Word: milken
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...Michael Milken, his wife and three children spent the day strolling through midtown Manhattan, looking for all the world like just another clan of holiday shoppers. But for the workaholic Milken, the idyll ended when he received some distressing news: the company that stood by him through almost two years of Government investigations had abruptly decided to settle its case with prosecutors, effectively cutting him adrift to fight his own battle. The junk- bond king, 42, who has created billions of dollars in revenue for Drexel, made hundreds of millions for himself and ranks as the most influential financier...
Once extremely private, Milken has sought to improve his public image by appearing at charitable functions and bidding reporters to "call me Mike." Last year Milken and his wife donated $198.1 million to the family's three charitable foundations, more than a sixfold increase from the previous year. Less than $15 million of these funds was actually disbursed, going to some 200 organizations. The remainder was invested by the foundations. That is perfectly legal, but the California attorney general's office began this month to investigate the Milken foundations' activities for possible irregularities...
...Milken is indicted on the racketeering charges, his workdays may become devoted to legal defense. Drexel could ask him to resign or take a leave of absence, while the investment firm would pay a fine to settle its own charges. The company has set aside more than $500 million for legal costs, and could spare $1 billion without dipping into its bare minimum of capital. Under racketeering charges, the Government could freeze so much of Drexel's assets that the company would be paralyzed, but prosecutors may want to avoid a punishment that would cost innocent workers their jobs. Drexel...
...investment firm may also be contemplating major changes in its executive suites. Drexel officials have approached former Senator and White House chief of staff Howard Baker with the idea that he become Drexel's chairman. According to one rumored scenario, Baker would take over after both Milken and Drexel chief executive Fred Joseph stepped aside...
...Milken's legacy will take years to come fully into focus. "Behind every great fortune there is a great crime," Balzac once said. "Great fortunes are made by solving problems" is the way Milken has preferred to see it. The Government's view should be known in a few weeks. The true value of junk bonds will take longer to determine...