Michael Robert Andrews Millikan - "King of bonds junk"

Michael Robert Milken (born July 4, 1946) is an American billionaire financier and philanthropist associated with its role in the development of the market for high-yield bonds ("junk bonds"), with his conviction, after an admission of guilt to a felony in s violation of US securities laws, as well as its charitable donations.

Milken was indicted for racketeering and securities fraud in 1989 in the investigation of insider trading. As a result of a deal with prosecutors, he pleaded guilty to violations of the reporting of securities, but not in racketeering or insider trading. Milken was sentenced to ten years in prison, fined $ 600 million and a permanent ban on access to securities trading by the Securities and Exchange Commission. The sentence was later reduced to two years of cooperation with pokazaniyasreshtu former colleagues and good behavior.

His critics define it as the epitome of greed on Wall Street in 1980, and called "King of bonds junk". Proponents, such as George Gilder in his book Telecosm (2000) state that "Milken was a key source of organizational changes, which led economic growth over the last twenty years. The most striking is the surge in capital productivity after Milken ... and others took huge sums trapped in the old line of business and put them back in the markets. "

After his release from prison, Milken funded medical research. He co-founded the Foundation Milken Family, chairman of the Institute Milken, founder and medical philanthropic funding of research on melanoma, cancer and other life-threatening diseases. Survived prostate cancer, Milken has devoted significant resources to research on the disease. In an article from November 2004, Fortune magazine called him "The Man Who Changed Medicine" because of changes in the approach to financing and results, which he initiated.

Milken pay while he was head of high-yield bonds in Drexel Burnham Lambert in the late 1980s, more than 1 billion. Dollars for a four-year period, which is a new record for revenue in the United States at that time. With a net worth estimated at around $ 2 billion by 2010, he was ranked by Forbes magazine as the 488th richest person in the world. Much of this wealth comes from his success as a trader of bonds - he had only four months of loss of 17 years of trading before the bankruptcy of Drexel in 1990.

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