Word: milken
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Dates: during 1990-1999
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...presiding financial genius of the Roaring Eighties, Michael Milken pioneered the $200 billion junk-bond market that powered the decade's epic takeover wars. But last week a hounded and weary Milken, who had vowed to fight a 98-count indictment that the Government brought against him last year, agreed to settle the largest securities-fraud case in U.S. history. Faced with the threat of expanded new charges, the former head of Drexel Burnham Lambert's junk-bond department struck a tentative deal to plead guilty to six criminal counts and pay a $600 million penalty. Milken, who earned...
While sources confirmed the outlines of the plea bargain, the deal remains unofficial until it receives approval from a U.S. judge in Manhattan this week. Among the lingering issues was the length of the jail term that Milken, 43, would receive. Although he could draw a maximum of 30 years, the Government was expected to recommend no more than a five-year sentence. Moreover, prosecutors were said to have agreed to drop charges against Milken's brother Lowell, a former Drexel executive...
...Milken's financial penalty would far exceed the $100 million that Wall Street speculator Ivan Boesky paid upon pleading guilty to a single count of insider trading in 1986. With cooperation from Boesky, prosecutors built their case against Drexel and Milken. After paying a record $650 million penalty for securities violations a year ago, Drexel declared itself bankrupt last February...
...Milken really start a so-called whisper campaign against Drexel after he was dismissed...
...have no idea. But from the beginning this case has involved what people now call combat public relations by Milken's defenders and enemies at levels that I think are unseemly. And I'm disturbed that while the gods are up there fighting, Drexel has gotten swept into it in ways that are reasonably horrifying...