Word: milken
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Dates: during 1990-1999
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Yeah, of course, just like the prosecution of investors Ivan Boesky and Michael Milken were motivated by anti-Semitism...
When junk-bond king Michael Milken copped a plea last April, he disappointed everyone who had been hoping to see the white-collar trial of the decade. Now Milken is having his day in court, but it will be a quick one. In an unusual proceeding that began last week, federal Judge Kimba Wood will hear evidence about some of the 92 charges Milken did not admit when he pleaded guilty to six felony counts of securities fraud and other crimes. Prosecutors hope to offset the efforts of Milken's lawyers to cite his philanthropic activities as grounds...
...hearing has drawn flak from legal scholars and civil libertarians, who charge that the evidence and testimony will not be subjected to the same scrutiny as they would in a trial. The special hearings are expected to end this week, with Wood sentencing Milken soon afterward...
...December 1986 Larry Mizel held a glitzy black-tie New Year's Eve party for his staff that was dubbed "resurrection night." Milken had raised more than $500 million for M.D.C. that year by floating a junk issue; a series of tricky swaps of land and debt with Silverado had swelled the apparent assets and profits of both companies; and Bush had been brought aboard at Silverado. The future seemed bright...
...improperly inflated by the phony transactions with Silverado. After this sale, M.D.C. shares fell from $22 to below $1 for a time. Many M.D.C. officers and board members, including Brownstein, mysteriously managed to sell much of their personal M.D.C. stock at its peak price. The lawsuits also contend that Milken was the architect of a scheme in which M.D.C. sold junk bonds to San Diego's Imperial S&L, which eventually produced huge losses for the California thrift...