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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Payback: the conspiracy to destroy Michael Milken and his financial revolutionUser Review - Book Verdict
Economist Fischel asserts that Michael Milken and Drexel Burnham Lambert were responsible for an enormous sea change in financial innovation on Wall Street that affected countless corporate restructurings and resulted in the creation of vast wealth for U.S. and foreign investors. These are not necessarily bad things unless you happen to have powerful enemies like Rudolph Guiliani who vow to bring you down. In writing an in-depth look at what really happened in the Eighties, Fischel talked with all the participants and studied the court records and government testimony. He feels there was a conspiracy to bring down Milken and Drexel involving Wall Street competitors, U.S. business, and even the government. In this persuasive account, Fischel argues that "the so-called Wall Street and savings & loan scandals of the 1980's wouldn't have occurred if the government hadn't intervened." Recommended for larger nonfiction collections in public libraries.--Richard Drezen, Washington Post News Research Ctr., Washington, D.C.
The Restructuring of Corporate America
The War Against Insider Trading
The Criminalization of Regulatory Offenses
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