Castle Grande was a real estate development in Arkansas about 10 minutes south of Little Rock. It came into National news as a result of the Whitewater investigations. The project was a 1,050-acre (4.2 km2) lot where Jim McDougal hoped to build a microbrewery, shopping center, a trailer park and other future projects in 1985. The land was scrub pine forerst that had failed already as an industrial development. The sales price was $1.75 million. State regulations prohibited Jim McDougal from investing more than 6% of his Madison Guaranty S&L assets. So, he put in $600,000 of Madison money and then for the difference had Seth Ward put in the remaining $1.15 million. This money Ward borrowed from Madison Guaranty on non-recourse, no personal obligation to repay. If federal regulators found out McDougal's S&L could be shut down, since it had already been operating under orders to correct its lending practices.
Read more about Castle Grande: Seth Ward, Robert W. Palmer, Jim McDougal, David Hale, Hillary Clinton, Susan McDougal, David Kendall, Vincent Foster, Sam Bratton
Famous quotes containing the word castle:
“If, in looking at the lives of princes, courtiers, men of rank and fashion, we must perforce depict them as idle, profligate, and criminal, we must make allowances for the rich men’s failings, and recollect that we, too, were very likely indolent and voluptuous, had we no motive for work, a mortal’s natural taste for pleasure, and the daily temptation of a large income. What could a great peer, with a great castle and park, and a great fortune, do but be splendid and idle?”
—William Makepeace Thackeray (1811–1863)