One of those all-American stories of temporary disgrace erased by big bucks and good deeds is that of financier Michael Milken, known as the Junk Bond King.
Milken, who emerged from his troubles with more than $2 billion, was charged in 1989 with securities fraud and racketeering due to alleged insider trading and other violations.
The racketeering charges were dropped as part of a plea bargain, but in 1990 Milken plead guilty to several financial market improprieties. He got 10 years, but later, with the help of lawyer Alan Dershowitz, the term was reduced by a judge. Milken served a bit less than two years and emerged still smiling and still very wealthy.
The Wharton School MBA worked for the investment bank Drexel Harriman Ripley, later Drexel Burnham & Company. There, he began dealing in risky but high-yield bonds. Later, he left Drexel to start his own firm, International Capital Access Group.
The wily and successful bond trader has resurrected his public image via good works accomplished through the Milken Institute, the Milken Scholars program, and Milken foundations for research on epilepsy, melanoma and prostate cancer.
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