Madison Guaranty

Madison Guaranty was a savings and loan association (thrift or S&L) financial trust company in Little Rock, Arkansas.

Starting in 1982 and operated by Jim McDougal and Susan McDougal, Madison Guaranty Savings and Loan failed in the late 1980s. On April 14, 1997, Jim McDougal was convicted of 18 felony counts of fraud conspiracy charges. The counts had to do with bad loans made by Madison S&L. This S&L was partnered with Whitewater Development Corporation, the subject of Whitewater probe and owned, in part, by Bill and Hillary Clinton.

Madison Guaranty and McDougal hired the Rose Law Firm where Mrs. Clinton worked as a defense attorney. Mrs. Clinton's Rose Law Firm billing records on Madison Guaranty and McDougal's Castle Grande project, which she called IDC (Industrial Development Corporation), could not be found. How much work she actually did on Madison and Castle Grande was the subject of the missing billing records. McDougal also held a fundraiser at Madison Guaranty that paid off Clinton's campaign debt of $50,000. Madison cashier's checks accounted for $12,000 of the funds raised.

Madison employees in the Starr Report

References and external links

References

  1. ↑ washingtonpost.com blue line Caught in the Whitewater Quagmire, By Marilyn W. Thompson,Washington Post Staff Writer, Monday, August 28, 1995; Page A01


This article is issued from Wikipedia - version of the Saturday, March 19, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.