, Columnist
Junk-Bond King Sees Profit in Trampling Market He Built
Too much leverage and loss of junk-bond covenants could boomerang.
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Many analysts are skeptical of the growing allure of private equity funds. But not Michael Milken, who helped pioneer the junk-bond market at Drexel Burnham Lambert Inc.
"This is their golden age," Milken, who pleaded guilty to securities fraud in 1990 and now runs his own research firm and focuses on philanthropy, said in a Bloomberg Television interview on Thursday.