Cut in Keating’s Salary Reported: Developer Charles...

Cut in Keating’s Salary Reported: Developer Charles H. Keating Jr., head of bankrupt American Continental Corp., has cut his salary to $1 a year, the Arizona Republic reported. Records filed last week in the company’s Chapter 11 bankruptcy case showed that Keating had carried through with a promise made last year to reduce his $400,000 annual salary to a token $1, the newspaper said. Keating had said in a national television broadcast in January that he and his family were “flat broke.” American Continental filed for Chapter 11 bankruptcy on April 13. A day later, the federal government seized its Lincoln Savings & Loan subsidiary.