Word: junking
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Poor Michael Milken. He's already paid $600 million in penalties and is 12 months into a 10-year prison sentence -- and he still has to worry about hundreds of lawsuits filed by investors claiming they were bilked by his schemes. To settle those charges, the fallen junk-bond king has now agreed to pay $500 million more in a deal that requires the approval of U.S. Judge Milton Pollack in Manhattan. Plaintiffs include the Federal Deposit Insurance Corporation, which alleges Milken helped undermine the savings and loan industry by persuading S&L chairmen to load up on junk bonds...
...music they produce is strictly funk. The image they project is California punk. But the quality of the product is anything but junk...
...unknown DNA is mixed in finely with gems, you don't avoid the gems because you don't want the junk," he says...
...over $250 million in employee bonuses shortly before the collapse of Drexel Burnham Lambert. The bonus bonanza -- which totaled more than twice the amount of the debt on which Drexel defaulted -- helped push the firm over the edge, as it struggled with mounting lawsuits over the dealings of its junk- bond division. Now the reorganized company is suing the recipients of its largesse to recover the loot...
...junk bond dealer, it's the bestof times...