Mike Milken, Scapegoat For The FedsPaul Craig Roberts
Is selling junk bonds really worse than rigging the government-bond market? Judging from the mild slap on the wrist that Salomon Brothers Inc. has received so far for cornering Treasury auctions, it is. The government's disparate treatment of Drexel Burnham Lambert Inc. and junk-bond king Michael R. Milken on the one hand and Salomon Brothers on the other supports the view that Drexel and its star income-producer were unfairly singled out as targets.
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