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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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1992-08-28
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BUSINESS, Page 38Business NotesSCANDALSEverything But the Sink
As Charles Keating's real estate empire crumbled around him
in August 1990, he apparently reached for something to hold on
to. And, according to the Arizona Republic, he got plenty. Last
week the newspaper reported the allegation that just before he
resigned as chairman of American Continental Corp., which had
filed for bankruptcy protection, Keating looted the office of
various and sundry supplies and had them shipped to a building
he had rented. The alleged booty: lamps, typewriters, phone and
computer equipment, a Minolta overhead projector and paper. "A
myriad of items. Everything you'd need to start a new
business," said a lawyer who is familiar with the investigation.
Not that Keating is setting himself up in business anytime
soon. Last month the former high-flying financier was convicted
in a California court of securities fraud connected with the
failure of Lincoln Savings & Loan, an A.C.C. subsidiary. Federal
criminal charges followed, and when Keating claimed negative net
worth, the judge reduced his $2 million bail to $300,000. The
Feds have amassed a 77-count indictment that accuses Keating,
and four others, of defrauding Lincoln of $250 million. Keating
maintains his innocence on the charges. Oh, and the missing
property has been returned to A.C.C.