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Arkansas Development Finance Authority (view source)
Revision as of 23:42, October 18, 2016
, 23:42, October 18, 2016no edit summary
The Arkansas Development Finance Authority''' ('''ADFA''') charter was drafted by [[Webster Hubbell]], passed by the [[Arkansas]] state legislature and signed into law by Governor [[Bill Clinton]] in 1985.
The ADFA primarily served two masters: the Stephens, Inc., investment bank that received 78 percent of ADFA's underwriting fees and sales of housing and industrial bonds (Clinton had appointed two Stephens associates to the ADFA board) (10); and Clinton crony [[Dan Lasater]], whose municipal bond issues firm underwrote $664 million in municipal bond issues after the creation of the ADFA.<ref>Davis, L. J., "The Name of the Rose," The New Republic, April 4, 1994. </ref>
The ADFA primarily served two masters: the Stephens, Inc., investment bank that received 78 percent of ADFA's underwriting fees and sales of housing and industrial bonds (Clinton had appointed two Stephens associates to the ADFA board) (10); and Clinton crony [[Dan Lasater]], whose municipal bond issues firm underwrote $664 million in municipal bond issues after the creation of the ADFA.<ref>Davis, L. J., "The Name of the Rose," The New Republic, April 4, 1994. </ref>