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Michael Milken

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By MICHAEL OLESKER | June 15, 2004
MICHAEL Milken's road to redemption wound its way through Baltimore over the weekend. It has taken him from untapped wealth as America's so-called junk bond king, to prison for securities fraud, to a long struggle with cancer and resurrection as a missionary of good health and big money to fight the disease. So much for F. Scott Fitzgerald's old line that there are no second acts in American life. Friday night at the Oriole Park warehouse's Camden Club, Milken's second act included a supporting cast of Johns Hopkins Hospital's Dr. Patrick Walsh, one of the nation's best-known prostate surgeons; Nancy Grasmick, the state schools superintendent; the comic book colossus Steve Geppi, who called Milken "my hero;" attorney George L. Russell Jr., one of the driving forces behind the new black history museum to open here next year; and attorney Loida Nicolas Lewis, for whose late husband Reginald Lewis the museum is named.
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NEWS
December 1, 2009
FRED JOSEPH, 72 Former Drexel Burnham CEO Fred Joseph, who as CEO of investment bank Drexel Burnham Lambert helped create the modern junk-bond market in the 1980s before the firm's collapse, has died. He was 72. Joseph died Friday at New York Presbyterian Weill Cornell Medical Center after a long fight with multiple myeloma. His death was announced by John F. Sorte, CEO of Morgan Joseph & Co., an investment bank Joseph helped found. Joseph, a graduate of Harvard College and Harvard Business School, arrived on Wall Street in 1963, joining the corporate finance department of E.F. Hutton.
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FEATURES
By Jean Marbella and Jean Marbella,SUN STAFF | June 19, 1997
"A problem is something that can't be solved by money."' Michael Milken's motherWhen the market closed yesterday, Michael Milken had made more than $5.5 million.So he's a little off his form these days. This, after all, is the investment banker who once made $550 million in a single year and more than $2 billion in a decade that he helped define for its excess and greed.But as Milken heard repeatedly in 1990, when he was indicted and sentenced to prison in one of the biggest Wall Street scandals ever: The '80s are over.
NEWS
By David Kohn and David Kohn,david.kohn@baltsun.com | November 23, 2008
To help his students learn about money and math last year, music teacher Christian Slattery wrote a song called "Money Rap." He'll have to write a new money song - for himself. Slattery, who teaches at Hall's Cross Roads Elementary School in Aberdeen, won a major award that comes with a no-strings-attached $25,000. Slattery learned of his windfall Thursday at a school assembly. The award, which is given by the Milken Foundation of Los Angeles, was a surprise to him and almost everyone else at the school.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | September 26, 1990
NEW YORK -- Michael Milken, who built a financial empire on high-risk bonds, asked to do penance for his multiple confessed crimes by working on the risky streets of Los Angeles with the city's Police Department."
NEWS
By Murray N. Rothbard | March 6, 1992
MICHAEL MILKEN, in the eyes of the public, enjoys the moral status of a mass murderer, somewhere between Richard Speck and Adolf Hitler. There is general outrage that the proposed judicial settlement on more than 150 civil suits against Mr. Milken leaves him with $125 million, and his immediate family with more than $300 million, and also that he will serve "only" 40 months out of a possible 10-year jail term. Apparently stripping Mr. Milken of 90 percent of his wealth and putting him in prisMurray N.Rothbardon for nearly four years is akin to letting a murderer go free.
NEWS
By Hiawatha Bray and Hiawatha Bray,Knight-Ridder News Service | December 20, 1992
A LICENSE TO STEAL: THE UNTOLD STORY OF MICHAELMILKEN AND THE CONSPIRACY TO BILK THE NATION.Benjamin J. Stein.Simon & Schuster.221 pages. $23.Years after his fall, rivers of ink still ooze from the body of Michael Milken, the imprisoned financier who made junk bonds part of the language of the 1980s.No surprise. Milken is sexy, in the way only a multibillionaire convict can be. In our mammon-worshiping land, some people find it almost blasphemous that anybody that rich could ever do time.
BUSINESS
December 24, 1992
Last Kash & Karry stores closeThe last two Kash & Karry grocery stores have closed, throwing about 85 people out of work, the company's owner said yesterday. Scott Scherr, son-in-law of the company's founder, said that the stores, on Reisterstown Road and the Baltimore National Pike, had been taken over by a supplier to whom the stores owed money.Kash & Karry once had eight Baltimore-area stores, and was the first to tout the "warehouse" style of grocery marketing.Mr. Scherr bought the chain five years ago, when it had shrunk to four stores.
NEWS
By Los Angeles Daily News | March 3, 1993
LOS ANGELES -- Michael Milken's two-year prison term officially ended yesterday when the former junk-bond financier checked out of the Hollywood halfway house that had supervised his return to society since January.Milken now faces three years of community service at 1,800 hours per year -- roughly 35 hours a week -- but a formal plan has yet to be submitted by Milken to U.S. District Court Judge Kimba Wood.The fallen junk bond financier faces both personal and legal limits on his business activities.
BUSINESS
By New York Times News Service | November 9, 1990
NEW YORK -- Federal savings regulators plan to file claims expected to reach billions of dollars against Drexel Burnham Lambert Inc., former employees and related entities, people with direct knowledge of the plans said yesterday.The claims are expected to run as high as $5 billion to $10 billion for losses the regulators say were incurred by a number of the nation's largest savings and loans that had invested in high-yield "junk" bonds.The claims are to be filed by the Federal Deposit Insurance Corp.
