biography
| name: |
Milken, Michael (Robert)
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| sex:
| male
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| lived:
| (1946– )
|
| biography:
| Investment entrepreneur, born in California, USA. He studied at the University of California, Berkeley, and joined Drexel, Burnham, Lambert in 1970. He led the firm into the 1980s, using high-risk, high-yield bonds to finance corporate takeovers. Condemned by some for virtually inventing these ‘junk bonds’ - bonds secured by little more than the future promises of the very companies the bonds were being used to take over - he was praised by others for shaking up complacent US businesses. In 1989 he admitted to fraud and racketeering charges, and was imprisoned until 1993. |
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