"Insufficient evidence also exists to prove beyond a reasonable doubt that Governor Clinton knew of or approved" the loan, Ray's report said.
"There is some evidence that Governor Clinton knew or should have known that Jim McDougal was not conducting Madison Guaranty's affairs as required by banking rules," it said.
The report related an incident in which the Arkansas banking commissioner told Clinton in 1983 that there were problems at Madison. The report said Clinton told the commissioner to do whatever was necessary and not to worry about politics.