Changes

The '''Arkansas Development Finance Authority''' ('''ADFA''') charter was drafted by [[Webster Hubbell]], passed by the [[Arkansas]] state legislature at Gov. [[Bill Clinton]]'s urging and signed into law by Gov. Clinton in 1985. The ADFA has no regulator and no legislative oversight. The governor appointed the board members and reviewed every bond issued. There was no limit on the value of bonds that could be issued.  

The '''Arkansas Development Finance Authority''' ('''ADFA''') charter was drafted by [[Webster Hubbell]], passed by the [[Arkansas]] state legislature at Gov. [[Bill Clinton]]'s urging and signed into law by Gov. Clinton in 1985. The ADFA has no regulator and no legislative oversight. The governor appointed the board members and reviewed every bond issued. There was no limit on the value of bonds that could be issued.  

Seth Ward, Webbster Hubbell's father-in-law and owner of Park-On-Meter (POM), an Arkansas manufacturer of parking meters, recieved the first loan from ADFA for $2.85 million. The money was intended to expand Ward's parking meter manufacturing into gun manufacturing for the [[CIA]] for use in [[Central America]] with untraceable serial numbers; however, the CIA did not make this request - someone in Gov. Clinton's Arkansas political machine blabbed openly about the covert supply chain operating out of [[Mena, Arkansas]] with Gov. Clinton's consent to aid the [[Nicaragua]]n [[Contras]] and their need for untraceable weapons due to the [[Boland Amendment]].

Seth Ward, Webbster Hubbell's father-in-law and owner of Park-On-Meter (POM), an Arkansas manufacturer of parking meters, recieved the first loan from ADFA for $2.85 million. The money was intended to expand Ward's parking meter manufacturing into gun manufacturing for the [[CIA]] for use in [[Central America]] with untraceable serial numbers; however, the CIA did not make this request - someone in Gov. Clinton's Arkansas political machine blabbed openly about the covert supply chain operating out of [[Mena airport|Mena, Arkansas]] with Gov. Clinton's consent to aid the [[Nicaragua]]n [[Contras]] and their need for untraceable weapons due to the [[Boland Amendment]].

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); and Clinton crony [[Dan Lasater]], whose municipal bond issues firm underwrote $664 million in Arkansas state bonds in just two yeaes.<ref>Davis, L. J., ''[https://groups.google.com/forum/m/#!topic/alt.current-events.clinton.whitewater/o3lVsWcB-U8 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); and Clinton crony [[Dan Lasater]], whose municipal bond issues firm underwrote $664 million in Arkansas state bonds in just two yeaes.<ref>Davis, L. J., ''[https://groups.google.com/forum/m/#!topic/alt.current-events.clinton.whitewater/o3lVsWcB-U8 The Name of the Rose,]'' The New Republic, April 4, 1994. </ref>