ENCORE: Mike Milken: When Junk Was King | 187
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ENCORE: Mike Milken: When Junk Was King | 187
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About this listen
We’ll be back next week with a brand new episode. In the meantime, we’re taking you back to the 1980s – a time of greed, glamour, and Wall Street excess – and revisiting the story of the “Junk Bond King,” Michael Milken.
In the early 80s, Michael Milken pioneered a novel way to finance companies that traditional investors normally wouldn’t touch. His high-risk, high-reward investing strategy upended decades of Wall Street norms. And it made celebrities out of Michael and the corporate raiders he funded, like T. Boone Pickens, Rupert Murdoch, and Carl Icahn. Michael did make it possible for smaller companies to access capital. But he did it by breaking norms, ethical codes, and financial regulations in order to manipulate the system at every turn. Though, when stock brokers turn into snitches, even his billions can’t protect him.
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