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:
“This castle hath a pleasant seat; the air
Nimbly and sweetly recommends itself
Unto our gentle senses.”
—William Shakespeare (1564–1616)