency's investigation.

March 2: Associate Attorney General Webster Hubbell, the No.

3 official at the Justice Department and friend of the Clintons, acknowledges he has been questioned by his former law firm, the Rose Law Firm, about his billings in past cases. Hubbell denies overcharging the Resolution Trust Corp. or any other clients.

March 4: The FBI serves subpoenas on 10 administration officials seeking testimony and documents related to Whitewater and Madison Guaranty.

_ Associated Press