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As the money rolled in, more and more deposits were needed to pay interest on the deposits and underwrite King's lavish lifestyle. The proximate cause of that failure, according to a report submitted to a congressional subcommittee, was "unbridled consumption." Even the boiler room had trouble keeping pace with King's extravagance.

NCUA records showed that he spent $1,500 a month just to have his swimming pool serviced.

The sexual allegations, which he has denounced as "garbage," are based on still unverified reports from half a dozen young people who reportedly have described being auctioned like love slaves, flown to the coasts for wild parties, or plied with drugs and alcohol as part of a bisexual bacchanal.

"I don't know if the witnesses are telling the whole truth or part of the truth, but they appear credible to me," said state Sen.

Federal Election Commission records show that he donated more than $30,000 to various political causes in the 1980s, including $2,500 to the Republican National Committee, $15,000 to a gay rights political action committee and, in 1987, $1,000 to Jack Kemp plus another $5,000 to a Kemp PAC.