Wiki Biography of Michael Milken
Michael Robert Milken, a former financier and investment banker, was born on July 4, 1946, in Encino, California, United States. Milken earned the moniker “junk bond king” because he was a key figure in the development of the so-called “junk bond” in the 1970s. Michael was imprisoned in 1989 for financial fraud and is seen as an icon of Wall Street greed in the 1980s. According to Forbes magazine’s data, he is one of the world’s top 500 richest persons.
What is the net worth of the former financier? According to credible sources, Michael Milken’s entire net worth was assessed to be $2.5 billion as of the statistics published in the middle of 2016. Milken’s fortune is primarily derived from investments.
Michael Milken has a net worth of $3.8 million dollars, Jan, 2021.
Milken was born and reared in Encino, California. He got a Bachelor’s degree with honors from the University of California at Berkeley and an MBA from the University of Pennsylvania’s Wharton School. During his MBA studies, he looked at profitable bonds, which were common issues among troubled businesses. Despite the greater yield, few investors were ready to put their money into these bonds since they were risky. According to Milken’s study, the yield was still above average when compared to the additional risk, and he was eventually able to establish an investment bank. From 1969 to 1976, Milken worked for the New York investment bank Drexel Harriman Ripley, first part-time and then full-time, as a non-investment-grade bond specialist, generating investment returns of up to 100%. By 1976, he had an estimated annual income of $5 million dollars, significantly increasing his net worth.
Milken moved his department to California in 1978, and at Drexel Burnham Lambert, he expanded his business with profitable junk bonds, which was one of the triggers for the variety of leveraged corporate purchases in the 1980s; he was able to place large debt on the financial markets for its customers, contributing significantly to Drexel Burnham Lambert’s success. In 1986, the company earned $4 billion in fees and was the most lucrative investment bank in the United States. Milken received $550 million in pay and incentives the same year, which, unsurprisingly, has greatly enhanced his net worth.
Milken left Drexel in the middle of 1989 to start his own company, International Capital Access Group. Milken was charged with financial fraud in federal court in 1989 by Rudolph Giuliani, the New York District Attorney, under the RICO Act. However, this did not result in a conviction, in part because Milken’s concepts were novel and difficult to comprehend, despite the fact that they were usually lawful. After additional inquiry, Milken pleaded guilty to five counts of fraud and was sentenced to pay a $200 million fine as well as $400 million in civil action settlement. Milken was originally sentenced to ten years in prison, but was freed in 1993 after 22 months. For the rest of his life, he was barred from trading. He paid the SEC a $47 million fee in 1998 for violating this prohibition by acting as a consultant for MCI and Revlon.
In 1993, he was diagnosed with prostate cancer, and the following year, he founded the Prostate Cancer Foundation, a non-profit organization (PCF). He launched the philanthropic foundation Faster Cures/The Center for Accelerating Medical Solutions in 2003, which supports Patients Helping Doctors, which he founded in 2004. In 1996, he launched the training company Knowledge Universe with his brother Lowell and Larry Ellison. Finally, Michael Milken has been married to Lori Anne Hackel, his high school sweetheart, since 1968, and the couple has three children.
|Full Name||Michael Milken|
|Net Worth||$2.5 Billion|
|Date Of Birth||July 4, 1946|
|Place Of Birth||Encino, California, United States|
|Profession||Entrepreneur, Businessperson, Banker, Financier, Philanthropist|
|Education||University of California at Berkeley, Wharton School of the University of Pennsylvania|
|Spouse||Lori Anne Hackel (m. 1968)|
|Children||Gregory A. Milken, Bari Milken-Bernstein, Lance A. Milken|
|Parents||Bernard Milken, Ferne Milken|
|Record Labels||Foundations: Prostate Cancer Foundation (1993), Milken Family Foundation (1982), Faster Cures/The Center for Accelerating Medical Solutions (2003)|
|TV Shows||“Moneyline” Michael Milken: Out of Jail Early (TV Episode 1992), Sunday Morning Futures with Maria Bartiromo (dec.2015)|