Settlements: Let's Not Make A Deal Yet

Let's Not Make A Deal Yet

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.

To be certain of wringing all it can from Milken and his co-defendants, the FDIC demanded to know his net worth, together with...

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