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.

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.

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