Conseco's Morning After

Steve Hilbert was living large as the company stumbled

It was Memorial Day weekend in 1997 and Stephen C. Hilbert, then CEO of Conseco Inc, was hosting his annual Indy 500 bash at his Carmel, Ind., mansion. It was a party like no other, says one guest. Hired limousines dropped off Wall Streeters and Conseco's top brass. By the pool, guests waited patiently in a lengthy receiving line to shake hands with Hilbert, his wife Tomisue, and Chief Financial Officer Rollin M. Dick.

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