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
- John Latham: former Madison Guaranty CEO
- Robert W. Palmer: former Madison Guaranty land appraiser
- Larry Kuca: former head of Madison Financial, a subsidiary of Madison Guaranty. Larry pleaded guilty on July 13, 1995, to one misdemeanor count of conspiracy to misapply the funds of a loan from Hale's company.
- Washington Post time line, 1998
- CNN whitewater report, Whitewater started as 'sweetheart' deal, May 6, 1996
- CNN report, Arkansas Roots 1997
- CBS, Caught In The Whitewater Net, May 19, 1998
- "Appraiser on Madison Loans in Plea Accord" NY Times, By STEPHEN LABATON, Published: December 6, 1994 
- "Hillary Clinton and the Whitewater Controversy: A Close-Up" By David Maraniss and Susan Schmidt, Washington Post Staff Writers, Sunday, June 2, 1996; Page A01 
- "Hillary Clinton's Fingerprints Among Those Found on Papers" NY Times, By NEIL A. LEWIS Published: June 5, 1996 
- "Second Set Of First Lady's Billing Records Found" CNN AllPolitics, March 26, 1998 
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