<ARTICLE>                     5
<LEGEND>
Earnings per share represent  those for Class C stock.  Basic earnings per share
for Classes A & B stock are $0.48.  Diluted earnings per share are $0.46 for for
Classes A & B stock.
</LEGEND>                    
<MULTIPLIER>                                   1,000
       
                                          
<PERIOD-TYPE>                                12-mos
<FISCAL-YEAR-END>                            DEC-31-1997
<PERIOD-END>                                 DEC-31-1997
<CASH>                                       177,617
<SECURITIES>                                 1,099,048
<RECEIVABLES>                                21,442  
<ALLOWANCES>                                 0
<INVENTORY>                                  0
<CURRENT-ASSETS>                             201,778
<PP&E>                                       132
<DEPRECIATION>                               0
<TOTAL-ASSETS>                               1,348,135
<CURRENT-LIABILITIES>                        870,271  
<BONDS>                                      402,803
<PREFERRED-MANDATORY>                        0
<PREFERRED>                                  0
<COMMON>                                     4,578
<OTHER-SE>                                   70,483
<TOTAL-LIABILITY-AND-EQUITY>                 1,348,135
<SALES>                                      85,343
<TOTAL-REVENUES>                             85,343
<CGS>                                        0
<TOTAL-COSTS>                                0
<OTHER-EXPENSES>                             7,840
<LOSS-PROVISION>                             990
<INTEREST-EXPENSE>                           72,992
<INCOME-PRETAX>                              4,511
<INCOME-TAX>                                 (115)
<INCOME-CONTINUING>                          4,626
<DISCONTINUED>                               0
<EXTRAORDINARY>                              0
<CHANGES>                                    0
<NET-INCOME>                                 4,626
<EPS-PRIMARY>                                1.44
<EPS-DILUTED>                                1.39