Baby, You're a Rich Man Still

After paying the biggest fine ever, Milken won't go begging

Even for a billionaire, the $600 million penalty that junk-bond king Michael Milken has agreed to pay is a breathtaking sum. Milken will be forfeiting more money than any other felon in history. By another measure, the penalty is even larger than Union Carbide's $470 million settlement offer for the Bhopal disaster. Yet Milken's fortune, which has been estimated at $1.2 billion, is by no means wiped out. The frugal financier, who invested his monumental income instead of spending it, possesses an intricate web of assets that have been well sheltered from taxes and prying eyes. At the least, Milken is...

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