To set the record even straighter...
1.) Ivan Boesky was convicted of securities manipulation through arbitrage, that is not what Milken was "proven" guilty of (Milken was a net seller of the stock in question, Boesky was the net buyer). Levine was also convicted of non-identical charges. They also received conisderably lighter punishment.
2.) The presiding judge of the FATICO hearing, Honorable Kimba Wood stated "I am unable to find that Michael Milken traded on material, non-public information."
3.) The Milken sentence was the most severe of the 70 something sentences handed down in Wall Street cases within the last 12 years. he was sentenced to 10 years in the penitentiary, plus 1,800 man hours of community service a year for three years, and he was fined $200 million dollars in addition to $400 million previously extracted from him for a client restitution fund. He also paid $500 million to settle approximately 150 other legal actions. (Paul Bilzerian, CEO of Singer, had the second longest sentence, four years for falsifying documents to the SEC). This does not factor in legal costs.
4.) The US Parole Board estimated the monetary damage caused by Milken's six alleged felonies amounted to a mere $318,082, over a billion dollars less than he had been forced to pay. In light of this the Judge granted parole after 36 to 40 months of time served.
5.) Boesky received a $100 million dollar fine and three years.
This misconstruance of the facts of this case serve as a warning of the danger that ensues when a manhunt gets out of control. Milken was tried and prosecuted in public before he even got to court, and then was sentenced with no regard to precedence.
It is theorized that a Jewish banker from outside of the traditional "old boys network" that financed and advised individuals from outside of the corporate mainstream of the times (such as African Americans (Reginald Lewis), those of the jewish faith, and those who did not come from families of traditional prestige (Carl Icahn, etc.)), and enabled them to raid the traditional blue chip firms of America was destined to be attacked and brought down. I am not saying I subscribe to this theory (so no more of those rude posts and flames) but I can definitely see some possible validity in it.
If said theory has some truth, and judging by the wide misconception surrounding the Milken trial (persecution?), it is imperative that checks and balances (that actually work, not ones that are just put in place), are embedded into whatever legislation that allows for criminal actions to be brought upon management in lieu of civil actions.
Without the correct balance, I may become a multiple billionaire through brains and brawn (give me about 3 years to do it, I'm serious - but I'm broke now), and when someone does not like how much money I make (Jimmy Sparks? - just kidding) I could be taken down without regard for justice, financial creativity, my contribution to society, capitalism, and the Amercian Way (listen for the National Anthem in a streaming Real Audio file, it's coming soon). |
