once upon a time in arkansas
Jim Clark's Testimony

[1]At the time of Clark's departure, the FHLBB had become the Office of Thrift Supervision.

[2]McDougal already had resigned from the board and from his management position at Madison Guaranty. Clark theorized that McDougal had done so in an effort to shed some of the regulatory restrictions to which directors and officers of thrifts are subject.

[3]Typically Quapaw Title, another affiliated entity. [4]Although he was not a candidate for political office during the period 1983-86, Tucker had incurred some $250,000 in debt in the course of a failed run for Governor in 1982.

[5] Clark apparently was referring to a $260,000 loan in which the purchase price of the property was $125, 000, with the remaining $135,000 allegedly earmarked for a market feasibility study, when they actually were diverted to pay an unrelated real estate loan which Tucker had co-signed at Savers Federal. This transaction was the subject of RTC criminal referral #730CRO190. [6]The function of examiners is to classify assets, not analyze transactions in individual checking accounts.

[7]Clark felt that he would recall such a meeting if he had been aware of it at the time of the examination. [8]After the meeting, Clark and Young joked that "butter would not melt in his [McDougal's] mouth."

[9]Documents show that Dallas supervisory agent Chip Kiesewetter invited Schaffer to the meeting.

[10]Madison Guaranty was examined in January 1984 and then again in March 1986.

[11]Clark apparently is referring to the $30,000 Whitewater entry for an engineering study.

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