Michael Milken: The World's Most Evil Billionaire
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- Опубликовано: 27 июн 2024
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In this deep-dive video, we explore the infamous Michael Milken Junk Bond scandal. From his meteoric rise as the junk bond king and the collapse of Drexel Burnham Lambert, to his pardon by former President Donald Trump, we unravel the complexities behind one of Wall Street's most shocking stories.
Milken interview at Goldman Sachs: • Michael Milken on Capi...
0:00 - 2:54 Intro
2:55 - 8:04 Becoming the king
8:05 - 12:16 The fraud
12:17 - 17:34 The final act
17:35 The aftermath
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You ALSO find out if some relative was lying about their past. 20 years of thinking I was Spanish to then hear actually it was Basque. And it's nothing.... but 6% Scandinavian. Keep in mind of you have ANY Scottish or Irish, that Scandinavian is ACTUALLY VIKING from those countries GENERATIONS ago. Don't expect to find some Swedish great grandmother or something.
I can tell by how you present things that you are Asian
Milken's DNA is JEWISH
Never Give DNA Lies Of Corp Gov....
Rating companies are crooks. Their ratings are a crock. How could the 2008 crisis occur other than the US government allowing it to happen with their free for all for friends of course but how else? Ummm, raging agencies giving fraudulent reports. And when called in front of congress what did they say? "These are only our opinions, we make no recommendations or otherwise & we shouldn't be held responsible for our reports". So what use are rating agencies like that? None whatsoever. Crooks.
Some people have a face only a mother could love.
Milken's got a face only a Stockbroker could love.
Yes this guy needs to be rich.
😂😂
Wow…That’s deep.
Just color this guy's face green and he will look like the Grinch 😂
Dude he looks like a legit evil person. 😂
Tip: do not give your genetical data to a shady company who will sell it on to insurance companies etc
My sister bought us 23 and me for Christmas a decade and change a ago. I never would have bought one for myself but I figured what the hell. I regret that decision as I try to leave a smaller and smaller digital footprint these days.
Exactly. And they use the material for many nefarious purposes. Not to mention they can't trace your ethnicity. It's simply entertainment. They compare your samples to living people not persons that are your ancestors.
Better still, never voluntarily give your DNA out period!!!
Tip: genetical isn't a word, but genetic is
@@niranjankumarjha4047I wanted to say he might not be a native English speaker, then I read your name lmao 😂
The fact that Milken was allowed to keep a nickel after his crimes is absurd, disgusting and disheartening.
It’s because he’s rich. Rich ppl can do whatever they want
Hate the game not the player yo.
@@arcaneisboring7675 bullshit. I will hate the game and the player too. if the game is corrupt doesn't mean the evil player somehow absolve to any evilness that they did.
crony capitalism at its finest😔
because he is part of the tribe
The sad part is younger folks think that he’s some sort of Messiah. One should see where the money came from (Nobel, Rhodes) before they became a “pillar of the community”.
He is, what are you?
@@mimi21746 added quotes so it’s more obvious.
Idk man, I don't think anyone looks kindly on this guy.
@@rickeyheard4454 you’d be surprised. Was just in LA and all anyone can talk about is how great he is. It’s just unreal. No one cares about history.
At least a third of the American (Christian) population are programmed from birth to worship and admire scammers and conmen.
Without their support this fleecing of public would be much more difficult.
Ah! "Drain the swamp" meant to pardon the financial swamp in prison and let it flow back into society
He didn’t get him out of jail he wiped his record.
@@user-ef9tb3ph6wjust as bad tbh man
Israel first.
@@user-ef9tb3ph6wTrump literally pardoned a financial criminal. Trump was always part of the swamp
Trump literally pardoned a financial criminal. Trump was always part of the swamp😂
Had never heard of this guy before. Thanks for raising awareness
You must be under 35. Milken was all over the news for months.
read "Barbarians At The Gate" it's a great read and Milken is a big part of it. You wont be able to put it down.
Bit before your time if you are in your 20’s - 30’s.
