Word: milken
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Dates: during 1980-1989
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...barrage of negative publicity during the past two years, starting when the Boesky case broke in 1986, has been tough on Milken's family. "The Michael Milken portrayed in the press is not the man I know and live with," said his wife Lori. Milken and Lori, who was his high school sweetheart, live quietly with their three children (Greg, 15, Lance, 12, Bari, 7) in Encino. Their five-bedroom house, which might sell for $3 million, was once occupied by Clark Gable and Carole Lombard. It is a suburban idyll trimmed by red and white Impatiens, finished inside with...
Once extremely private, Milken has sought to improve his public image by appearing at charitable functions and bidding reporters to "call me Mike." Last year Milken and his wife donated $198.1 million to the family's three charitable foundations, more than a sixfold increase from the previous year. Less than $15 million of these funds was actually disbursed, going to some 200 organizations. The remainder was invested by the foundations. That is perfectly legal, but the California attorney general's office began this month to investigate the Milken foundations' activities for possible irregularities...
...Milken is indicted on the racketeering charges, his workdays may become devoted to legal defense. Drexel could ask him to resign or take a leave of absence, while the investment firm would pay a fine to settle its own charges. The company has set aside more than $500 million for legal costs, and could spare $1 billion without dipping into its bare minimum of capital. Under racketeering charges, the Government could freeze so much of Drexel's assets that the company would be paralyzed, but prosecutors may want to avoid a punishment that would cost innocent workers their jobs. Drexel...
...investment firm may also be contemplating major changes in its executive suites. Drexel officials have approached former Senator and White House chief of staff Howard Baker with the idea that he become Drexel's chairman. According to one rumored scenario, Baker would take over after both Milken and Drexel chief executive Fred Joseph stepped aside...
...Milken's legacy will take years to come fully into focus. "Behind every great fortune there is a great crime," Balzac once said. "Great fortunes are made by solving problems" is the way Milken has preferred to see it. The Government's view should be known in a few weeks. The true value of junk bonds will take longer to determine...