Word: milken
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Dates: during 1990-1999
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...Michael Milken thought he had struck the deal of his life last week. But the idea that he might still command a fortune of up to $500 million even after paying out $900 million to victims of his crimes did not sit well with the Federal Deposit Insurance Corporation. The agency scuttled, at least temporarily, a $1.3 billion settlement of suits brought by thousands of investors who said they had been bilked by the jailed junk-bond king's schemes...
...certain of wringing all it can from Milken and his co-defendants, the FDIC demanded to know his net worth, together with that of some 150 of his former colleagues at the firm Drexel Burnham Lambert who agreed to contribute $300 million to the settlement. (The firm's insurers would put up an additional $100 million...
...Milken's latest payment would be part of a $1.3 billion deal that calls for other former executives of the Drexel Burnham Lambert investment firm to contribute $300 million. The officers' insurance firms would provide the remaining $100 million. At the same time, Pollack would decide how to distribute the funds among plaintiffs in the various legal actions...
...Milken's overall share of the settlement would come to a whopping $900 million, including $400 million in restitution that was part of his previous penalty. Not to worry: that still leaves the junkman with about $500 million of the wealth he amassed during the 1980s...
Poor Michael Milken. He's already paid $600 million in penalties and is 12 months into a 10-year prison sentence -- and he still has to worry about hundreds of lawsuits filed by investors claiming they were bilked by his schemes. To settle those charges, the fallen junk-bond king has now agreed to pay $500 million more in a deal that requires the approval of U.S. Judge Milton Pollack in Manhattan. Plaintiffs include the Federal Deposit Insurance Corporation, which alleges Milken helped undermine the savings and loan industry by persuading S&L chairmen to load up on junk bonds...