Success Was Mike Milken's Real Crime

In the 1980s, "junk-bond king" Michael Milken was made the symbol of the "greed decade" and imprisoned. Now the Milken affair has received the careful attention of a distinguished legal scholar. In his just published book, Payback: The Conspiracy to Destroy Michael Milken and His Financial Revolution, University of Chicago law professor Daniel Fischel concludes that the only party to engage in wrongdoing was the U.S. government, which wrongly persecuted Milken.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.