Conseco: The Buck Stops Where?

As the company floundered, the ex-CEO got millions in loans

Call it chutzpah. For years, former Conseco Inc. CEO Stephen C. Hilbert, who was ousted on Apr. 28, never showed much restraint when it came to tapping Conseco for loans. On Apr. 6, as Conseco's stock was tanking, and earnings had to be restated, Hilbert saw fit to make himself a $23 million loan. While the loan was approved by the board, the circumstances under which Hilbert received the cash have raised eyebrows on Wall Street.

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