Word: bonding
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...indictment was long anticipated, but the size of the proposed penalties was enough to provoke a collective gasp among Wall Streeters. Last week a federal grand jury in Manhattan charged junk-bond king Michael Milken, 42, his brother Lowell, 40, and Bruce Lee Newberg, 31, a former colleague of theirs at the investment firm Drexel Burnham Lambert, with a total of 98 felony counts of stock manipulation, insider trading, racketeering and other crimes. The indictment calls for the three accused to forfeit their total compensation of $1.5 billion for 1984 through 1987 (plus interest of $257 million) and pay fines...
Milken's unprecedented income was the result of his employment contract with Drexel, where he has been the firm's biggest source of profits as head of its Beverly Hills-based junk-bond department. Milken almost single-handedly created the junk-bond market, which has grown from $1 billion in 1981 to $180 billion last year. His downfall began three years ago, when arbitrager Ivan Boesky, collared on insider-trading charges, began singing to prosecutors about alleged stock-fraud schemes he carried out with Milken and Drexel. Last December Drexel struck a deal with prosecutors that called for the firm...
Under last week's racketeering charges, the Government can freeze the Milken brothers' assets even before they are tried. Prosecutors are expected to ask the investment bankers to post a $1 billion bond to prevent such an asset seizure. Last week Milken said he would take a leave of absence from the firm to fight the charges. Said he: "After almost 2 1/2 years of leaks and distortions, I am now eager to present all the facts in an open and unbiased forum...
...sense, Adams was saved by the media, he is now at risk of becoming their prisoner. Released on $50,000 bond three weeks after the appellate-court ruling, Adams was soon out of his orange prison uniform and into a borrowed shirt and tie, then whisked off to a Houston studio to appear on Nightline, the first of a slam-bang round of television appearances. Awkward at first, Adams quickly seemed as comfortable as Tom Hanks discussing his latest movie on Johnny Carson's couch. For the moment, prying reporters have become as ever present as guards. On the plane...
...years ago last week, another adamant Likud leader, Menachem Begin, signed a peace treaty with Egypt and embraced his foe, Anwar Sadat. At a meeting of Israel-bond volunteers in Washington commemorating that breakthrough, Nobel laureate Elie Wiesel movingly evoked the dilemma felt by many Jews. Wiesel, a survivor of the Holocaust, warned against allowing frustration over the absence of peace to be translated into disunity. "I feel so much gratitude to the people of Israel and to the State of Israel," he said, "that I simply cannot bring myself to become a judge over my people...