Word: milken
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...judges arrived, did these areas begin to achieve a degree of civilization. In the 1980s, Wall Street invented new financial instruments like junk bonds and mortgage-backed bonds, only to abuse these Byzantine new securities because no one else understood them. When the courts caught on, men like Michael Milken went to jail, but not before these new securities had been so well proven that they remained useful despite the indiscretions of their inventors...
Clinton actually showed restraint with the pardons by not giving one to Michael Milken, Jonathan Pollard, Webb Hubbell and Ol' Dirty Bastard. And, if he had wanted, he could have fought to pardon himself. And that's the greatest pardon...
...Michael Milken may have lost his bid for a presidential pardon, but some familiar wheeler-dealers that he either funded or fought in his heyday as Wall Street's junk-bond king have resurfaced, let back in the game by a receding stock market. And they aim to play. The names include Carl Icahn, Henry Silverman, Ted Forstmann, Irwin Jacobs and Henry Kravis--an '80s reprise that almost makes you want to cue the Ramones and slam dance...
...others were getting tech-obsessed. He is now the head of Citigroup, one of the world's largest banks. Icahn, the '80s raider who shook Texaco and took TWA, has asserted influence in small doses throughout the '90s by buying large amounts of distressed corporate debt, as has former Milken colleague Leon Black at Apollo Advisors...
...Oaktree Capital Management. "Buyout firms were able to purchase venerable U.S. icons in the '80s because they could borrow 20 times their money," he notes. (Remember those "highly confident" letters, as in, "I'm highly confident I can borrow the money to take over your company, bub," that Milken and pals used so effectively to terrorize CEOs?) "If you wanted to buy a company for $10 billion, you could probably do it on $400 million in equity. You can't do that anymore. Today you get maybe 3 1/2 times your equity investment--not 20 times...