Word: milken
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Dates: during 1990-1999
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...warming U.S. relations with Cuba. Douglas Waller, TIME national security correspondent, says the State Department is under pressure to seek a lesser quid pro quo rather than lose such a high profile fugitive. Still, Waller adds: "The Vesco case is 23 years old, and he's not Michael Milken. He's an icon of a past generation of greed...
...their co-conspirators, and get off with no more than a fine and community service. The few who actually go to jail serve their terms in relatively comfortable minimum-security prisons, get out early for good behavior and are often left with fortunes. Former junk-bond baron Michael Milken served only two years of a 10-year sentence for securities fraud, and, after shelling out more than $1 billion in fines and to settle civil lawsuits, is trying to make do with a piddling sum estimated at $300 million. He was even invited to lecture on ethics in business...
...outfits, is an empty legalism.But the fact is that Headwaters and miles beyond it are owned, as is Pacific Lumber, by Hurwitz's Houston-based Maxxam company. After he grabbed Pacific in a 1986 hostile takeover, paid for largely with junk bonds issued by Drexel Burnham Lambert's Michael Milken, Hurwitz visited Pacific's mills at Scotia. "There's a story about the golden rule," he told employees. "He who has the gold rules." Then he drained $55 million from the firm's $93 million pension fund and, with the remaining $38 million, bought annuities from an insurance company that...
Obsession contains a wealth of fascinating shop talk about the garment industry: endlessly fluctuating deals, shifting alliances and enmities, financial escapades of the riskiest sort. Klein has endured his share of rough times, especially when, with the help of Michael Milken, he issued some junk bonds. Only the generosity of Klein's billionaire friend David Geffen -- a $50 million investment in 1992 -- kept the firm afloat...
...fund called the "St. Valentine's Day Massacre." Soros lost $600 million on Feb. 14 by wrongly betting that the U.S. dollar would rise against the yen. (Don't cry for Soros, though. He reportedly earned $650 million in 1992 and at least as much last year, eclipsing Michael Milken's 1987 record of $550 million...