Word: milken
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Dates: during 1990-1999
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...much time should America's most famous Wall Street criminal spend in the slammer? Junk-bond king Michael Milken, who is scheduled to be sentenced Oct. 1, could get up to 28 years. He has already been punished financially: last April, when Milken reached an agreement with prosecutors to plead guilty to six of the 98 counts of securities fraud and other crimes leveled against him, he was ordered to pay $200 million in fines and $400 million in restitution. Scores of Milken's friends -- and a smattering of his foes -- have deluged New York Federal District Court Judge Kimba...
Cookie Monster: Michael Milken, Leona Helmsley, the Harvard Management Corporation--we all know greed. Cookie Monster is that cute, cuddly creature who goes absolutely bonkers at the mention of cookies. Just substitute "$65,000 plus performance bonus!" for "cookie!" and you can set off the same frenzy at the Office of Career Services...
...Milken has already made what amounts to a whopping down payment on his penalty. When he was indicted on racketeering charges last year, Milken promised to post $700 million to keep prosecutors from seizing his assets. So far he has handed over $300 million in cash plus an IOU for another $300 million. The remaining $100 million was in the form of Drexel stock, which became worthless when the firm went bankrupt last February. Result: Milken has in effect put up half of his $600 million fine...
Even so, he may be due for a colossal tax break. Since $400 million of his penalty will be set aside for compensation of investors who suffered from Milken's schemes, the money can be treated as a tax-deductible business expense. Milken could thus be eligible for up to $112 million in tax write- offs. "This is what happens when you have corporate criminals whose penalty is basically monetary," declares Michael Waldman, a tax specialist for Public Citizen, a Washington-based consumer group. "They hire the best lawyers and tax advisers money can buy to figure out ways...
Legal fees are probably Milken's biggest regular expense right now. For a tycoon, he lives a relatively modest life with his wife Lori and three children in a five-bedroom house in the Los Angeles suburb of Encino. When Milken was the most powerful financier in America, a bodyguard drove him to his office by 4:30 a.m. in a limousine. But those days are behind him. Under terms of the settlement, the Government has permanently barred Milken from the securities business. Yet if Milken ever does run a little low, he could always call on his brother Lowell...