Word: milken
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Dates: during 1980-1989
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Like an Ollie North of the pinstripe set, Michael Milken was the biggest draw on Capitol Hill last week, even though he barely said a word. Eager for a rare glimpse of perhaps the most powerful financier in the U.S., a crowd began to gather at dawn outside the House hearing room where he was to appear. The spectacle, however, was short-lived. The hearing promptly adjourned after Milken, 41, refused three times to answer questions, claiming his Fifth Amendment right to protection from self-incrimination...
...highest civilization," wrote Emerson, "the book is still the highest delight." Well, not for Michael Milken, particularly since he is the book's subject. The controversial junk-bond financier reportedly offered to pay Writer Connie Bruck to give up work on her book about him and his investment firm, Drexel Burnham Lambert. "I do not want it to be done. Why don't we pay you for all the copies you would have sold -- if you had written it," Milken suggested to Bruck after she began working on the project in 1986, according to an extract of the manuscript obtained...
...Michael Milken of Los Angeles, the controversial czar of junk bonds, seems just the kind of free-enterpriser the Soviet Union might single out in a blast against capitalism's excesses. Yet Milken now fancies the Soviet Union as a potential client for his fast-lane financial advice. So far, Milken, 41, a centimillionaire and resident wunderkind at the investment firm Drexel Burnham Lambert, has got little further than meeting Mikhail Gorbachev in a crowded room, when the Soviet leader visited Washington and talked with a group of U.S. business executives. But Milken, still pursuing a deal, disclosed...
...home, it is Milken who is being pursued. The U.S. Attorney's office in Manhattan reportedly issued a new round of subpoenas in the long-running insider-trading probe of Milken and Drexel Burnham, allegedly implicated by Ivan Boesky in 1986. Milken and his firm have denied any wrongdoing...
Still at the center of the investigation, by all accounts, are Drexel Burnham Lambert and Michael Milken, head of the investment firm's junk-bond operation. Since junk bonds, which are high-yield, high-risk securities, are often used to finance takeovers, Milken and other Drexel Burnham employees have had advance knowledge of many big deals and could have passed information to speculators like Boesky. Drexel Burnham admits that in 1986 it received a $5.3 million payment from Boesky for "advisory services." After news of the payment broke, the firm's chief executive, Frederick Joseph, steadfastly ! maintained that internal company...