Word: milken
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Dates: during 1990-1999
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...transgressed certain of the laws and regulations that govern our industry. I was wrong in doing so and knew at the time, and I am pleading guilty to these offenses." With those contrite but carefully crafted words, | deposed junk-bond king Michael Milken, 43, began a tearful confession before a federal judge in Manhattan last week. The man whose deals revolutionized Wall Street and convulsed corporate America read a 15-min. statement detailing his role in securities fraud that involved recently paroled speculator Ivan Boesky and investment banker Dennis Levine. "My plea is an acceptance of personal responsibility...
...While Milken had proclaimed his innocence from the start, the long and demanding case clearly wore down his will to fight the charges. "He looked at the cards he was dealt, and must have figured that he couldn't have played them any other way," says Andrew Astrachan, a former Drexel employee. "No one should question his decision to settle." For prosecutors, meanwhile, the agreement ends the need for a major trial that could have dragged on for years at a substantial cost to taxpayers...
...plea bargain capped months of rumors that the Government was ready to expand an indictment already laden with charges of racketeering, securities fraud and insider trading. Prosecutors had given Milken until last Friday to settle the case or face the new charges. Under terms of the agreement, Milken is to plead guilty only to securities-fraud violations, which carry lesser prison sentences than his earlier charges...
...deal reportedly included another key condition that Milken had sought. According to sources, Milken will not be required to testify against Wall Street traders and speculators in other Government cases. "Michael Milken is no Ivan Boesky," said one Wall Streeter close to the case. "There are no revelations that Michael can give the Government." Some legal experts doubted that prosecutors ever intended to use Milken in that manner. Said Kenneth Schacter, a former U.S. Attorney in Manhattan: "Once you get to the mountaintop, it doesn't make sense to negotiate for people lower down...
...Junk-bond wizard Michael Milken slouches toward a guilty plea...