Michael Robert Milken (born July 4, 1946) is an American former financier and philanthropist. He is noted for his role in the development of the market for high-yield bonds ("junk bonds") for his conviction following a guilty plea on felony charges for violating U.S. securities laws, and his charitable giving.
Milken was indicted for racketeering and securities fraud in 1989 in an insider trading investigation. As the result of a plea bargain, he pleaded guilty to securities and reporting violations but not to racketeering or insider trading.
Supporters, like George Gilder in his book, Telecosm (2000), state that "Milken was a key source of the organizational changes that have impelled economic growth over the last twenty years. Most striking was the productivity surge in capital, as Milken...and others took the vast sums trapped in old-line businesses and put them back into the markets."
Since his release from prison, Milken has funded medical research.
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's compensation, while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s, exceeded $1 billion in a four-year period, a new record for U.S. income at that time.
With an estimated net worth of around $2 billion as of 2010, he is ranked by Forbes magazine as the 488th richest person in the world.
Michael Milken Net Worth: $100 Million
Per Year: $20 Million
Per Month: $2 Million
Per Week: $500,000
| Per Day: | Per Hour: | Per Minute: | Per Second: |
| $70,000 | $3,000 | $50 | $1.00 |
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