LOCAL : Attorney Calls Keating Pauper
Lawyers asked a judge today to reduce the $5-million bail for Charles H. Keating Jr., a central figure in the nation’s saving and loan scandal, characterizing him as a pauper who won’t flee.
The former American Continental Corp. chairman sat in Superior Court with three co-defendants as attorneys argued that he would have trouble financing his defense against numerous cases stemming from the $2-billion collapse of Irvine, Calif.-based Lincoln Savings.
The 66-year-old Arizona developer surrendered to Los Angeles County prosecutors Tuesday to face a 42-count grand jury indictment, and Judge Gary Klausner surprised even prosecutors by setting the bail at $5 million.
The bail reduction hearing also sought cuts in the $1-million bails set for co-defendants Judy E. Wischer, Ray C. Fidel and Robin S. Symes.
Klausner took no immediate action on the defendants’ requests.
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