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Michael Milken
Summary
Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for high-yield bonds ("junk bonds"), and his conviction and sentence following a guilty plea on felony charges for violating U.S. securities laws. Milken's compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded 600 million (although his personal website claims $200 million) and permanently barred from the securities industry by the Securities and Exchange Commission. His sentence was later reduced to two years for cooperating with testimony against his former colleagues and for good behavior. Milken was pardoned by President Donald Trump on February 18, 2020.
Since his release from prison, he has also become known for his charitable giving. He is co-founder of the Milken Family Foundation, chairman of the Milken Institute, and founder of medical philanthropies funding research into melanoma, cancer, and other life-threatening diseases. A prostate cancer survivor, Milken has devoted significant resources to research on the disease.
Milken was born into a middle-class Jewish family in Encino, California.
He graduated from Birmingham High School where he was the head cheerleader, and worked while in school at a diner. His classmates included future Disney president Michael Ovitz and actresses Sally Field and Cindy Williams. In 1968, he graduated from the University of California, Berkeley with a B.S. with highest honors. He was elected to Phi Beta Kappa and was a member of the Sigma Alpha Mu fraternity.
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