Madison Guaranty Savings and Loan Association was a savings and loan association based in Little Rock, Arkansas . The company operated from 1979 until 1989 when it was shut down by federal regulators as a result of bank failure , leading to a loss of $ 60 million for the Federal Deposit Insurance Corporation . Beginning in 1982, the bank was owned and managed by Jim McDougal , a friend of Bill Clinton and Hillary Clinton . On March 8, 1992, during the 1992 United States presidential election the bank was the subject of an article in The New York Times by Jeff Gerth , which linked the bank to Whitewater Development Corporation , owned by McDougal and the Clintons. After Clinton's election as president, the bank was the subject of investigations by the United States Congress and special prosecutor Ken Starr as part of the Whitewater controversy . McDougal was investigated to determine if he improperly diverted money from the bank to Whitewater or the Clinton campaign during the Arkansas gubernatorial election, 1984 .
22-574: In 1979, the bank received a state savings and loan charter from Arkansas as Woodruff County Savings and Loan in Augusta , Arkansas . From June 1979 to December 1981, assets grew from $ 2.6 million to $ 3.8 million. In April 1982, an audit by the Federal Home Loan Bank Board , the bank's regulator, found substantial losses and questioned the solvency of the bank. Later in 1982, Madison was acquired by Jim McDougal and Steve Smith. John Latham
44-437: A household in the city was $ 21,500, and the median income for a family was $ 24,506. Males had a median income of $ 24,781 versus $ 18,176 for females. The per capita income for the city was $ 12,865. About 23.6% of families and 28.9% of the population were below the poverty line , including 41.9% of those under age 18 and 24.9% of those age 65 or over. Public education for early childhood, elementary and secondary school students
66-596: Is a city in Woodruff County , Arkansas , United States, located on the east bank of the White River . The population was 1,998 as of the 2020 Census . The city is the county seat of Woodruff County. The location was a natural riverboat landing spot on the navigable White River . After the chaos of the American Civil War and its immediate aftermath, the town entered its greatest period of prosperity in
88-567: Is an alluvial plain created by the Mississippi River on which lie parts of seven U.S. states , from southern Louisiana to southern Illinois (Illinois, Missouri, Kentucky, Tennessee, Arkansas, Mississippi, Louisiana). The plain is divided into (a) the Mississippi River Delta in the southern half of Louisiana and (b) the upper Mississippi Embayment running from central Louisiana to Illinois. The term "Mississippi embayment"
110-559: Is provided by the Augusta School District , which leads to graduation from Augusta High School . Augusta sits on US Route 64 and State Highway 33 . Woodruff County Airport ( FAA LID : M60 ) is a county-owned public-use airport four nautical miles (5 mi , 7 km ) east of the central business district of Augusta. Multiple sites in and around Augusta are on the National Register of Historic Places including
132-601: Is sometimes used more narrowly to refer to its section on the western side of the river, running through eastern Arkansas , southeastern Missouri , westernmost Tennessee (east side of the River), westernmost Kentucky (east side of the River) and southernmost Illinois , and excluding northwest Mississippi where the alluvial plain is known as the Mississippi Delta . It is the largest ecoregion of Louisiana , covering 12,350 square miles (32,000 km ), and including all of
154-436: Is the hottest month of the year, with an average high of 93 °F (33.9 °C) and an average low of 70 °F (21.1 °C). Temperatures above 100 °F (38 °C) are not uncommon. January is the coldest month with an average high of 49 °F (9.4 °C) and an average low of 27 °F (−2.8 °C). The highest temperature was 112 °F (44.4 °C), recorded in 1936 and 1972. The lowest temperature recorded
176-985: The Augusta Commercial Historic District (roughly bounded by 1st, Main, 2nd, and Pearl streets), the Augusta Electrical Generating Plant , the Augusta Memorial Park Historic Section , the Augusta Presbyterian Church , the Ferguson House , the George Washington Carver High School Home Economics Building , Gregory House , the Jess Norman Post 166 American Legion Hut , the Mathis-Hyde House , and
198-756: The Woodruff County Courthouse . Cache River National Wildlife Refuge , headquartered in Augusta but located just south of town, protects wetland habitats for migrating waterfowl together with other wildlife, and includes some of the most intact and least disturbed bottomland hardwood forests in the Mississippi Valley region. The 64 Speedway was a popular short track motor racing location which closed in 2007. Mississippi Alluvial Plain The Mississippi River Alluvial Plain
220-473: The 1870’s as a year-round riverboat transport point for a wide variety of goods, serving vessels from as far away as Memphis and New Orleans . Thus, when railroads began entering the county in the late 1800’s, the good people of Augusta opted out of the apparently-unnecessary innovation and allowed their town to be bypassed by the tracks. When river traffic began to decline, the citizens realized their mistake, and decided to build their own railroad to link to
