How rich is Michael Milken?
Michael Milken Net Worth:
|Birth date:||July 4, 1946|
|Birth place:||Encino, California, United States|
|Profession:||Entrepreneur, Businessperson, Banker, Financier|
|Education:||University of California, Berkeley|
|Nationality:||United States of America|
|Books:||The Taste for Living Cookbook|
Michael Milken wiki & biography:
American financier and philanthropist Michael Milken has an estimated net worth of $2.3 billion as of March 2013. He is #641 in the Forbes Billionaires List, #221 in America and #206 in Forbes 400. He’s noted for his role in the development of the market for high-yield bonds (junk bonds) during the 1970s and 1980s, for his conviction following a guilty plea on felony charges for violating US securities laws, and his charitable giving.
Milken was born Michael Robert Milken a middle-class Jewish family on July 4, 1946 in Encino, California. He graduated from Birmingham High School along with the University of California, Berkeley with a B.S. with the greatest honors.
Michael Milken has made millions in leveraged buyouts in the 1980s. In 1989, he was indicted for racketeering and securities fraud in an inside trading investigation. In 1990, he pleaded guilty after the government agreed to drop charges against his smaller brother, Lowell. He was sentenced to ten years in prison, fined $600 million, and forever barred from the securities industry by the Securities and Exchange Commission.
After serving 22 months, Milken has devoted himself to philanthropy. He invested in education businesses like interactive toy maker LeapFrog and educational outfit K12. He co-founded the Milken Family Foundation and chairman of the Milken Institute, a non profit economic think tank. He is also a founder of medical research philanthropies funding research into melanoma, cancer along with other life threatening disorders. He was a prostate cancer survivor , and it has given an incredible number of attempts to eradicate the condition. He signed the Giving Pledge in December 2010, guaranteeing to give at least half of his wealth to charity.
Michael Robert Milken (created July 4, 1946) is an American business magnate, financier and philanthropist.
Milken was indicted for racketeering and securities fraud in 1989 in an insider trading investigation. As the result of a plea bargain, he pled guilty to securities and reporting violations but not to racketeering or insider trading. Milken was sentenced to ten years in prison, fined $600 million, and forever barred from the securities industry by the Securities and Exchange Commission. His sentence was later reduced to two years for working with testimony against his former colleagues as well as for good behaviour.
His critics cited him as the epitome of Wall Street greed during the 1980s, and nicknamed him the “Junk Bond King”. Supporters, like George Gilder in his book, “Telecosm” (2000), state that “Milken was a crucial origin of the organizational changes which have impelled economic growth over the last twenty years. Most outstanding was the productivity surge in capital, as Milken…and others took the vast amounts trapped in old-line businesses and put them back into the marketplaces.”
Since his release from prison, Milken has financed medical research. He is co founder of the Milken Family Foundation, chairman of the Milken Institute, and creator of medical philanthropies financing research into melanoma, cancer and other life-threatening disorders. A prostate cancer survivor, Milken has allocated significant resources to research on the disease. In a November 2004 cover article, “Fortune” magazine called him “The Man Who Changed Medicine” for changes in approach to funding and results that he started.
Milken’s damages, 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 fresh record for U.S. income at that time. Having an estimated net worth of around $2 billion as of 2010, he could be rated by “Forbes” magazine as the 488th wealthiest individual in the world.