My grandmother lost a LOT of money in junk bonds
@@nakternalalso den of thieves by James Stewart
When the fines are smaller than their earnings, its just means that the rich can pay their way out of justice.
Connie Bruck’s “Predator’s Ball” is another great book on this.
Another book is "Den of Thieves" by James Stewart
This was big news in the '80s and the inspiration for the movie Wall Street from Oliver Stone (Gordon Gecko was an amalgam of Boesky and other nefarious Wall Street types. The book Den of Thieves also describes this insider trading ring.). I still can't believe Milken has been so "rehabilitated" like this. He was the face of greed in the late '80s. But he made a lot of people rich, and that is being paid back I guess.
Anyone rich can be rehabilitated. Trump... Biden... etc
He still looks like a goblin
I didn't much care for these fellows in the 1980's and don't think time has done them any favors. If these guys are to be worshipped as amazing business men for bankrupting the companies they were employed by, then America is truly ran by idiots and douchebags with fancy degrees from prestigious schools. A criminal is a criminal whether it be a regular old check kiter or a fancy suit wearing mafioso pretending to be smarter than the rest of us.
The books pretty good.
Milken probably paid for those fluff pieces.
in the uk we have the insurance "miss-selling" scandal. in essence $40bn fraud. which the banks made as hard as possible to get money back from. people are willing to do whatever it takes in return for billions in profit. i have no idea why people are continually surprised by bad things happening.
No surprised to see that The Milken Institute is a high level member in the WEF.
Ain’t capitalism grand
But but but Trump is gonna save us from them.
@@ClamMan1989" Drain the Swamp " 😂😂
Should be in jail for life. Instead scamming just makes you richer without repercussions because the government is corrupt too. This is disgusting and we must do something about this.
He may have earnt billions , but you would think that he could afford a decent toupee on the way up.
Or a hair transplant…something.
He never went back to wearing a wig after he got out of prison
it was a disguise for his later life
Wow, never knew about this one.
And the last portion is partly why.
Aristocracy has become once again become beyond parasitical to downright dangerous.
A lot of these billionaires claim to be moral paragons yet are the slimiest people
The reason why they do this because they're compensating for bad behavior, despite the fact that continue do bad things. They feel guilty for their actions but not enough to stop.
@@cane6074I doubt they feel bad about their behaviour
I don't think anyone of then said so, it's what is in your head.
Morality in business and markets is not the same morals you are preached to at your church.
Exactly
A few years ago I was the sound assistant at the Milken Global conference... I was responsible for putting microphones on all of the billionaires before they went on stage. Most were too busy talking to their friends to give me 30 second of their time s to put their mic on... one even complained about having to wear a mic... Michael Milken was the exact opposite, he was friendly and always took a minute from his conversation with the other billionaires to allow me to put his microphone on.
That’s a salesman fraudsters mo
@@brandodurham all i'm saying is that he was nice to me... he wasn't selling me anything. i was just putting a microphone on him.
I just starting binge watching his global conferences and I learned a lot about the investing world. I became a fan of his when I heard him speak, intelligent and soft spoken. I was wondering why I never heard of the guy, seems like he was not worshipped in mainstream media because of the cases he had, but to the investing professionals they had a lot of respect to him. I will always be rooting for Mike Milken, he is underrated how he helped companies financed by seeing te gap between bonds and equity through the junk bonds
@@Midash2k IKR, one of the most underrated billionaire. In America, from an outsider's view, there seems to be a huge divide between the doers and intellectuals. It's like many intellectuals are envious of the doers and entrepreneurs getting any societal acclaim, because actually the entrepreneurs don't think that much but they get more things done to advance society. Very few billionaires are actually worshipped in mainstream, I don't buy it that billionaires are even appreciated for their risk and grit in mainstream, very much so they have small circles and everyone is blaming them for everything wrong instead of learning from them or trying to partner with them.
@@mimi21746 exactly, no billionaire is not brutal in some sense. They are competing in the free market where everyone is a participant.
This man is photogenically terrifying
He has the creepiest smile in the universe.
Fun fact: when Milken reported to prison, he was not permitted to wear his toupee. When he got out, he stopped wearing one.
