Robert W. Palmer
Encyclopedia
Robert W. Palmer is a former Madison Guaranty
land appraiser and pleaded guilty to federal conspiracy charges related to Whitewater
. He was later pardoned by Bill Clinton
in a controversial
manner.
As a land appraiser he admitted to conspiring with Jim McDougal
and others with Madison Guaranty
savings association. The case was part of the Whitewater
property, which Bill Clinton
and Jim McDougal originally purchased in 1978. The conspiracy was to inflate the estimates used for the loans. Kenneth Starr
's investigators were also told that Palmer inflated estimates used to support loans made to Gov. Jim Guy Tucker
of Arkansas. The false land appraisals made Madison Guaranty's books look better than they were. Mr. Palmer did about 90 percent of the appraisals for Madison and that about 90 percent of those were inflated. Madison records showed one appraisal was for a $1.05 million loan to Tucker and an associate to buy a water and sewer system for real estate development known as Castle Grande
. Later appraisals found the system to be worth about 1/2 of the loan, when the loan went into default it was one of the largest losses for Madison.
Hale has told investigators that a Palmer's appraisal and later loan for Etta's Place restaurant and two other lots for $825,000 from Madison that helped shore up his finances. Hale handled federally insured loans in Little Rock for the Small Business Administration. The loan helped him to issue an improper SBA loan to Mrs. McDougal. Hale said he made the $300,000 loan because of pressure from Gov. Clinton and Mr. McDougal. Mr. Clinton has denied his claim.
Starting in 1982 McDougal operated Madison Guaranty Savings and Loan. On April 14, 1997, McDougal was convicted of 18 felony counts of fraud
conspiracy charges. The counts had to do with bad loans made by Madison, the S&L
failed in the late 1980s. As his Savings and loan
was Federal insured the bad loans ($68 million) were at the end paid by the taxpayers.
Palmer pleaded guilty on December 6, 1994 to Federal charges of conspiracy.
ed Palmer, one of the 140 pardons
Clinton issued that day.
Madison Guaranty
Madison Guaranty was a Little Rock, Arkansas financial trust company.Starting in 1982 and operated by Jim McDougal-Susan McDougal Madison Guaranty Savings and Loan failed in the late 1980s. On April 14, 1997, Jim McDougal was convicted of 18 felony counts of fraud conspiracy charges...
land appraiser and pleaded guilty to federal conspiracy charges related to Whitewater
Whitewater (controversy)
The Whitewater controversy was an American politics controversy that began with the real estate investments of Bill and Hillary Clinton and their associates, Jim and Susan McDougal in the Whitewater Development Corporation, a failed business venture in the 1970s and 1980s.A New York...
. He was later pardoned by Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
in a controversial
Bill Clinton pardons controversy
President Bill Clinton was criticized for some of his pardons and acts of executive clemency. While most presidents grant pardons on several days throughout their terms, Clinton chose to make most of them on January 20, 2001. Collectively, the controversy surrounding these actions has sometimes...
manner.
As a land appraiser he admitted to conspiring with Jim McDougal
Jim McDougal
James B. "Jim" McDougal , a native of White County, Arkansas, and his wife, Susan McDougal , were financial partners with Bill Clinton and Hillary Rodham Clinton in the real estate venture that led to the Whitewater political scandal of the 1990s...
and others with Madison Guaranty
Madison Guaranty
Madison Guaranty was a Little Rock, Arkansas financial trust company.Starting in 1982 and operated by Jim McDougal-Susan McDougal Madison Guaranty Savings and Loan failed in the late 1980s. On April 14, 1997, Jim McDougal was convicted of 18 felony counts of fraud conspiracy charges...
savings association. The case was part of the Whitewater
Whitewater (controversy)
The Whitewater controversy was an American politics controversy that began with the real estate investments of Bill and Hillary Clinton and their associates, Jim and Susan McDougal in the Whitewater Development Corporation, a failed business venture in the 1970s and 1980s.A New York...
property, which Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
and Jim McDougal originally purchased in 1978. The conspiracy was to inflate the estimates used for the loans. Kenneth Starr
Kenneth Starr
Kenneth Winston "Ken" Starr is an American lawyer and educational administrator who has also been a federal judge. He is best known for his investigation of figures during the Clinton administration....
's investigators were also told that Palmer inflated estimates used to support loans made to Gov. Jim Guy Tucker
Jim Guy Tucker
James "Jim" Guy Tucker, Jr. is an Arkansas political figure. He served as the 43rd Governor of Arkansas, the 11th Lieutenant Governor of Arkansas, Arkansas Attorney General, and U.S. Representative...
of Arkansas. The false land appraisals made Madison Guaranty's books look better than they were. Mr. Palmer did about 90 percent of the appraisals for Madison and that about 90 percent of those were inflated. Madison records showed one appraisal was for a $1.05 million loan to Tucker and an associate to buy a water and sewer system for real estate development known as Castle Grande
Castle Grande
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 lot where Jim McDougal hoped to build a microbrewery, shopping center, a trailer park and other future projects...
. Later appraisals found the system to be worth about 1/2 of the loan, when the loan went into default it was one of the largest losses for Madison.
Hale has told investigators that a Palmer's appraisal and later loan for Etta's Place restaurant and two other lots for $825,000 from Madison that helped shore up his finances. Hale handled federally insured loans in Little Rock for the Small Business Administration. The loan helped him to issue an improper SBA loan to Mrs. McDougal. Hale said he made the $300,000 loan because of pressure from Gov. Clinton and Mr. McDougal. Mr. Clinton has denied his claim.
Starting in 1982 McDougal operated Madison Guaranty Savings and Loan. On April 14, 1997, McDougal was convicted of 18 felony counts of fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
conspiracy charges. The counts had to do with bad loans made by Madison, the S&L
Savings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
failed in the late 1980s. As his Savings and loan
Savings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
was Federal insured the bad loans ($68 million) were at the end paid by the taxpayers.
Palmer pleaded guilty on December 6, 1994 to Federal charges of conspiracy.
Pardon
On January 20, 2001, the last day of his presidency, Bill Clinton pardonPardon
Clemency means the forgiveness of a crime or the cancellation of the penalty associated with it. It is a general concept that encompasses several related procedures: pardoning, commutation, remission and reprieves...
ed Palmer, one of the 140 pardons
Bill Clinton pardons controversy
President Bill Clinton was criticized for some of his pardons and acts of executive clemency. While most presidents grant pardons on several days throughout their terms, Clinton chose to make most of them on January 20, 2001. Collectively, the controversy surrounding these actions has sometimes...
Clinton issued that day.