Advertisement

BANKING & FINANCE

From Times Staff and Wire Reports

Suit Says S&L; Paid for Keating Parties: The defunct parent of Lincoln Savings & Loan spent millions on travel and entertainment for Charles Keating Jr. and relatives, according to documents in a bondholders’ lawsuit against Keating and others. The papers contended that American Continental Corp. provided Keating, its chairman, with a “feudal financial playground” that included lofty salaries, a corporate jet fleet and an 11,539-square-foot Florida home that cost nearly $5 million to purchase, renovate and furnish. The report describes a Christmas party with an orchestra flown in from New York, nearly $2,000 worth of Silly String and a 10-stop European trip by Keating and 20 relatives.


Advertisement
Advertisement