By the time Donald Steinberg was 28, he and his Fort Lauderdale "company" owned waterfront homes and office buildings in Florida, apartments in Houston and a town house in New York City that was later sold for $2 million. With his partners, he maintained a fleet of three dozen or more boats—no one kept count—and a cash reserve so large they could shrug off million-dollar business losses. Eventually they had to buy their own turboprop airplane to ferry overflowing cash profits to uninquisitive banks in the Bahamas and Cayman Islands.
Steinberg and his partners...
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