Michael Robert Milken's shrewd trading 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. He was a compulsive gambler who had been arrested in the 1970s on charges that he cheated at blackjack with his friend John J. McCloy. 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 filed against Milken.
Michael Robert Milken's shrewd trading 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 turned 42 Milken 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 filed against Milken.