This is a repeat of an earlier work. Hillary Clinton is attempting to reemerge back into the fray. I want to challenge the right’s “fake news” campaign against her for over 30 years.
For a review of the past few blogs: Hillary Rodham Clinton came of age in the 1970s when the feminist movement was at its peak. She was the only female student in her 1973 Yale Law School graduating class. One of her earlier jobs was as a staffer in the U.S. House Judiciary Committee involved in investigating Watergate in 1974. Then in 1975 Hillary Clinton moved to Arkansas to be close to her boyfriend, Bill Clinton. And this is where she was one of two female faculty members of the University of Arkansas. It was around this time that she started the University’s first free legal aid group.
It is important for Millennials to understand that a trailblazer like Hillary Clinton would have faced resistance from men who were uncomfortable with women who were breaking down barriers in male dominated professions.
Three major republican trumped up scandals regarding Hillary Clinton date back to her early adult years of 1974-1975. ALL HAVE BEEN THOROUGHLY DEBUNKED BY CREDIBLE NEWS OUTLETS AND AS DETAILED IN MY PRIOR BLOGS. Hillary Rodham Clinton was not fired from her Watergate staffer position in 1974; she did not deliberately write a misleading Watergate legal brief while hiding pertinent documents in 1974; and she did not volunteer to handle a rape case in 1975 where the perpetrator got off while she laughed about it.
The Fall of 1975 is when Bill and Hillary Rodham Clinton were married; and in 1976 she joined the prestigious Little Rock Rose Law Firm where she became the first female partner while Bill Clinton became the attorney general of Arkansas.
And then 1978 marks the year, when the then Attorney General Bill Clinton became the governor of Arkansas and when the White Water saga began. As per the Washington Post White Water scandal time line in 1978, “Arkansas Attorney General Bill Clinton and Hillary Clinton join with James B. and Susan McDougal to borrow $203,000 to buy 220 acres of land in Arkansas’ Ozark Mountains. They soon form the Whitewater Development Corp., intending to build vacation homes.”
In the meantime and before the White Water scandal took hold, there occurred another incident which would be fodder for future inquiries. Opponents and the press would eventually be questioning how the Arkansas couple, Mr. and Mrs. Clinton were able to afford the home they purchased in Little Rock, based on their combined incomes. The speculation and innuendo ended when Hillary Clinton proved that around 1978- 1979, she successfully invested in cattle futures which allowed her to purchase their home after he lost the governorship election in 1980. He ran again in 1982 and won.
Then she was investigated by opponents and the press as to how she earned huge profits in the commodities market and if she used her own funds to invest.
Claire McCabe addresses this issue in her 3/13/15 Quora article, “What is the real story behind the Hillary Rodham Clinton cattle futures controversy? She references sources as 1994 Seattle Times; By Angie Cannon, Frank Greve Knight-Ridder Newspapers: AP: Washington Post: Los Angeles Times: Newsday.
Question: She turned $1,000 into $100,000 over 10 months never having traded futures before and never to do so after. Was she assigned winning trades or was this legitimate profitably aggressive trading?
” The disclosure that Hillary Rodham Clinton parlayed $1,000 into nearly $100,000 through highly speculative commodities trading may create political embarrassment for the Clintons. But the information released by the White House covering investments in 1978 and 1979 also appears to support the couple’s contention that they had done nothing illegal or unethical in the trades.”
“Mrs. Clinton, whose commodity trading came during the early years of her husband’s political career and before Ronald Reagan was elected president, was guided through the risky trades by James Blair, a friend and top lawyer for one of Arkansas’ most powerful companies, Tyson Foods Inc. She also “talked to other people” and read the Wall Street Journal to research her trades, a White House official said.”
“Commodities trading, which involves anticipating the future value of a commodity, is done on margin – meaning that it takes only a small amount of money to control a large contract. Mrs. Clinton made dramatic gains by investing in live cattle futures, which are contracts linked to an anticipated future value of 40,000 pounds of slaughter-ready beef cattle.”
“Commodity trading is generally thought to be extremely risky, because if the market goes down, an investor can be liable to come up with the full amount. But a skilled trader, or one with special knowledge of a market, can reap millions of dollars.”
There were other people who made the money she did,” said Levitt, but they were lucky, and their timing was perfect. As a new player, he added, “she had to have one heck of a good advisor or one very good broker.”
“Chuck Levitt, senior livestock analyst at Alaron Trading Corp. in Chicago (said). “It just so happened that she caught the biggest cattle market boom in history and at just the right time.”
“Herds had shrunk for four years and inflation was soaring in 1978-1979, said Levitt. Prices on virtually all commodities were “in a very strong upward trend.” The White House released the information in part to rebut allegations that Mrs. Clinton did not put up any of the money herself.” (Newsweek backed off this story.) “Her spokeswoman, Lisa Caputo and John Podesta said Mrs. Clinton “put up her own money, invested in her own accounts and assumed the full risk of loss.”
“Mrs. Clinton initially invested $1,000 in cash on 10/1/1978. in an account in Springdale, Arkansas, office of the Ray E. Friedman & Co. commodities brokerage of Chicago. By Oct. 12, she made $5,300 and reinvested the $6,300 in several transactions. In a series of trades through the rest of 1978, she accumulated profits of $49,069, offset by losses of $22,548. Her net gain at $26,521 in 1978. In 1979, Mrs. Clinton continued trading in this account with profits of about $109,600, offset by losses of about $36,600. Her net gain for 1979 was $72,996.”