Michael Milken receives a presidential pardon
The junk-bond king gets a ratings upgrade
ON FEBRUARY 13TH 1990 Drexel Burnham Lambert, which only a few years earlier had been America’s most profitable investment bank, filed for bankruptcy. Its death knell had sounded ten months earlier when Michael Milken, who created the junk-bond market on which the bank’s success was founded, was indicted for fraud. He would plead guilty to six counts and serve 22 months in prison.
This article appeared in the Finance & economics section of the print edition under the headline “Friends in high places”
Finance & economics February 22nd 2020
- The Bundesbank is caught between a doveish ECB and a suspicious public
- Are there too many central bankers?
- HSBC undergoes yet another overhaul. It still may not be enough
- Michael Milken receives a presidential pardon
- The appeal, and the flaws, of cash-based accounting
- Cash sloshes around the world in unexpected ways
- Student debt in America amounts to over $1.5trn
- Covid-19 presents economic policymakers with a new sort of threat
From the February 22nd 2020 edition
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