On this day, March 29, in 1989, Michael Milken was indicted in New York on 98 counts of racketeering and securities fraud.
Milken, credited with creating the junk bond market, epitomized Wall Street’s “greed is good” attitude of the 1980s that fueled the boom of hostile takeovers and corporate raids.
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While a student at the Wharton School at the University of Pennsylvania, a professor once remarked that Milken would either make a huge amount of money to go to jail.
He did both. Milken pleaded guilty to six securities and reporting violations. He agreed to pay $200 million in fines and was sentenced to 10 years in prison, but was released after less than two.
– Scott McCabe
