Word: milken
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Dates: during 1990-1999
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...sobs that shook Michael Milken in Manhattan federal court last week punctuated the most dizzying fall from power in modern Wall Street history. They came as federal Judge Kimba Wood sentenced the financial wizard, whose junk bonds fueled the epic 1980s takeover wars, to 10 years in prison. Said the tearful felon: "What I did violated not just the law but all of my principles and values, and I will regret it for the rest of my life. I am truly sorry...
...that has so far netted a dozen major convictions. The big fish included Wall Street speculator Ivan Boesky, who was fined $100 million for insider trading in 1986 and sentenced to three years in prison (he served two). As a condition of his plea bargain, Boesky helped prosecutors pursue Milken...
...severity of the sentence stunned members of Milken's camp, one of whom had allowed before the sentencing that he "would consider three years to be too harsh." In its strategy the defense sought to portray Milken as a concerned citizen who taught math to inner-city children and donated large sums of money to charity, while striving to overcome his image as the personification of Wall Street greed. "Our goal was to make Michael a human being rather than a symbol," said a Milken source...
...chief defense lawyer Arthur Liman may have blundered in his insistence that Milken's crimes were merely technical ones, even after the financier pleaded guilty last April to six of 98 counts of securities violations and agreed to pay a record $600 million in fines and restitution. The defense tactic helped precipitate an unusual two-week presentencing hearing that showed Milken's operations at the now defunct Wall Street firm Drexel Burnham Lambert to have been riddled with unlawful activities. Significantly, the new testimony did nothing to refute the government's claim that Milken had encouraged Drexel employees under...
...those of you wondering why pinstripes are bad, just check out George Steinbrenner. Sources have it he was a pretty nice guy once way long ago. But he watched too many Yankees games. Turned nasty. Money hungry. Like Michael Milken...