Michael Milken was born on April 4, 1946, in California. He grew up in the West San Fernando Valley of Los Angeles, where his parents instilled in him a strong work ethic and a drive to succeed. He excelled academically, graduating summa cum laude from the University of California, Berkeley. He then went on to earn his MBA from the prestigious Wharton School at the University of Pennsylvania.
After completing his education, Milken began his career in investment banking at Drexel Harriman Ripley. It was here that he made a name for himself in the high-yield bonds market, known for its risky but potentially lucrative investments. He quickly rose through the ranks, becoming one of the most successful bond traders of his time.
In 1989, Milken's career came crashing down when he was indicted on charges of investment fraud and racketeering. He was accused of engaging in illegal activities to manipulate stock prices and defraud investors. After a lengthy legal battle, he was ultimately sentenced to two years in prison.
Following his release from prison, Milken founded The Milken Group, a financial think tank based in California. He also became known for his philanthropic efforts, donating large sums of money to medical research and other charitable causes. Despite his past legal troubles, he continued to be involved in the financial industry, advising clients such as Ted Turner, Craig McCaw, and Steve Wynn.
Despite the controversy surrounding his legal troubles, Michael Milken's impact on the financial industry cannot be denied. Author and economics expert George Gilder praised Milken for his early-career reorganization of the financial market, which he believed had led to significant economic growth in America. Milken's story serves as a cautionary tale about the dangers of greed and the importance of ethical behavior in business.
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