Word: milken
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...sobs that shook Michael Milken in Manhattan federal court last week punctuated the most dizzying fall from power in modern Wall Street history. They came as federal Judge Kimba Wood sentenced the financial wizard, whose junk bonds fueled the epic 1980s takeover wars, to 10 years in prison. Said the tearful felon: "What I did violated not just the law but all of my principles and values, and I will regret it for the rest of my life. I am truly sorry...
...that has so far netted a dozen major convictions. The big fish included Wall Street speculator Ivan Boesky, who was fined $100 million for insider trading in 1986 and sentenced to three years in prison (he served two). As a condition of his plea bargain, Boesky helped prosecutors pursue Milken...
...those of you wondering why pinstripes are bad, just check out George Steinbrenner. Sources have it he was a pretty nice guy once way long ago. But he watched too many Yankees games. Turned nasty. Money hungry. Like Michael Milken...
When junk-bond king Michael Milken copped a plea last April, he disappointed everyone who had been hoping to see the white-collar trial of the decade. Now Milken is having his day in court, but it will be a quick one. In an unusual proceeding that began last week, federal Judge Kimba Wood will hear evidence about some of the 92 charges Milken did not admit when he pleaded guilty to six felony counts of securities fraud and other crimes. Prosecutors hope to offset the efforts of Milken's lawyers to cite his philanthropic activities as grounds...
...hearing has drawn flak from legal scholars and civil libertarians, who charge that the evidence and testimony will not be subjected to the same scrutiny as they would in a trial. The special hearings are expected to end this week, with Wood sentencing Milken soon afterward...