Michael Robert Milken (born July 4, 1946) is an American formerly convicted felon, financier and philanthropist.
In 1968, he graduated from the University of California, Berkeley with a B.S.
Braddock Hickman, a former president of the Federal Reserve Bank of Cleveland, who noted that a portfolio of non-investment grade bonds offered "risk-adjusted" returns greater than that of an investment-grade portfolio. ==Career== Through his Wharton professors, Milken landed a summer job at Drexel Harriman Ripley, an old-line investment bank, in 1969.
Over the next 17 years, he had only four down months. Drexel merged with Burnham and Company in 1973 to form Drexel Burnham.
By 1976, Milken's income at the firm, which had become Drexel Burnham Lambert, was estimated at $5 million a year.
Milken's compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $1 billion over a four-year period, a record for U.S.
Others such as Stanford Phelps, an early co-associate and rival at Drexel, have also contested his credit for having pioneered the modern high-yield market. Despite his influence in the financial world during the 1980s (at least one source called him the most powerful American financier since J.
These gifts are designated to research and scholarship on public health issues. ==In popular culture== Milken became the first recipient of the Ig Nobel Economics Prize in 1991. Ayad Akhtar's play, Junk, set during the bond trading scandals of the 1980s, is partly based on Milken's "fall from grace".
That entity, MacPherson Partners, had acquired several warrants for the stock of Storer Broadcasting in 1985.
One charge was that Boesky paid Drexel $5.3 million in 1986 for Milken's share of profits from illegal trading.
It turned out that Milken's legal team believed Drexel would be forced to cooperate with the government at some point, believing that a securities firm would not survive the bad publicity of a long criminal and SEC probe. For two years, Drexel insisted that nothing illegal occurred, even when the SEC sued Drexel in 1988.
On December 21, 1988, Drexel entered a guilty plea to six counts of stock parking and stock manipulation.
Milken was pardoned by President Donald Trump on February 18, 2020. Milken was indicted for racketeering and securities fraud in 1989 in an insider trading investigation.
As part of the deal, Drexel agreed that Milken had to leave the firm if indicted. ===Indictment and sentencing=== In March 1989, a federal grand jury indicted Milken on 98 counts of racketeering and fraud.
Shortly afterward, Milken resigned from Drexel and formed his own firm, International Capital Access Group. On April 24, 1990, Milken pleaded guilty to six counts of securities and tax violations.
"I am troubled by - and other scholars are troubled by - the notion of putting relatives on the bargaining table," said Vivian Berger, a professor at Columbia University Law School, in a 1990 interview with The New York Times.
Federal investigators also questioned some of Milken's relatives about their investments. At Milken's sentencing, Judge Kimba Wood told him: In statements to a parole board in 1991, Judge Wood estimated that the "total loss from Milken's crimes" was $318,000, less than the government's estimate of $4.7 million and she recommended that he be eligible for parole in three years.
These gifts are designated to research and scholarship on public health issues. ==In popular culture== Milken became the first recipient of the Ig Nobel Economics Prize in 1991. Ayad Akhtar's play, Junk, set during the bond trading scandals of the 1980s, is partly based on Milken's "fall from grace".
Stewart - Den of Thieves, New York: Simon & Schuster, 1991, (). Ben Stein - A License to Steal: the Untold Story of Michael Milken and the Conspiracy to Bilk the Nation, Simon & Schuster, 1992 Daniel R.
Stewart - Den of Thieves, New York: Simon & Schuster, 1991, (). Ben Stein - A License to Steal: the Untold Story of Michael Milken and the Conspiracy to Bilk the Nation, Simon & Schuster, 1992 Daniel R.
The investigation revolved around Milken allegedly providing investment advice through Guggenheim Partners. Since 2011, the SEC has been investigating Guggenheim's relationship with Milken. ==Philanthropy== Upon his release from prison in 1993, Milken founded the Prostate Cancer Foundation for prostate cancer research, which by 2010 was "the largest philanthropic source of funds for research into prostate cancer".
