EXHIBIT 23.1
 
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
 
As independent public accountants, we hereby consent to the incorporation of our
report dated March 12, 1999, (except with respect to the matter discussed in
Note 25, as to which the date is March 25, 1999) on GIANT GROUP, LTD. and
subsidiaries' consolidated financial statements and related schedules for the
year ended December 31, 1998, included in the Form 10-K, into GIANT GROUP,
LTD.'s previously filed Registration Statement File No. 33-16848.

 
                                           ARTHUR ANDERSEN LLP
 

Los Angeles, California
March 25, 1999