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Michael Milken Biography (Michael Robert Milken) : Investor
Famous for : Being nicknamed the Junk Bond King. Milken was sentenced to 10 years imprisonment by Judge Kimba Wood in 1989 but served less than two years. He was indicted on 98 counts of racketeering and securities fraud, but pled guilty to just six securities and reporting violations after a plea bargain. Milken is now an active philanthropist through his Milken Family Foundation.
Milken details : Born - 4th of July, 1946 California, USA / Lives United States of America

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Michael Milken Bio

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Michael Milken was known as the "junk bond king" as a result of making millions of dollars from high-yield junk bonds. His financial dealings were ultimately found to be illegal and he was eventually banned from the securities industry. After a bout with cancer, Milken became a philanthropist and dedicated much of his personal wealth to fighting cancer.

Michael Milken was born on July 4, 1946 in Encino, California and excelled in school from an early age. He attended Birmingham High School and eventually studied mathematics and business at the University of California at Berkley. Milken graduated with a business degree and high honors in 1968 and went on to receive his master's degree from the University of Pennsylvania Wharton School.

It was during his time at the University of California that Milken began studying junk bonds and the failed rating system that showed them as "high risk". By analyzing the system and the risk factors involved, Michael Milken realized that there were good profits to be made if he carefully weighed his options.

Milken married his high school sweetheart, Lori Hackel, in 1970, just before attending graduate school. Once he received his master's degree, Milken began working with the Drexel Corporation, originallly as an assistant but later as the head of bond research. By 1973 Milken was the head of the non-investment-grade bond-trading department of the newly merged Drexel and Burnham and Company. His work was seen as remarkable, earning 100% return on investments.

Milken then moved back to California where he helped Drexel-Burnham fund corporate takeovers using junk-bonds. It was during this time that Milken made over $500 million with his trades and acquisitions and made some of the largest transactions of his career, some of which were later found to be illegal. In 1990, Milken was convicted of securities fraud and insider trading, and was sentenced to ten years of prison and multiple years of community service.

Three years later, in 1993, Michael Milken was released from prison and immediately went back into business, this time in the entertainment industry. He and Larry Ellison (the founder of Oracle) started Knowledge Universe that provided a variety of goods and services to a diverse group of customers. Although Milken was once again investigated and fined for potential roles in trading, Milken continued to work in his new career as a co-founder of an educational company.

Although he is known for his corporate takeovers and eventual conviction, Milken also donated a lot of time and money to charities. While he did some philanthropic work prior to his conviction, Michael Milken is better known for his charitable work following his release. In 1995 Milken donated $5 million to a Jewish secondary school and he eventually created a foundation to help raise money for cancer research. After being diagnosed with advanced prostate cancer at the age of 46, Milken became acutely aware of the lack of cancer knowledge and research. Through treatment and therapy, Milken's cancer eventually went into remission but it did change his life. He wrote a healthy-living cookbook with Beth Ginsberg and has dedicated much of his time and money to his foundation.

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Michael Milken Quotes Famous Michael Milken Quotes

Small and mid-sized companies in this country historically have been responsible for creating the overwhelming majority of new jobs in the private sector. One of the most-common misconceptions about our private enterprise system is that large companies, such as the Fortune 500, are integral to the process of job creation in this country. The truth is quite the opposite.
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In the four decades of philanthropy that have paralleled my business career, I’ve found that the same principles apply whether you’re providing access to capital to grow a business, creating a new paradigm for medical research, or pioneering innovative approaches to education: Empower the most talented people in each field and encourage them to pursue their passions.
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Passions - Business - Career - Education - Power - Encouragement

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Michael Milken Biography - Life

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