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President Trump on Tuesday pardoned Michael Milken, once known as the junk bond king, among several other pardons of high-profile figures, including former Illinois Governor Rod Blagojevich and former New York Police Department Commissioner Bernard Kerik.
Here’s the scoop:
Who is Milken?
Milken, 73, pioneered the use of high-yield bonds to finance corporate takeovers as an executive at Drexel Burnham Lambert in the 1980s.
What was his crime?
Milken was charged with insider trading and in 1990 pleaded guilty to securities, tax and other and reporting violations.
What was his sentence?
He was sentenced to 10 years in prison, fined $600 million and permanently banned from the securities industry by the Securities and Exchange Commission. His sentence was reduced to two years, which he served in the early 1990s.
What has he been doing since?
Milken, a prostate cancer survivor, chairs a nonprofit think tank called the Milken Institute and is a philanthropist who donates to charities that fund cancer research. Trump on Tuesday praised Milken’s contributions to cancer research.
Has Milken discussed investing in recent years?
Yes. The Miken Institute will hold its 23rd annual Global conference this year, a gathering that brings together “leading minds in business, technology, government, media, philanthropy, health care, and entertainment to deliver novel, collaborative responses to these great questions of our time,” according to the group’s website.
Milken has spoken at the event, sometimes giving advice on investing. In 2016, he told attendees that taking risks is necessary. “The only strategy that is guaranteed to fail is not taking risk,” he said.
But he added that investors must manage risk as well.
“Often the greatest risk is when you perceive no risk,” he said.
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