Word: milken
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Dates: during 1990-1999
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...demise illustrates the broader evils behind the S&L disaster. It is a tale of interlocking relationships and sweet deals among S&Ls and their biggest customers, the possible impact of political contributions in delaying crackdowns by regulators, even the deceptive lure of junk bonds and their king, Michael Milken. It is not a case history of nice guys being caught innocently in an oil bust, as the defunct thrift's managers often claim. It is a study in greed, deceit and profiteering...
...Milken had profitably discovered that S&Ls could use junk bonds in two ways: to borrow money for expansion and to invest money for a high rate of return. M.D.C.'s Mizel, hard pressed by the economic downturn in Denver and kept afloat by insider swaps with Silverado, met the junk-bond king in Manhattan and became Milken's enthusiastic client. So too did the influential Norman Brownstein, an M.D.C. board member and Mizel's attorney, who lobbied in Washington in favor of the use of junk bonds...
Other critics said they had suffered in the collapse of the junk-bond market or had taken pay cuts in the aftermath of corporate buyouts. Claude Daughtry, a real estate agent in Berkeley, complained that he had lost money in the junk-bond debacle and called Milken's fine a travesty. Ronald Cornwall, a Pennsauken, N.J., grocery clerk, said his salary plunged from $33,000 to $24,700 when his employer, Pathmark, was acquired...
Meanwhile, federal prosecutors are doing some lobbying of their own. They filed a sealed report last week asking Wood to consider at least some of the dozens of other allegations against Milken that the government dropped in its plea-bargain agreement. Judges are free to weigh dismissed counts in reaching a sentence. But if Wood does decide to review the dropped charges, Milken has the right to defend himself at a hearing that could add months to the sentencing process...
...failures mount, the industry's insurance fund has dwindled to alarmingly low levels. -- A bright future for natural gas. -- Michael Milken's friends lobby for a lenient sentence...