Word: milken
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...first book, Dennis Levine's Inside Out: An Insider's Account of Wall Street, is junk, bound. Don't waste your time. Instead, to learn about Levine and Ivan Boesky and particularly about Mike Milken, read James B. Stewart's spectacular Den of Thieves. I read it because, like most people, I wasn't entirely sure. Was Milken, though guilty, the victim of a witch hunt over largely technical violations? Were he and his faithful servants, like Arthur Liman (for the defense) and Ken Lerer (for the p.r. machine), the ones I should root for? Hah! For the first time...
After reading Den of Thieves, you may in fact wonder whether Milken, whose 10-year sentence made folks gasp, didn't get off easy. Sure it's a waste to have a genius cleaning toilets. But if the downside of crime is appointment to a Treasury post, or some other challenging job, then where is the downside really...
...image of Milken scrubbing floors and Peltz presiding over hundreds of millions is remarkable, at the least. As described in Connie Bruck's exceptional 1988 best seller, The Predators' Ball, Milken made Peltz. He suggested Peltz buy giant National Can, and then American Can, among others, and then floated the $3 billion in junk bonds for him to do it. Previously, Peltz had had a minor, mediocre business career. But soon the can business entered a profitable cycle, and Peltz, and his more highly regarded one-third partner Peter May, would be lionized on the cover of Business Week...
...famed Drexel Burnham junk-bond conference -- Peltz seated at a table with Boesky and T. Boone Pickens, among others. As Milken strides by, someone gushes, "Congratulations, Mike. You're a genius!" "No," Milken snaps back sarcastically, for all to hear. "Nelson Peltz here is a genius. I'm nothing...
Among the personalities at the well-attended symposium were Arthur Liman, U.S. Senate counsel for the Iran-Contra hearings and legal adviser to convicted junkbond king Michael Milken. Assistant Professor of Law Charles J. Olgetree, who advised Oklahoma law professor Anita Hill at the Senate confirmation hearings last week, attended as well...