242-570: The Federal Home Loan Bank Board ordered McDougal's removal from management of Madison, although he remained its owner. Robert W. Palmer , an appraiser, admitted to falsifying appraisals. In 1986, the assets of the bank peaked at $ 125.5 million. On March 2, 1989, Madison was seized by Federal regulators and put into receivership with the Federal Savings and Loan Insurance Corporation as receiver. On April 14, 1997, Jim McDougal
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#1732855976870264-510: The NWR is listed as a Ramsar wetlands of international importance , and serves as a key wintering area for ducks and the largest contiguous tract of bottomland hardwood forest in North America . Woodruff County has a humid subtropical climate ( Köppen Cfa ). Woodruff County experiences all four seasons, although summers can be extremely hot and humid and winters are mild with little snow. July
286-535: The city was 55% White , 42.99% Black or African American , 2% Native American , 0.08% from other races , and 0.64% from two or more races. 0.38% of the population were Hispanic or Latino of any race. There were 1,070 households, out of which 32.3% had children under the age of 18 living with them, 42.2% were married couples living together, 22.8% had a female householder with no husband present, and 30.7% were non-families. 28.1% of all households were made up of individuals, and 13.3% had someone living alone who
308-473: The historic Mississippi River floodplain in the state. 34°N 91°W / 34°N 91°W / 34; -91 This Illinois state location article is a stub . You can help Misplaced Pages by expanding it . This Missouri state location article is a stub . You can help Misplaced Pages by expanding it . This Kentucky state location article is a stub . You can help Misplaced Pages by expanding it . This Tennessee geography–related article
330-571: The land to better suit row crops . Although some swampland has been preserved in the Cache River NWR and some former farmland has undergone reforestation, the majority (56 percent) of the county remains in cultivation. The nearby Cache River NWR, owned by the United States Fish and Wildlife Service , is a preservation area maintaining the original features of the area. Stretching approximately 90 miles (140 km) across adjacent counties,
352-597: The national rail grid. What became the Augusta Railroad lasted from 1886 to 1958 or 1959. Augusta is located approximately 75 miles (121 km) northeast of Little Rock and 81 miles (130 km) west of Memphis , Tennessee . According to the United States Census Bureau , the city has a total area of 2.0 square miles (5.2 km ), all land. Augusta is located in the Arkansas Delta, one of
374-501: The six primary geographic regions of Arkansas. The Arkansas Delta is a subregion of the Mississippi Alluvial Plain , which is a flat area consisting of rich, fertile sediment deposits from the Mississippi River between Louisiana and Illinois . Prior to settlement, Woodruff County was densely forested, with bayous, sloughs, and swamps crossing the land. Seeking to take advantage of the area's fertile soils, settlers cleared
396-452: Was 65 years of age or older. The average household size was 2.46 and the average family size was 3.00. In the city, the population was spread out, with 28.3% under the age of 18, 9.2% from 18 to 24, 24.8% from 25 to 44, 23.2% from 45 to 64, and 14.5% who were 65 years of age or older. The median age was 36 years. For every 100 females, there were 90.8 males. For every 100 females age 18 and over, there were 81.5 males. The median income for
418-785: Was convicted of 18 felony counts of fraud conspiracy charges as a result of bad loans made by Madison. He was sentenced to 3 years in prison and payment of $ 4.27 million in restitution to the Small Business Administration and the Federal Deposit Insurance Corporation. Madison Guaranty and McDougal hired the Rose Law Firm , where Mrs. Clinton worked, as a defense attorney. Mrs. Clinton's billing records on Madison Guaranty and McDougal's Castle Grande real estate development project could not be found. How much work she actually did on Madison and Castle Grande
440-410: Was named chief executive officer . The bank continued its rapid growth, increasing in assets from $ 6.7 million at the end of 1982 to $ 48.6 million in 1986. In 1983, McDougal and his wife, Susan McDougal , took control of the institution. In a 1984 audit, federal regulators found the bank was making unsound loans and noted that if paper losses were realized, Madison would be insolvent. In August 1986,
462-493: 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. On January 4, 1996, Clinton's billing records were found on a table in the White House, which showed that she performed a mere 60 hours of legal work for Madison in 1985 and 1986. Augusta, Arkansas Augusta
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#1732855976870484-475: Was −11 °F (−24 °C), on January 8, 1942. As of the 2020 United States Census , there were 1,998 people, 966 households, and 597 families residing in the city. As of the census of 2000, there were 2,665 people, 1,070 households, and 741 families residing in the city. The population density was 1,357.4 inhabitants per square mile (524.1/km ). There were 1,164 housing units at an average density of 592.9 per square mile (228.9/km ). The racial makeup of
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