Milken, ‘Junk Bond King,’ could return to Wall St. after Trump pardon – By Lydia Moynihan & Charles Gasparino (FOX Business) / Feb 18 2020
Will the the face of the insider trading scandals of the ’80s seek a triumphant return?
Now that Michael Milken has secured a pardon from President Trump for financial crimes he was convicted of three decades ago, can the man, once known as the “junk bond king,” rejoin the securities industry?
The answer is yes, but the outcome won’t be so simple.
Milken, at least for now, is telling reporters he has no plans to get back into the business of Wall Street. It was there, during the finance boom of the 1980s, that he made tons of money on junk bonds and leveraged finance deals at the now-defunct Drexel Burnham Lambert.
His plea and conviction in 1990 for securities fraud, landed him a 10-year prison sentence (commuted to two years), $1.1 billion in fines and restitution, and a permanent ban from the securities business. The king had been turned into a pariah.
“Following the President’s announcement of a full pardon for Michael Milken, several media have asked if Mike has any plans to return to the securities industry,” a spokesman said in a statement. “Today, that is the farthest thing from his mind. He’s fully dedicated to continuing his lifelong crusade to cure cancer and other life-threatening diseases.”
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