Beginning with the South Carolina debate, and continuing as an applause line in many stump speeches thereafter, Hillary Clinton has accused Barack Obama of representing an inner-city slum lord while practicing law in Chicago. Of all people, Sen. Clinton should know better.

During the Whitewater investigation, Independent Counsel Kenneth Starr investigated the legal work performed by Mrs. Clinton, then a partner in the Rose law firm, on behalf of Jim McDougal and his bank, Madison Guaranty. Mr. Starr believed that Mrs. Clinton...