Word: milken
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...MIKE MILKEN...
Wall Street wags are convinced that the junk-bond king will cooperate with federal prosecutors in return for a reduction of his 10-year prison sentence. Why? Toupees are not allowed in the federal penal system, and Milken, who wears one, can't bear the thought of going bare...
...share prices in both funds have dropped more than 30% (see graph). Even on a long- term basis, the Fund for Income and the High Yield Fund are among the industry's worst performers. Benalder Bayse Jr., who from 1985 to 1989 ran both funds, testified with immunity at Milken's presentencing hearing that a Milken crony, Roy Johnson, helped him land what he described as a "lucrative job" at First Investors. Thereafter, according to Bayse, Johnson funneled junk bonds to him, both for the mutual funds and, in some cases, for Bayse's personal account...
Neither Glenn Head nor David Grayson, First Investors' chairman and president respectively, is talking publicly about his role. Both are named in the states' lawsuits and will "vigorously" contest them, says their lawyer. Like Milken, they too will have their day in court...
Consumers worried about recession and war are shopping for bargains this year. Junk-bond king Michael Milken pulls a stiff ten-year prison term...