Trump Pardons Michael Milken, The Face Of 1980’s Corporate Greed
President Donald Trump issued a pardon on Tuesday to Michael Milken, the face of the insider trading financial scandals of the 1980s, CNBC reported.
Milken, 73, was initially sentenced to 10 years in prison for his crimes while leading the bond department at the investment bank Drexel Burnham Lambert and fined $600 million. His punishment was later reduced to two years after he cooperated with federal investigators.
Milken’s pardon was considered for as long as two years and was supported by Trump’s personal lawyer, Rudy Giuliani, House Minority Leader Kevin McCarthy (R-Calif.), and American media mogul Rupert Murdoch.
Trump’s press secretary Stephanie Grisham detailed the rationale for Milken’s pardon in a statement, calling him “one of America’s great financiers” for his use of “high-yield bonds in corporate finance.”
“The charges filed against Mr. Milken were truly novel,” she said.
“In fact, one of the lead prosecutors later admitted that Mr. Milken had been charged with numerous technical offenses and regulatory violations that had never before been charged as crimes,” Grisham continued.
“Since his release, Mr. Milken has dedicated his life to philanthropy, continuing charitable work that he began before his indictment. Over the years, Mr. Milken -- either personally or through foundations he created -- has provided hundreds of millions of dollars in critical funding to medical research, education, and disadvantaged children. Mr. Mliken’s philanthropy has been particularly influential in the fight against prostate cancer and has been credited with saving many lives,” the press secretary said.
On April 24, 1990, Milken pleaded guilty to six counts of securities and tax violations: three of them dealing with stock parking, concealing the real owner of a stock; two related to tax evasion; and one for conspiracy to commit those five violations.