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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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070389
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07038900.039
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1990-09-22
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BUSINESS, Page 45Business NotesFINANCIERSAn Able Cain Makes a Killing
When Financial World magazine published its annual list of Wall
Street's 100 highest earners last week, no one was surprised to see
junk-bond pioneer Michael Milken on top (1988 income: at least $180
million) and leveraged-buyout king Henry Kravis ($110 million) in
third place. But who was this in the No. 2 position? A relatively
unknown dealmaker named Gordon Cain, 77, took that spot by earning
an estimated $120 million last year through his Houston LBO firm,
Sterling Group.
Cain's rise began in 1987 when his company added to its string
of petrochemical plants, buying at bargain prices. Sterling and
its partners gambled $1 billion on these plants, which were
assembled into a single firm known as Cain Chemical. Last year
Sterling sold the package to Occidental Petroleum in a deal that
was valued at $2.2 billion. Cain shared his bounty with some 1,350
employees, who took home a total of $537 million.