Word: madison
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...difference could be crucial. An inquiry focused narrowly on Whitewater and the failed Madison Guaranty Savings & Loan, whose owner James McDougal and then wife Susan were partners with the Clintons in that land venture, might be concluded speedily, but be open to charges of inadequacy. A broader investigation could turn into a fishing expedition lasting for years...
...case, matters meriting a special counsel's attention keep piling up. The fundamental questions still are: Was any money from Madison Guaranty improperly funneled into Governor Clinton's campaigns, or into the Clintons' pockets? And did the Governor repay with political favors to the S&L? But any attempt to answer quickly leads into a tangled financial-political underbrush, which seems to get thornier every day. Some new problems...
CONFLICT OF INTEREST? A Governor going into partnership with a man whose main business is regulated by the state government seems questionable to begin with -- or at least an occasion for special vigilance. But at least one more specific potential conflict has been turned up by TIME. In 1983, Madison Guaranty sought state approval, over the objections of a rival S&L, to open a branch in Salina County. A six-member board established to decide such cases had a temporary vacancy. Governor Clinton sent a letter to one Dick Fisch (nobody today recalls anything about him) appointing Fisch...
TRYING TO MISLEAD REGULATORS? Rose Law Firm, in which Hillary Clinton was a partner, represented Madison Guaranty for a retainer of $2,000 a month, and in 1985 Mrs. Clinton presented to a regulator appointed by her husband a plan for a sale of preferred stock to shore up the S&L's finances. In support of that petition, Richard Massey, another member of the Rose firm, wrote two letters. One, in June, acknowledged inferentially that Madison did not meet federally mandated cash requirements but cheerily asserted that "the applicant anticipates that no deficiency will exist in the near future...
Those rosy opinions were sandwiched between totally contrasting judgments by the Federal Home Loan Bank Board, which supervised S&Ls whose deposits were insured by the Federal Government, as Madison's were. In a 1984 audit, the bank board warned that Madison's "investment and lending practices in real ( estate developments" were jeopardizing its "viability." In 1986, eight months after the second Massey letter, another bank-board audit cited a hair- raising list of "problems," including "conflicts of interest, high-risk land developments, poor asset quality . . . inadequate income and net worth, low liquidity, securities speculation, excessive compensation ((presumably to officers...