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A License to Steal: The Untold Story of Michael Milken and the Conspiracy to Bilk the Nation

Stein, Benjamin J.

26 ratings by Goodreads
ISBN 10: 0671742728 / ISBN 13: 9780671742720
Published by Simon & Schuster, New York, 1992
Hardcover
From Ground Zero Books, Ltd. (Silver Spring, MD, U.S.A.)

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About this Item

219, [1] p. Index. This sobering, at times terrifying tale reveals how Michael Milken, calling upon questionable financial backers and enrolling the influence of powerful figures in journalism, academia, and politics, convinced an eager--and greedy--nation that junk bonds were the key to untold wealth. Now Stein details how Milken became so powerful, who. Very good in very good dust jacket. Signed by author. Inscribed to Ed Luttwak. Errata slip laid in. DJ has minor wear and soiling. Bookseller Inventory # 61733

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Bibliographic Details

Title: A License to Steal: The Untold Story of ...

Publisher: Simon & Schuster, New York

Publication Date: 1992

Binding: Hardcover

Signed: Signed by Author(s)

Edition: First edition. First printing [stated].

About this title

Synopsis:

Reveals how Michael Milken sold $200 billion of junk bonds, turned corporate America upside down, killed dozens of S&Ls, cost the taxpayers billions, and gave America a push towards the longest recession in history. 50,000 first printing. National ad/promo. Tour.

From Publishers Weekly:

By revealing the full scope of the damage that Michael Milken's junk-bond empire inflicted on the U.S. economy, Stein ( Financial Passages ) forcefully refutes the notion that Milken's scam increased national productivity. This concise, punchy expose is the best and clearest guide yet to the workings of Milken's money machine. Stein, an economist and lawyer who reported on Milken for Barron's, shows that insider trading was merely a lucrative sideshow for the Milken team at Drexel Burnham Lambert. Milken, he states, also earned millions by churning (trading clients' accounts to increase commissions), by "sucking the blood of captive S & Ls like a vampire" and by taking a hefty cut of the greenmail paid by besieged companies to Drexel-backed corporate raiders. The Securities and Exchange Commission knew in the early 1980s of Milken's stupendous price fixing but did nothing, a lapse Stein blames on Reagan-appointed SEC officials. He also shows how the Milken claque rallied moguls, accountants, the Harvard Business School and the New York Times to its cause.
Copyright 1992 Reed Business Information, Inc.

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