Fischel - Payback: the conspiracy to destroy Michael Milken and his financial revolution, New York: HarperBusiness, 1995, ().
Morgan), Milken was an intensely private man who shunned publicity; he reportedly owned almost all photographs taken of him. ===Later career=== Milken and his brother Lowell founded Knowledge Universe in 1996, as well as Knowledge Learning Corporation (KLC), the parent company of KinderCare Learning Centers, the largest for-profit child care provider in the country.
Each season in the weeks leading up to Father's Day, Milken visits many ballparks and appears on TV and radio broadcasts during the games. In 2003, Milken launched a Washington, D.C.-based think tank called FasterCures, which seeks greater efficiency in researching all serious diseases.
Robert Sobel - Dangerous Dreamers: The Financial Innovators from Charles Merrill to Michael Milken' (1993), (). ==External links== Taking America: How We Got from the First Hostile Takeover to Megamergers, Corporate Raiding, and Scandal'', by Jeff Madrick, Beard Books, 2003.
In a November 2004 cover article, Fortune magazine called him "The Man Who Changed Medicine" for changes in approach to funding and results that he initiated.
Key initiatives of FasterCures are TRAIN, Partnering for Cures and the Philanthropy Advisory Service. Fortune magazine called Milken "The Man Who Changed Medicine" in a 2004 cover story on his philanthropy. In September 2012, Milken and the director of the National Institutes of Health, Dr.
The investigation revolved around Milken allegedly providing investment advice through Guggenheim Partners. Since 2011, the SEC has been investigating Guggenheim's relationship with Milken. ==Philanthropy== Upon his release from prison in 1993, Milken founded the Prostate Cancer Foundation for prostate cancer research, which by 2010 was "the largest philanthropic source of funds for research into prostate cancer".
The investigation revolved around Milken allegedly providing investment advice through Guggenheim Partners. Since 2011, the SEC has been investigating Guggenheim's relationship with Milken. ==Philanthropy== Upon his release from prison in 1993, Milken founded the Prostate Cancer Foundation for prostate cancer research, which by 2010 was "the largest philanthropic source of funds for research into prostate cancer".
Key initiatives of FasterCures are TRAIN, Partnering for Cures and the Philanthropy Advisory Service. Fortune magazine called Milken "The Man Who Changed Medicine" in a 2004 cover story on his philanthropy. In September 2012, Milken and the director of the National Institutes of Health, Dr.
However, his previous trading license which he lost following his conviction still remained void, and he would still have to reapply and obtain a new trading license in order to return to trading securities. ==2013 SEC investigation== In February 2013, the SEC announced that they were investigating whether Milken violated his lifetime ban from the securities industry.
Francis Collins, jointly hosted 1,000 senior medical scientists, patients, activists, philanthropists, regulators, and members of Congress at a three-day conference to demonstrate the return on investment in medical research. On March 11, 2014, President Steven Knapp of George Washington University in Washington, D.C.
With an estimated net worth of around $3.7 billion as of 2018, he is ranked by Forbes magazine as the 606th richest person in the world. ==Education== Milken was born into a middle-class Jewish family in Encino, California. He graduated from Birmingham High School where he was the head cheerleader and worked while in school at a diner.
Milken's sentence was later reduced to two years from ten; he served 22 months. ===Attempts to secure presidential pardon=== In June 2018 it was reported that some of president Donald Trump's advisers, including Rudy Giuliani, the onetime federal prosecutor whose criminal investigation led to Milken's conviction, were urging the president to pardon Milken.
Retrieved March 10, 2019.
Milken was pardoned by President Donald Trump on February 18, 2020. Milken was indicted for racketeering and securities fraud in 1989 in an insider trading investigation.
Milken's attempts to secure a presidential pardon spanned multiple administrations. On February 18, 2020, Trump granted a full pardon to Milken.
All text is taken from Wikipedia. Text is available under the Creative Commons Attribution-ShareAlike License .
Page generated on 2021-08-05