Discussion in 'Educational Resources' started by MadFrankie, Sep 5, 2002.

  1. Anyone know where i can get a copy of the michael milken documentary (fallen angel?).

  2. nope. but there are some other books that are interesting. One is called "Dangerous Dreamers," the other is called "Highly Confident."

    The first deals with financial innovators (or 'envelope pushers') in general, including Milken and the second deals specifically with him, taking its name from the letters of intent Drexel would issue stating that they were 'highly confident' financing could be raised via high yields.

    I can't remember authors. Both will give you something besides the spin that was dished out by the usual sources.

    Another fiction book that dealt somewhat along the same lines philosophically (and before the Drexel thing broke) is "Bonfire of the Vanities."

    Michael was in the same boat as Enron: he was an innovator and leader in a niche and came to dominate the market, making him the perfect target for ambitious lawmakers who don't mind destroying firms and ruining people's lives if it'll make them look good (sort of the same things they accused him of, only they do it for power, instead of money).

    Like Enron, he was not without fault. Being THE market maker might tempt one to be a tad arrogant at times. And that can lead to problems. I don't know if this is the case with M. Milken, but it is certainly a possibility.

    A study was done showing that the technical violations that he was convicted of caused an estimated $250,000 (give or take) in damages. Yes, the commas and decimals are in the right place -- a quarter million, with an "M," dollars.

    For this he forfeited a billion dollars (exclusive of his legal expenses) -- back when a billion was real money, a year of his life in prison, the anguish brought by the investigation to him, his family, and his employees and associates, banning from the securities industry, Drexel was ruined, the high yield market went into turmoil...but, it's all good.