Former Drexel Burnham Lambert junk-bond king Michael Milken and the Congressional Black Caucus seem like an odd combination. But Milken is now advising the Congressional Black Caucus Foundation on strategies for community development. Among the ideas Milken planned to discuss at a Sept. 17 panel in Washington: investment of pension funds in inner cities and use of community development banks. Milken, convicted of securities fraud, has been living in Los Angeles since his release from prison and has been doing community service in an antidrug program as a condition of parole. Milken's panel was followed by the director of the film Menace II Society.

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