Word: milken
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...good news is that lots of people prospered. This was the age of financial wizards making fortunes in their 20s, and roughly 100,000 Americans became millionaires every year. Michael Milken, the junk-bond king at Drexel Burnham Lambert, set the record by earning $550 million in 1987. The bad news is that while the top 20% of American families' earnings rose more than $9,000 (after adjustment for inflation), to an average of nearly $85,000, the bottom 20% dropped by $576, to a hungry $8,880. The Government estimates that 32 million Americans -- 12.8% of the population -- live...
...billion junk-bond market has grown explosively since the early 1980s, when Drexel Burnham Lambert's Michael Milken pioneered the use of high- yield bonds as a means to finance hostile takeovers. In the wake of his indictment last March for insider trading and racketeering, Milken has resigned his Drexel post and stayed far removed from the market. But speaking at a Manhattan conference on high-yield debt last week, Milken suggested that it was time to buy, not sell, junk bonds. Said he: "There is tremendous opportunity out there today...
...Milken's creation had fallen on hard times even before the Campeau mess. So far this year, borrowers have defaulted on a record $3.2 billion worth of junk bonds, already $1 billion more than during all 1988. Among the notable casualties was Merv Griffin's Resorts International, which conceded last month that it could not meet its annual interest and principal payments of $133 million...
...financing. The father was cautious, the son a plunger. Says Ingersoll: "He was still thinking in hundreds of thousands when I was thinking in millions. He never really understood the fungibility of debt and equity." Later, capital for some deals was assembled by indicted Drexel junk-bond financier Michael Milken, whom Ingersoll regards as a close friend. Says media analyst John Morton of Lynch Jones & Ryan in Washington: "From all we can learn, the company is healthy, although heavily leveraged. The small papers are cash cows. I admire him for taking this risky venture. But I'm from Missouri...
Recently, few have felt the sting of RICO as much as the denizens of Wall Street. Federal prosecutors have used the law to go after big names like former junk-bond maestro Michael Milken, who is expected to be tried early next year on charges involving securities fraud. Two weeks ago, several executives of Princeton/Newport Partners were convicted for their roles in illegal stock-trading schemes. Two days later, the Justice Department indicted 46 traders at the Chicago Board of Trade and the Mercantile Exchange, 18 of them on RICO charges. And just last week the law was used...