MURKY WHITEWATER REPORT

"If the Clintons were equal partners in Whitewater,"TIME's Suneel Ratanasks, "why didn't they bear a similar amount of the risk and the financial burden?" A new government report estimates that the Clintons lost $42,192 on the Arkanas land deal -- about $4,000 less than they had claimed. But Ratan reports that a separate, unpublished government analysis of the report says it raises more serious questions about the Clintons' involvement. Even though the Clintons were half-owners of the northern Arkansas development, they put no money into the venture from 1982 to 1986, when it lost money. Partner James McDougal, meanwhile, propped it up with at least $88,022 from Madison Guaranty, the federally-insured S&L he ran. Since Madison later failed, taxpayers effectively subsidized the project.