Word: manhattans
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Dates: during 1980-1989
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Michael Milken, his wife and three children spent the day strolling through midtown Manhattan, looking for all the world like just another clan of holiday shoppers. But for the workaholic Milken, the idyll ended when he received some distressing news: the company that stood by him through almost two years of Government investigations had abruptly decided to settle its case with prosecutors, effectively cutting him adrift to fight his own battle. The junk- bond king, 42, who has created billions of dollars in revenue for Drexel, made hundreds of millions for himself and ranks as the most influential financier...
...determined to prove his innocence as ever." Milken's defense against criminal charges could be hampered by the Drexel settlement, in part because the firm has promised to cooperate with the U.S. Attorney's probe of his transactions. But Stanley Arkin, a Manhattan attorney who specializes in white-collar crime, says separating the cases could help Milken. Says Arkin: "Milken will now be able to defend just his actions instead of those of 10,000 others...
...been proffered tentatively by a short man wearing a cap and an aging leather jacket, with a faded green cotton bag slung over his shoulder like an Irish peddler. For the past 24 years, between Thanksgiving and Christmas, Michael Greenberg, 60, has been taking his bag of gloves to Manhattan's Bowery, long the haunt of the down-and-outs and the lost- weekenders, and wandering the gritty neighborhood looking for "the old, the reticent and the shy." When he finds one, like the old man on the bench, he dangles a pair of gray or maroon woolen gloves...
...with the Government investigation of Michael Milken, the financial wizard who created the market for high-yielding junk bonds (total now held: $180 billion) and who remains the ultimate target of Giuliani's probe. Milken, who was not represented in the settlement talks, is expected to be indicted in Manhattan sometime in January...
...Peter Ackerman, Milken's top assistant. Arguing that the California group was responsible for 90% of Drexel's profits over the past decade, both threatened to leave the company if it reached a settlement that might harm Milken's defense. They were opposed by older executives, mostly in Manhattan, who feared losing the firm's accumulated net worth if RICO charges were brought...