at the time, consequently later paying some $14,600 in federal and state tax penalties in the 1990s. Once her daughter was born in February 1980, she moved all her commodities gains into U.S. Treasury Bonds. Media scrutiny The profits made during the cattle trading first came to public light in a March 18, 1994 report by The New York Times, which had been reviewing the Clintons' financial records for two months. It coincided with the beginning of congressional hearings over the Whitewater controversy. Clinton initially told aides that she had made the futures gains by studying the financial news and placing trades herself, but later acknowledged the help of Blair. Media pressure continued to build, and on April 22, 1994, she gave an unusual press conference under a portrait of Abraham Lincoln in the State Dining Room of the White House, to address questions on both matters; it was broadcast live by CBS, NBC, ABC, and CNN. In it she said she had done the trading, but often relying upon the advice of Blair, and having him place orders for her; she said she did not believe she had received preferential treatment in the process. She also downplayed the dangers of such trading: "I didn't think it was that big a risk. [Blair] and the people he was talking with knew what they were doing." Likelihood of results Various publications sought to analyze the likelihood of Clinton's successful results. Clinton made her money by betting mostly on a market downturn at a time when cattle prices actually doubled. The editor of the Journal of Futures Markets said in April 1994, "This is like buying ice skates one day and entering the Olympics a day later. She took some extraordinary risks." Her activities involved exposure to losses that could have been greater than her family's net worth if the market had turned sharply against her. The former head of the IRS chief counsel’s Commodities Industry Specialization Team expressed skepticism that a novice trader could make such a return. One analysis performed by Auburn University and published in the Journal of Economics and Finance claimed to find that the odds of a return as large as Clinton obtained during the period in question were about one in 31 trillion. Merc and Melamed investigations Chicago Mercantile Exchange records indicated that $40,000 of her profits came from larger trades initiated by James Blair. According