Regulators Clamp Down on Florida S&L;: Savings...
From Times Staff and Wire Reports
Regulators Clamp Down on Florida S&L;: Savings and loan regulators clamped down on CenTrust Bank of Miami, Florida’s largest thrift institution, which invested its deposits in an expensive art collection. The Office of Thrift Supervision ordered the institution to sell what is left of the art, some of which had been kept at the home of CenTrust Chairman David L. Paul, as well as limousines and a corporate jet. It forbade CenTrust from increasing its executives’ salaries or paying dividends to stockholders; ordered the thrift to sell a $233,000 sailboat known as “Bodacious,” and within 90 days, ordered it to stop paying the crew and other expenses for a yacht owned by Paul.
