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MEMORANDUM
TO:
Congressman Leach
FROM:
Banking Minority Staff
RE:
Madison Guaranty ("Madison")
In reviewing documents related to Madison in the possession of
Minority Banking, we have come across material which may indicate
direct payment of a loan of Bill Clinton's by Madison through a
subsidiary.
Since the Minority's investigation is concerned with the possible
misuse of federally insured funds to assist Whitewater and/or the
former Governor, we thought we should share the following
information with you.
SUMMARY
Based on documentary evidence available to the Minority, it
appears that Madison Marketing served, in at least one instance,
as a conduit of funds from Madison Guaranty to Whitewater and
Governor Clinton. If this is correct, it would appear that
insured funds from the failed Madison Guaranty were diverted and
directly benefitted the Governor and his investment in
Whitewater, a claim Clinton had denied.
DOCUMENTATION
In 1983, Bill Clinton obtained a loan from Security Bank of
Paragould, Arkansas for approximately $20,800 (loan #975-
585, Bill Clinton). The money from this loan was used to
pay off the remaining balance of a loan at Madison Bank and
Trust of Kingston, Arkansas that was provided for the
purpose of constructing a modular home on lot #13 at
Whitewater Estates. The loan at Madison Bank was provided
in 1980 to Hillary Clinton in the amount of $30,000.
On November 8, 1985, James McDougal sent a letter
accompanied by a check to Charles Campbell, Vice President
of Security Bank of Paragould, for $7,322.42. The letter
from McDougal states that the check is principal and
interest payment on "Note #957-585, Bill Clinton." [Note:
It appears that the loan number is a typographical error
with the superimposing of numbers 5 and 7 in the first three
digits.]
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"ocrText": "MEMORANDUM\nTO:\nCongressman Leach\nFROM:\nBanking Minority Staff\nRE:\nMadison Guaranty (\"Madison\")\nIn reviewing documents related to Madison in the possession of\nMinority Banking, we have come across material which may indicate\ndirect payment of a loan of Bill Clinton's by Madison through a\nsubsidiary.\nSince the Minority's investigation is concerned with the possible\nmisuse of federally insured funds to assist Whitewater and/or the\nformer Governor, we thought we should share the following\ninformation with you.\nSUMMARY\nBased on documentary evidence available to the Minority, it\nappears that Madison Marketing served, in at least one instance,\nas a conduit of funds from Madison Guaranty to Whitewater and\nGovernor Clinton. If this is correct, it would appear that\ninsured funds from the failed Madison Guaranty were diverted and\ndirectly benefitted the Governor and his investment in\nWhitewater, a claim Clinton had denied.\nDOCUMENTATION\nIn 1983, Bill Clinton obtained a loan from Security Bank of\nParagould, Arkansas for approximately $20,800 (loan #975-\n585, Bill Clinton). The money from this loan was used to\npay off the remaining balance of a loan at Madison Bank and\nTrust of Kingston, Arkansas that was provided for the\npurpose of constructing a modular home on lot #13 at\nWhitewater Estates. The loan at Madison Bank was provided\nin 1980 to Hillary Clinton in the amount of $30,000.\nOn November 8, 1985, James McDougal sent a letter\naccompanied by a check to Charles Campbell, Vice President\nof Security Bank of Paragould, for $7,322.42. The letter\nfrom McDougal states that the check is principal and\ninterest payment on \"Note #957-585, Bill Clinton.\" [Note:\nIt appears that the loan number is a typographical error\nwith the superimposing of numbers 5 and 7 in the first three\ndigits.]"
}