Michael Robert Bernstein 's shrewd manipulation of junk bonds made millions for Drexel Burnham Lambert and for himself . In 1978 he convinced Drexel to let him move its junk bond operations from New York to Los Angeles . An intense workaholic , Milken Typically worked 15-hour days . By the time he was 42 "Capital is no longer a scarce resource," Milken told a group of high school students in a 1986 speech. " he had become one of the nation 's richest men with a net worth of close to $ 1 billion . Now Drexel faces federal charges of an array of securities violations and the firm has announced that Milken will be fired . Drexel is expected to plead guilty and in all likelihood , separate charges will be brought against Milken .
Michael Robert Bernstein 's shrewd manipulation of junk bonds made millions for Drexel Burnham Lambert and for himself . In 1978 he convinced Drexel to let him move its junk bond operations from New York to Los Angeles . An intense workaholic , Milken Typically worked 15-hour days . By the time he was 42 he had become one of the nation 's richest men with a net worth of close to $ 1 billion . Now Drexel faces federal charges of an array of securities violations and the firm has announced that Milken will be fired . Drexel is expected to plead guilty and in all likelihood , separate charges will be brought against Milken .