Another one, when Trump testified for his Taj Mahal casino license, he was asked if he would use Junk Bonds with high interest rates. Doing so would mean high debt payments and put more pressure on the casino. He said no and that he had financing lined up. Of course, he used Junk Bonds from Milken for the Taj and it went went through its first bankruptcy about a year later. It crushed a lot of small suppliers who still had not been paid for their work.
I didn't know he used Milken,, which of course makes sense. Smh! But it makes sense.
A conman who always needs to borrow money and will agree to any interest rate since he probably won't pay it back anyway,,, meets another conman who can arrange that financing and doesn't care if it goes bust so long as he gets his massive commission. I guess its just naive of me to NOT figure out the connection when Trump pardoned him.
But yeah, trump lied about the financing.
The gaming law in NJ stated a new casino could not hold more than like 30% debt. Trump had like 40% private investment, then 30% bank financing, and then promised the rest for his $1 billion casino would be equity or private equity. That was a lie cause he used 30% junk bonds at 14%! That equals like $42 million a year just In interest! I'm not sure if Trump even made a single payment on those bonds and he surely didn't even make 2 payments.
Less than 6 months and the Taj Mahal was already having trouble making these payments. It Was doomed from the start and the executives barely keeping it afloat ended up leaving. Well, 1 died in a helicopter crash, and the other quit when Trump blamed the dead guy for all his financial problems with the Taj.
If you don't already know. Look up a guy named Marvin Roffman. He's the casino, investor analyst that trump got fired for predicted the taj Mahal collapse. Trump didn't like his correct analysis, got him fired, then the guy sued Trump,,, and won!
He was
I guess you could say he was Milken them junk bonds
Yup no shortage of udders to choose from.
Just like Bernie Made-off, the hint was in the name all along
Fantastic video. Such high-quality content.
He'd only deserve a second chance if they stripped him off all his money and made to complete his entire prison term. But there's no justice in capitalism.
We don’t have Capitalism…
@@oneeleven9832 just because you can't own slaves anymore, doesn't mean that you don't have capitalism.
What does the economic system have to do with it. He was pardoned by trump
@@aightm8 you've just answered your own question.
@@havyn88 I didn't. That's political, it has nothing to do with the means of production. You tankies really are low IQ
Until the Lion has a historian tales of the Hunt will only glorify the hunter
-Unknown
Great job . I was living in LA area when Millikan was committing his crimes. The LA Times expose of Millikan has confirmed everything you just said.
This channel is a gem, thanks!
Why cant we all just lie, steal and cheat our way to the top? We do we have to work 50-60 hours a week and barely survive 😢why
He’s another member of the bad hair club. I wonder if there’s a correlation between suspiciously bad hair and suspicious business dealings.
What hair?
Give him a break. He’s a cancer survivor.
@@ElliottNest39 He was wearing a piece before that.Who cares about his hair.
Well, Trump has bad hair and never really had any business dealings. It was all a sham and the money was from his dad who looks like he wore a hair piece as well.
There's definitely a link, but you get banned from youtube if you point it out. Hint, check their "early life" details.
Great video as always 🤩🙏
Dude looks like the Egghead villain from Batman "Oh eggscelent"( in flamboyant voice)
He makes Jordan Belfort seem like a saint by comparasion.
Comparison
Belfort's schemes had actual victims.
0:55 thats cause Milken didnt break the golden rule. You can fleece middle class folks indefinitely, just don’t steal from the rich.
Anybody with a smile like that, shouldn't be trusted.
Fantastic documentary. Keep up the great work.
yes milken did wrong and in his case shouldve been fined substantially more but the evolution of junk bonds is something that is very necessary for small companies to grow.
amazing video WSM!
I think he looks similar to a cartoon villain with that smile and black eyes. And also a spider. My conclusion that evil people tend to look evil sooner or later does get confirmed over and over again
The physiognomy check is not a meme, I have learned.
14:03 Umm ackshually, preferred dividends are not an expense. They are deducted from net income on the income statement to arrive at net income to common shareholders. The dividend paid out is an equity item.
ktktktktktkkt 😂
I’d still say it’s some form of an expense. At least unless it’s paid in stock rather than cash.
