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Saturday Night Live

"Rockers to Help Explain Whitewater"

(Spoken Intro)
Hi, I'm Cindy Crawford for MTV News! For the last several weeks, the story of President Clinton's Whitewater scandal has dominated the headlines. We at MTV initially thought we weren't going to be able to cover the Whitewater affair at all, mostly because many of our viewers, myself included, don't really understand Whitewater, or even know what it is. But that's all changed, now that some of the biggest names in rock have come together to sing a song about it. Let's take a look

Back in 1978, the Clintons bought some land to sell vacation homes. 230 acres, to be exact

They borrowed two or three thousand dollars with their friends the MacDougals and formed the Whitewater Development Corporation

And that's a fact!

In 1980, McDougal buys the Madison Bank & Trust. He lends his partner Hillary 30 grand to build a model home on a Whitewater lot

He loans her money to get around laws which prevents him from loaning money to himself or his company

And that's the plot

It's very complicated!
It's hard to understand!
We'll try to walk to walk you through it
Come on and take my hand!

In 1984, Whitewater helps Bill pay back a $20,000 personal loan to the Cherry Valley Bank and the Clintons claim the payment as an interest deduction on their tax return

That's an illegal deduction, but the Clintons blame their accountants for the mistake

This intriguing turn

McDougal buys back Clinton's loan and hires Hillary and her law firm to represent his bank. Then, she helps Whitewater buy a new piece of land with an illegal $300,000 loan

McDougal says he shipped the Clintons all the files to the governors mansion, and the Clintons say they never got them

These guys should talk on the phone

It's very tough to figure
Where it all went wrong
But draw your own conclusion
From listening to our song

Madison Bank goes under with $60 million missing. McDougal is arrested. And, in a conflict of interest, Hillary's law firm is hired for a suit against the bank that it used to represent

McDougal is acquitted, but claims the Clintons lost much less than the $68,000 they claimed

And in 1992, Clinton ran for president

It's really quite a puzzle
Who did what to who
But we gotta get a handle
It's up to me and you

In 1993, Vince Foster, the Clintons' friend and attorney who worked at the same firm as Hillary filed long overdue taxes for Whitewater, which contradicted msot of the established financial numbers. After his suicide, important papers were removed from his office

White House staffers met with the Treasury Department, and then Janet Reno named a special prosecutor and the House began deciding whether to hold hearings and what kind to hold. So finally the President had to being in Lloyd Cutler, an old Democratic hand, to restore some order to his administration

We don't have all the answers
Perhaps we never will
The only ones who'll ever know
Are Hillary and Bill

And McDougal and his wife

And Webster Hubbell and Margaret Williams

And Vince Foster

(Spoken Outro)
I've learned more from that song than all years at MTV! Live, from New York, it's SATURDAY NIGHT!!

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