It all started one day in the spring of 1978 when a businessman and longtime politico named Jim McDougal approached us with a sure-thing deal: Bill and I entered a partnership with Jim and his young wife, Susan, to buy two-hundred-thirty undeveloped acres on the south bank of the White River in North Arkansas. The plan was to subdivide the site for vacation homes, then sell the lots at a profit. The price was $202,61l.20.

事情也是从1978年春天开始的。商界老牌政客吉姆·麦克道戈尔主动邀请我们共同投资一笔稳赚不赔的买卖。我们与吉姆、苏珊夫妇共同买下位于阿肯色北部白河南岸一片两百三十英亩未开发的土地，计划将土地分割，兴建度假别墅，之后再分别售出，其利可观。这块地以二十万两千六百一十一元二角成交。

Jim McDougal was a character: charming, witty and eccentric as the day is long. With his white suits and baby blue Bentley, McDougal looked as if he'd just stepped out of a Tennessee Williams play. Despite his colorful habits, he had a solid reputation. He seemed to do business with everybody in the state, including the impeccable senator Bill Fulbright, for whom he helped make a lot of money in real estate. His credentials were reassuring to both of us.

麦克道戈尔不是简单人物：风采迷人，头脑机灵，偏偏终日喜欢搞怪。他套上雪白西装、驾着浅蓝色本特利车，活像从田纳西·威廉姆斯的剧本中冒出的角色。除了他有趣的习性之外，他的名声也十分响亮，似乎州里每个人都和他打过交道，他也替以清廉闻名的富布赖特在房地产上赚了大钱。我们当然也对他深信不疑。

If all had gone according to plan, we would have turned over the investment after a few years and that would have been the end of it.

假使能按照原先的计划进行，不几年我们就可以收回投资，此事也就结束了。

But by the time the development was surveyed and lots were ready for sale, interest rates had gone through the roof. Rather than take a huge loss, we held on to Whitewater, making some improvements and building a model home while hoping for an economic turnaround. From time to time, over the next several years, Jim asked us to write checks to help make interest payments or other contributions, and we never questioned his judgment. We didn't realize that was becoming involved in a raft of dubious business schemes.

不过，当公司打算销售土地时，利率却一路攀高。我们不想承担巨额损失，而是继续花钱整修，成立了白水开发公司，盖了一间样品房，期待经济重新景气。接下来几年，麦克道戈尔不时叫我们在支票上签字付款，既然信任朋友，我们也没多问。却没料到麦克道戈尔暗地里涉足不正当生意。