Yeah it's still an expense.
I guess you could say, Milken milked his victims
Very educational.thanks
This got sketchy the moment he started getting involved in issuing bonds after he was already involved in trading them. Crazy conflict of interest.
I have a friend that knows Milken quite well.
He helped them out immensely when others were slime balls. This was a height of his supposed evil period. Actually they had nothing against Milken after years of trying to prosecute, and he only agreed to their plea because they then came after his elderly parents and family and blackmailed him to accept plea.
To say he's more evil than drug lords or pharmaceutical companies that started the opiod crisis is interesting.
While he really doesn't seem to be a good guy, he is FAR from being the most evil billionaire.
Who's the number one?
@@Stoneface_ I'm not sure if these are billionaires, but the people on the board of directors at Nestlé easily take the cake as most evil rich people.
Key life lesson here...
Never trust a man with an obvious toupee.
Never!
The Joker Scam, Scam with jokes, scam while jokes.
Just like George Carlin said.." Its a big club and your not in it"
I have done a bit research into Milken and his prison sentence - I still do not understand how he only served 2 years jail. He was sentenced to 5 x 2 years sentences to be served consecutively. He only served 2 years though.
When you open your wallet to politician's and judge's re-election campaign funds it's amazing how quickly prison sentences get reduced.
No, no he doesn't deserve a second chance. He ruined many thousands of people... he should have all his stolen money confiscated and paid to his victims.
Two uploads in one day let’s go
WSM, one of your best. I lived through the Drexel period at the start of my career (in tech, not fin). I also was a doctoral student at the Stanford GSB so had a ringside seat for much of this. The damage this man did by putting capital in the hands of raiders is still with us today. KKR, Blackstone, and other giant LBO/PE/ hedge funds got their start with DBL $$$. Read Connie Bruck's "The Predator's Ball" for a sympathetic (!) portrayal of these men.
...or "Den of Thieves" for an unsympathetic one, but you're wrong on the whole. The raiders did a great service to the economy by cutting the fat off corporate America. There was inefficient and fraudulent behavior at the margins, but the overall effect on the economy was positive.
@@mastpgraiders just loaded previously profitable companies with debt, they didn’t cut fat off they cut off companies legs
The idea that they are eliminating inefficient companies doesn’t make sense given that the practices work equally well on healthy and dying companies
@@chrissmith3587 Good luck learning to read. Inefficiencies within companies, not inefficient companies...
You have an incomplete knowledge of the era and are only taking the worst examples, which is probably fine in your view, since you only seem to be interested in hyperbole. Study the history more and get better with the math if you want a complete perspective.
@@mastpg “inefficient and fraudulent behaviour at the margins”
So they sold off profitable divisions and assets and took on large debt.
They didn’t help any company but themselves
@@chrissmith3587 "They" isn't a thing in this context. You're talking about hundreds of buyout shops and companies over decades. Good luck ever learning the full history of the industry and the underlying math. It's clear you gave no desire to understand it, but I wish you luck nonetheless.
Quick question, how do you think the practice remained relevant for so long? The sector was somehow able to find marks to take the bad end of the deal for decades and decades? No one else ever made a profit or saw any benefit from the practice, but buyout firms were somehow able to run the same practice you believe to be scam with chump after chump in the private and public markets over and over and over again with no one else ever getting wise? This is what you're saying. Please confirm.
Plenty of these deals didn't involve significant asset sales and plenty didn't involve overly onerous debt, ESPECIALLY when you consider how cheap financing has been throughout long periods within the last 40-50years, the period when private equity has grown most substantially. I mean, I agree with Buffet that the cheap used car salesman tactic used by buyout firms to solicit funds should be a put-off to potential investors, but your perspective on the industry as a whole is verifiably incorrect. You don't even seem to understand the basic process, much less the specifics of any particular deal or types of deals.
The fact that this guy, and those like him, are walking around free with a net worth of 6 billion dollars when they should be serving life in prison is absolutely inexcusable.
