Payback: the conspiracy to destroy Michael Milken and his financial revolution
According to James Stewart's Den of Thieves, what happened on Wall Street in the '80s was really simple. Due to the crimes of Michael Milken and others, Stewart states: "the ownership of entire corporations changed hands, often forcibly, at a clip never before witnessed", "(h)ousehold names ... vanished in takeovers that spawned criminal activity and violations of the securities laws", "thousands of workers lost their jobs", "profits were sacrificed", and "bondholders and shareholders lost many millions more". "These", he writes, "are the costs of greed coupled with market power". But according to Daniel Fischel, this popular view is completely wrong. In his revolutionary book Payback, Daniel Fischel blows away the conventional wisdom on Michael Milken and the myth of the "decade of greed". Countering the press reports, prosecutors' statements, and denouncements by corporate boards, Fischel shows how Milken's innovative ideas overthrew a generation of inefficient corporate managers and injected a much needed dose of adrenaline into a lethargic Wall Street. Indeed, Fischel argues, Milken himself was wrongly accused and in reality committed no crimes.
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The Restructuring of Corporate America
The War Against Insider Trading
The Criminalization of Regulatory Offenses
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acquired announced arbitrageurs assets bank Bilzerian Boesky Boesky's Bush Carr CenTrust charges Charles Keating Chiarella clients Congress convicted cooperate corporate crimes criminal deal debt defendants Dennis Levine Dixon Don Dixon Drexel and Milken Drexel Burnham Executive's federal FHLBB firm Fischbach fraud funds Garamendi Giuliani government's guilty plea high-yield bond market high-yield debt indictment industry insider trading investments in high-yield investors Ivan Boesky Journal of Financial Judge Wood junk bonds jury Kaye Keating Keating Five lawyers leveraged buyout Levine Lincoln loss ment Michael Milken million Mulheren Paul percent pled guilty Ponzi scheme Princeton/Newport profits prosecution prosecutors purchase real estate regulators regulatory restructuring RJR Nabisco Rudy Giuliani savings and loan Scholer securities sell Senator sentence shareholders shares Siegel Silverado stock price stock-parking target tender offer testified thrifts tion transactions trial Vernon Savings violations Wall Street Journal yield bonds York