NEWS
June 17, 2004
City energy tax will drive away industrial jobs Mayor Martin O'Malley's proposal to impose a 4 percent energy tax on Baltimore City manufacturers is a short-sighted response to a crisis that has been developing for two decades ("Council moves to trim budget," June 15). The current budget shortfall is a consequence, at least in part, of the city's shrinking manufacturing base and the resulting loss of tax revenues of all types from manufacturers and wage-earners and from the reduced amount of factory wages recycled through the local economy.
NEWS
By MICHAEL OLESKER | June 15, 2004
MICHAEL Milken's road to redemption wound its way through Baltimore over the weekend. It has taken him from untapped wealth as America's so-called junk bond king, to prison for securities fraud, to a long struggle with cancer and resurrection as a missionary of good health and big money to fight the disease. So much for F. Scott Fitzgerald's old line that there are no second acts in American life. Friday night at the Oriole Park warehouse's Camden Club, Milken's second act included a supporting cast of Johns Hopkins Hospital's Dr. Patrick Walsh, one of the nation's best-known prostate surgeons; Nancy Grasmick, the state schools superintendent; the comic book colossus Steve Geppi, who called Milken "my hero;" attorney George L. Russell Jr., one of the driving forces behind the new black history museum to open here next year; and attorney Loida Nicolas Lewis, for whose late husband Reginald Lewis the museum is named.
NEWS
July 26, 2002
Milken creates wealth, helps those in need The column "White-collar crime pays" (Opinion*Commentary, July 12) invents outrageous fictions regarding Michael Milken. He never "sold worthless stock." He did not "destroy" any company, much less the one he worked for. He did not pay "$1.1 billion in fines." An accurate assessment of Mr. Milken's career would show his enormous structural contributions to the economy and his lifelong philanthropy. He is widely recognized as the financial genius who made modern capital markets more democratic.
NEWS
By NEW YORK TIMES NEWS SERVICE | March 16, 2000
A 35-year-old software billionaire said yesterday that he would spend $100 million to realize his vision of 21st century higher education: a giant free Web site that would provide access to what he calls the "10,000 greatest minds of our time," in lectures and interviews recorded for the venture. Michael Saylor, the chief executive of Microstrategy, a technology company in Northern Virginia, said that his goal was "free education for everyone on Earth, forever." And he envisions his institution eventually granting degrees in countless disciplines, based on final exams that would be administered once a month in convention halls around the world, with grading done by computer whenever possible.
FEATURES
By Jean Marbella and Jean Marbella,SUN STAFF | June 19, 1997
"A problem is something that can't be solved by money."' Michael Milken's motherWhen the market closed yesterday, Michael Milken had made more than $5.5 million.So he's a little off his form these days. This, after all, is the investment banker who once made $550 million in a single year and more than $2 billion in a decade that he helped define for its excess and greed.But as Milken heard repeatedly in 1990, when he was indicted and sentenced to prison in one of the biggest Wall Street scandals ever: The '80s are over.
NEWS
By Frank Rich | March 4, 1994
MY GRANDMOTHER, who was no fool, took a strict line on people and events. They fell into two categories: they were either good for the Jews or bad for the Jews.In the simpler times of the 1950s, the bad-for-the-Jews list began with Hitler, always the gold standard, and descended all the way down to the jerk who elbowed his way to the front of the line at the Woodmont Country Club buffet. In between came Roy Cohn, Meyer Lansky and the Imperial Wizard of the Ku Klux Klan.Good for the Jews were Adlai Stevenson, Abba Eban, Steve Lawrence, Eydie Gorme, Eleanor Roosevelt and Sammy Davis Jr.About the only public personality I remember being a close call, in my grandmother's eyes, was Elizabeth Taylor, when she converted to Judaism to marry Eddie Fisher after stealing him from Debbie Reynolds.
NEWS
December 1, 2009
FRED JOSEPH, 72 Former Drexel Burnham CEO Fred Joseph, who as CEO of investment bank Drexel Burnham Lambert helped create the modern junk-bond market in the 1980s before the firm's collapse, has died. He was 72. Joseph died Friday at New York Presbyterian Weill Cornell Medical Center after a long fight with multiple myeloma. His death was announced by John F. Sorte, CEO of Morgan Joseph & Co., an investment bank Joseph helped found. Joseph, a graduate of Harvard College and Harvard Business School, arrived on Wall Street in 1963, joining the corporate finance department of E.F. Hutton.
NEWS
By David Kohn and David Kohn,david.kohn@baltsun.com | November 23, 2008
To help his students learn about money and math last year, music teacher Christian Slattery wrote a song called "Money Rap." He'll have to write a new money song - for himself. Slattery, who teaches at Hall's Cross Roads Elementary School in Aberdeen, won a major award that comes with a no-strings-attached $25,000. Slattery learned of his windfall Thursday at a school assembly. The award, which is given by the Milken Foundation of Los Angeles, was a surprise to him and almost everyone else at the school.
NEWS
By JULES WITCOVER | June 6, 1993
Ever since the death of Sen. Robert F. Kennedy in Los Angeles 25 years ago today, his followers have been looking in vain for a political heir.Last year, some hoped they had found him in Bill Clinton, another young presidential aspirant who spoke, as Robert Kennedy did, about the plight of the disadvantaged and the need for the country to address inequities and unmet social needs.One characteristic of Mr. Clinton in his 1992 presidential campaign bore a striking resemblance to the Kennedy of the 1968 campaign.
NEWS
By Los Angeles Daily News | March 3, 1993
LOS ANGELES -- Michael Milken's two-year prison term officially ended yesterday when the former junk-bond financier checked out of the Hollywood halfway house that had supervised his return to society since January.Milken now faces three years of community service at 1,800 hours per year -- roughly 35 hours a week -- but a formal plan has yet to be submitted by Milken to U.S. District Court Judge Kimba Wood.The fallen junk bond financier faces both personal and legal limits on his business activities.
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