Word: junking
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Dates: during 1990-1999
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Even for a billionaire, the $600 million penalty that junk-bond king Michael Milken has agreed to pay is a breathtaking sum. Milken will be forfeiting more money than any other felon in history. By another measure, the penalty is even larger than Union Carbide's $470 million settlement offer for the Bhopal disaster. Yet Milken's fortune, which has been estimated at $1.2 billion, is by no means wiped out. The frugal financier, who invested his monumental income instead of spending it, possesses an intricate web of assets that have been well sheltered from taxes and prying eyes...
When he gets out, Milken can go back to tending a world-class fortune that began with a $25,000 salary when he joined Drexel Burnham Lambert in 1970. While he was head of Drexel's junk-bond department, his compensation zoomed from $45.7 million in 1983 to more than $550 million in 1987, the highest annual paycheck in corporate history. All told, he earned $1.1 billion during those golden years...
...transgressed certain of the laws and regulations that govern our industry. I was wrong in doing so and knew at the time, and I am pleading guilty to these offenses." With those contrite but carefully crafted words, | deposed junk-bond king Michael Milken, 43, began a tearful confession before a federal judge in Manhattan last week. The man whose deals revolutionized Wall Street and convulsed corporate America read a 15-min. statement detailing his role in securities fraud that involved recently paroled speculator Ivan Boesky and investment banker Dennis Levine. "My plea is an acceptance of personal responsibility...
...Michael Milken has been serving a sentence, being hounded and living under a cloud. I'd give him credit for time served." Milken's attorney, Arthur Liman, is expected to plead for leniency on the ground that his client made an "enormous" contribution to the U.S. economy by using junk bonds to help finance hundreds of companies and create thousands of jobs...
...Junk-bond wizard Michael Milken slouches toward a guilty plea...