Word: milkens
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...stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence from the trial is likely to be used again, against Milken...
When Financial World magazine published its annual list of Wall Street's 100 highest earners last week, no one was surprised to see junk-bond pioneer Michael Milken on top (1988 income: at least $180 million) and leveraged- buyout king Henry Kravis ($110 million) in third place. But who was this in the No. 2 position? A relatively unknown dealmaker named Gordon Cain, 77, took that spot by earning an estimated $120 million last year through his Houston LBO firm, Sterling Group...
...Wright and Coelho are victims of a deranged political environment dominated by vengeful Republicans and gooey do-gooders. Although Coelho characterized himself as a martyr, resigning to save his family and Congress, he was actually getting out to save his neck. The $100,000 deal involving one of Michael Milken's junk bonds promised to be every bit as serious as Wright's transgressions. And the investigations have the same salutary effect as the state trooper's pulling over a speeder: everyone slows down for a while...
...vacation and supply him with cash, not because he has an interest in a one-line amendment to a bill that will save his industry millions of dollars, but because he is, well, a friend. Perhaps Tony Coelho really believed it when he said that junk-bond wizard Michael Milken "is constantly thinking about what can be done to make this a better world." Now under indictment, Milken faces the prospect of doing his thinking in prison...
...same could not be said of whip Tony Coelho, who had hoped to bump up a notch to majority leader. The Justice Department is reportedly in the preliminary stages of a criminal investigation of Coelho's investment in a $100,000 junk bond sold by indicted inside trader Michael Milken's firm, Drexel Burnham Lambert. Late Friday, after Common Cause asked the ethics committee to determine whether the bond deal was a favor, Coelho could see what lay ahead. He announced that he was quitting his leadership post immediately and resigning from Congress on June 15, his 47th birthday...