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A SAVINGS AND LOAN bank, Madison Guaranty was part of President Bill Clinton's Whitewater scandal. In June 1978, Clinton and his wife Hillary joined their longtime friends, Jim and Susan McDougal, in the purchase of 230 acres near Flippin along north Arkansas' White River. Their Whitewater Development Corporation was formed to build and sell homes on lots on this land. The couples borrowed about $200,000 of the money to purchase the land from Citizens' Bank; the $10,000 down payment was borrowed from another bank but the investors did not inform Citizens. The Clintons were equal partners in the endeavor even though they did not invest as much as the McDougals.

In January 1982, Jim McDougal, who had been Arkansas Attorney General Bill Clinton's economic aide from ...

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