Word: milken
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...much time should America's most famous Wall Street criminal spend in the slammer? Junk-bond king Michael Milken, who is scheduled to be sentenced Oct. 1, could get up to 28 years. He has already been punished financially: last April, when Milken reached an agreement with prosecutors to plead guilty to six of the 98 counts of securities fraud and other crimes leveled against him, he was ordered to pay $200 million in fines and $400 million in restitution. Scores of Milken's friends -- and a smattering of his foes -- have deluged New York Federal District Court Judge Kimba...
Many correspondents painted a benign picture of the financial wizard whose acumen, and sometimes shady practices, powered the 1980s takeover wars. While Milken earned more than $1 billion as the guru of the now defunct Wall Street firm Drexel Burnham Lambert, friends argued that accumulating vast wealth was never his main goal. Wrote CBS president Laurence Tisch, who said he has known Milken for almost 20 years: "I have rarely dealt with a more dedicated and faithful professional or one more sensitive to the needs and goals of his clients or more mindful of the needs of society at large...
...five-page personal letter from Steven Ross, chairman and co-chief executive of Time Warner, called Milken "a long-term thinker, not a quick- buck artist." Wrote Ross, who said Milken became a close friend after arranging a 1984 stock offering for the former Warner Communications: "He talks more about illiteracy in math or chronic diseases of the poor or unemployment than about interest rates...
Celebrities praised Milken's work on community projects. "I have never met the equal of Michael Milken," declared Monty Hall, who hosted the former television game show Let's Make a Deal and is an officer of the Variety Clubs International children's charity. Hall said Milken has donated generously to the charity through the Milken Family Foundations (estimated assets: $350 million). Rosey Grier, an ex-football player who works with impoverished children in Los Angeles, noted that Milken has taught math in public schools and helped raise money for minority businesses. Wrote Grier: "I recognized in him a deep...
Cookie Monster: Michael Milken, Leona Helmsley, the Harvard Management Corporation--we all know greed. Cookie Monster is that cute, cuddly creature who goes absolutely bonkers at the mention of cookies. Just substitute "$65,000 plus performance bonus!" for "cookie!" and you can set off the same frenzy at the Office of Career Services...