The $12 Billion Question: How To Fix First Executive

Fred Carr, 1980s financial operator par excellence, built a towering insurance edifice on a foundation of junk bonds. You know the next verse: The '80s are over, the junk has sunk, and now, so has Carr's First Executive Corp. It's the largest insurance failure in history, with $12.2 billion in current obligations to thousands of clients.

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