I didn't know John Malkovich was a junk bond king. "Pay dat man heez mohn-eee".
Early life section checks out as per ushe.
He has a very trusting smile
Oooh Drexel, that's old Philadelphia money.
Crazy that his outside appearance is slowly transforming into an evil skeletor to match his inner evil.
22 months in a country club prison .... he must be part of some select grouping of people who are immune to real justice for massive financial crimes 🤔
Did you see Michael Milken at the NY Mets game last year promoting his foundation? He's buddies with Michael Cohen the Mets new owner. My mouth dropped open, I was like whaaaaaat?????
Couple years down the road: Our next guest is the heroic Dick Fuld
Thanks 4 Great Reportage!
Fraudster are Obviously "Heil" as Heros among the same type of people 😎
Brilliant for applying the academic work identifying the untapped junk bond risk premium value. Unethical and criminal for what he did to push his product.
Incredible research, incredible channel...!
Looks like you nailed all d key heroes in den of thieves except Martin Siegel. He’s with kidder Peabody. 😮
Blackstone did not exist in the 1970s; it was founded in 1985.
milken? oye vey
Mr Burns hand-rub..."excellent"!
Read “Witness to a Prosecution” came out last year. It’s written by Milkens lawyer. Explains all the good he did and how he was railroaded
I remember when the story broke in the WSJ how the feds took his BMW and made him ride in a K Car to while under arrest, yet more interesting is the follow up story of what happened to him in the Federal Penn with the mafia. How they extorted him for stock tips and the treatment he got if the stock went bust. While giving authorized sport gifts to appeased for the losses.
Most evil? Don't know about that... competition is stiff.
dude its investment banking....the end always justifies the means......if one doesn't like it then one is in the wrong industry
Like victims who enable their abusers, our laws enable greedy billionaires like Milken to get away with their crimes while the people pay the price.
Saddling otherwise solvent companies with huge debt in these leveraged buyouts, often pushing them into chapter 11 bankruptcies is something that needs to be banned.
You should never judge a book by it's cover... no wait
I was working on Wall Street. When this all happened,remember it well
I wonder how those interviews would have went if Milken was black. I wonder if he would have remained a billionaire if he was black... I wonder
Eye-van Boesky. Not Ee-van.
It's Mr. Burns 😂 Doh!
Milken made some mistakes, but he paid his debt to society, and I'm glad to see he's recovered and climbed back to the top. Super inspiring video.
He’s definitely one of the most unethical but evil? No, thats Kin Hung Un
I was having whiskey with Boesky & cookies with Milken.
This is why I never trust america’s economy.
And they say crime doesn't pay....
Greetings from PERU 🇵🇪excellent information of billionaire Milken
Why would you expect thieves to despise another thief?
Alexa, pull up "early life".
First thing I did. Drexel. Then the lawyers, the judges, & the media companies who made him a hero. It’s so transparently f’cked up.
Aaaa that’s how you drain the swamp! 😂
Honestly every fortune 500 company at one point had “junk bond” status. If you invest in these bonds just understand what you are doing. Hedge your investments. Just play with these with a small amount of capital. Mark it as an expense. If it nets a profit good if not then you didnt lose your retirement. Also make sure your hedge fund doesnt deal with junk bonds.
He looks like that bad lawyer for the hospital from Scrubs.
I don't even need to check 'early life' for this guy
Please look for vic reeves doing a master chef sketch. Beyond spooky
Drexel wasn't a big investment bank before milken joined. he built their reputation until the downfall
That’s clearly John Malkovich 🤣🤣
Every. Single. Time.
I can barely wash these videos knowing that these people got away with their crimes and not only continue doing them, but have a fucking conference is named after them
Maybe in 20 years we'll see E Holmes "rehabilitated" and venerated like this guy. 😒
Payment in kind was a feature of the junk bond era. It is also a core feature of crypto!
Poor lady at 6.30 😢
She's been fired at least 10 times now
Unbelievable corruption
A thought about your final thought… is there a sufficient amount of transformation that he could have demonstrated to obviate the need to cancel him?
Then junk bond scam, now tech spac scam. Same thing diffrent times