• ShaggySnacks@lemmy.myserv.one
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    1 year ago

    “The institute was founded in 1991 by Michael Milken, a former Drexel Burnham Lambert banker who gained notoriety for significant financial success as a pioneer of “junk bonds” as well as his subsequent felony conviction and prison sentence for U.S. securities law violations.”

    Sounds like a grifter.

    • Rilichu@lemmy.world
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      1 year ago

      He’s seems like one of those shady ass business types that will run a company into the ground while trying to maximize his personal earnings before he skips town on a solid gold private jet.

      Looking at the numbers given on Wikipedia is ludicrous.

      “Milken’s compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $1 billion over a four-year period, a record for U.S. income at that time.”

      That’s already nuts but then you look at the company’s financials and its even more insane.

      Revenue: US$4.8 billion (1968)

      Net Income: US$545.5 million (1968)

      The guy was syphoning off a whole fifth of the company’s entire revenue for the last years of its existence before it went bankrupt.

      • ShaggySnacks@lemmy.myserv.one
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        1 year ago

        You’re doing a terrible job on selling them as a grifter. They sound a lot like those 80s sociopathic investment bankers that buy companies and then gut the company and destroy lives to make more money.

        At least a grifter has to work to get the grift going.