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Argus Newspaper Archives Dec 21 1970, Page 3

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Argus (Newspaper) - December 21, 1970, Fremont, California The arc us Fremont Newark California monday december 21, 1970 Page 3 former general accused of squandering funds Washington Dpi investigators charged sunday that the bankrupt Penn Central Railroad lost nearly Mil lion on a Jet taxi subsidiary run by a former air Force general who squandered much of its assets on women and luxurious living. Clues the report by staff Mem Bers of the House banking committee which is trying to unravel the events leading to the Penn Central s Finan Cial c o 11 a p be earlier this year chronicled the alleged operations of executive Jet aviation inc., Eja and re tired air Force Brig. Gen. 01 Bert f. Lassiter its president until his ouster last july. Committee chairman Wright Patman d-tex., said the Repart which also involved other former air Force generals International financiers and a n u d i e movie provided important clues to the downfall of the Penn Central. The facts Laid out by the staff present one of the Saddest at times one of the most sordid of the american business Community that has Ever been revealed in an official Docu Patman said. Lassiter of Beverly Hills calif., told up the charges were an attempt at sensationalism and the most absurd report on executive Jet he blamed the firm s Legal and financial problems on Bruce Sundlun a Washington lawyer who took Over the presidency and served previously As its general counsel. Court fight Lassiter currently is fight ing in a Delaware court to re gain control of Eja and predicted he would win. Eja was formed in 1964 by Lassiter to charter air planes to ferry Busy executives of other companies. The Penn s y 1 v a n i a Railroad which merged in 1968 with the new York Central to form the Penn Central initially in vested million in the firm and that amount swelled to million Over the next six years. The report alleged that Lassiter consistently and insistently attempted to Palm his monumental living expenses off on Eja and it said former employees Testi fied that he provided female companions for two men who played key roles in financing the airline to ease pressure they were putting on him to get the company into the Black. With great detail the investigators described alleged unsuccessful High flying schemes under Lassiter s management for new aircraft purchases and an inter National air operation High expense accounts extensive personal use by him of the company s planes and deteriorating Eja employee morale. Aware the report also said two men involved in the financing David Revan of Phila Delphia Penn Central s for Mer chief financial officer and former air Force Gen. Charles j. Hodge a new York investment banker both aware that Las Siter had squandered millions of dollars of Eja assets. Lassiter denied All of this. I Don t know of any people who worked harder than be Van and i to make executive Jet he told up. Bevan and Hodge could not be reached for comment. The staff investigators said however that a former Eja employee told them Lassiter was constantly looking for girls for Bevan and companions the report said another for Mer Eja employee . Ric Ciardi testified in court while suing Eja for Back pay that at Lassiter s request he found female flying companions for Bevan and Hodge on Eja business trips to Las vegas and California. Riciardi said he performed the same ser vice for Hodge alone on a trip to Europe. A final example regarding circumstances tending to de moralize the Eja staff is lie Case of Barry Mahon a self described Nudie film maker and personal Friend of Lassi the investigators said. The report did not specific ally outline Mahon s connection with Lassiter s firm but it said photos the history of Lassiter s friendships with a variety of women in recent years is chronicled in hundreds of col ored photographic prints and transparencies the Cost of which was charged by Lassi Ter to Eja and which Eja endeavoured to have Lassiter pay. The photographs Many of which show und raped women were kept on the Eja premises and seized in the Sundlun clash possible soviets have cuban sub new York the russians have nearly completed a nuclear submarine base on the South coast of Cuba which could cause an East West confrontation Sim Ilar to the 1962 missile crisis time Magazine said sunday. The time report said u2 reconnaissance photos show that the soviet base in Cienfuegos Cuba reported under construction in sep tember is near completion. In addition to bunkers for storing submarine borne nuclear weapons the russians have built a steel Antisubmarine Barrier net Between the Shore and the Island of Cayo Carenas and have installed antiaircraft the Magazine said. Docking pier they have also built a pier for Docking submarines and elaborate rest and recreation the Bay now contains two storage barges de signed to receive the Dis charges of nuclear contaminated effluent from time said the base could service any of Russia s 76 nuclear submarines in effect doubling soviet patrol Capac Ity in . Waters because one submarine operating from Cienfuegos can perform surveillance missions which now require two a boats. Initial alarm Over the news that Russia was building the base was allayed when a sub the Argus published by the Dally Hellew inc. Floyd l. Sparks publisher determined a paper of general circulation by order no. 314854 of the Superior court of the state of California in and for the county of Alameda on june 21, 1961. Entered at Post office fre Mont California As second class matter under the act of Congress March 3, 1897. Address All communications to 122 Center Square Fremont California 94536. Member audit Bureau circulation subscription rates toc Dally 2cc sunday month by mall s2.25 month. Published sunday through saturday 122 Center Square. Fremont pm. Phone 797-5279 annual tropical fish 1 Sale big. A examples Black Angel fish---------1.79 2h.80 neontetra.49c Zebra fish.39c 2s40 j Cherry barbs--------------69c bluegourami________89c j Pearl danio_________49c 250. S blushing Angel fish. 1.79 head Tail Lite h aquariums Lake sic Tom. All i mum aft Chwi Cati mod shop now save pikes if fictive until Fremont pet Supply 35750 Fri Mont bivd., Frt Momi z.91-66j4 in Bro Orvole shopping Cut Frei Marine tender which had been on the scene sailed from Cienfuegos. Time said the tender is still cruising in the Caribbean and could return to the base at any time. Salt talks the Magazine said the Nix on administration Hopes to avoid a confrontation that might interfere with the Salt talks and other .-so Viet ventures but it is not certain that avoidance is pos sible. Despite president Nixon s p r e s a conference statement that he was Unwor ried by the soviet naval presence in the Western Atlantic there is some evidence that the crisis has merely been postponed time said. The . Seems to be re signed to the presence of so Viet naval vessels in the Caribbean with the submarines serviced in International Waters from a tender based in Cuba. But it Hopes that the soviets will not Force the is sue by putting the Cienfuegos base into student vote favors women at Institute h 0 b 0 k e n . At Stevens Institute of technology have reversed them selves and decided they want the 100-year-old engineering College to go coeducation Al after All. After turning Down the proposal in 1967, they voted 7ft to 1 for women this year. The Board of trustees then decided to admit the first women under graduates next fall. We be Lieve women will become a More important Factor in engineering and science in the said or. Jess h. Davis president of the col lege. Needy get Yule gifts Chicago 580 needy children on Chicago South Side received new coat sunday from the Harbor Lan Jaycees. The children wer screened from about families suggested by chicag schools. Student in Hijack try Tulsa okla. Tall Okmulgee state technical co Liege student from Brooklyn . Was charge sunday with attempting to Hijack a Continental airlines jetliner to Cuba and held in lieu of Bond. Carlos Denis arrested sat urday night by Tulsa police in the washroom of flight 144 was taken before . Com missioner Jack Silver whose Bond and scheduled a preliminary hearing for dec. 30. Denis also transferred from the City jail to the county jail. Continental flight 144 originated in Elpaso tex., and had stopped in Albuquerque Denver and Wichita Kan. 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