迈克尔挤奶项目

最近金融领域唯一值得一提的创新是ATM机，保罗·沃尔克在2009年打趣道它帮助人们，”沃尔克在一次会议上说Wall Street Journalconference, and “prevents visits to the bank.” It was a clever and memorable line, as befits a former chairman of the Federal Reserve System Board of Governors. It was also totally wrong.

最近金融史上最伟大的创新不是自动取款机，不管跳过出纳员的电话线有什么好处。是垃圾债券。时至今日，高收益债券（现在更为人所熟知）仍然是一项辉煌的创新，因为它们优雅地解决了一个简单但普遍存在的问题：它们让信用评级不太理想的公司获得了资本。这些债券创造和发展了整个行业，如无线通信和有线电视，正如它们创造和发展了巨大的财富池。他们的发明——再加上将信用卡应收款、抵押贷款和汽车贷款打包成证券化产品，放松了对个人的贷款——带来了金融的民主化。

This fact would be an interesting distraction if it were the whole story. But it’s not, for the man behind the junk bond industry is a 70-year-old ex-convict banned for life from the game he invented, and one of the greatest comeback stories Wall Street has ever seen.

Mike Milken “revolutionized the way companies — in particular, companies involved in corporate transactions — were financed,” says David Boies, superlitigator and co-founder of law firm Boies Schiller Flexner. “He changed that fundamentally. If you look at the way companies were financed, there is a ‘before Michael Milken’ and an ‘after Michael Milken.’”

Milken’s innovation was to realize, in the 1970s, when he was only in his 20s and a graduate student at the University of Pennsylvania’s Wharton School, that investors could make more money on a risk-adjusted basis from buying the bonds issued by companies with lower credit ratings than they could by investing in the bonds of triple-A-rated companies. Milken also realized that there was an extremely limited supply of such bonds — a supply that was unlikely to meet investor demand once his discovery became public knowledge.

凭着这种洞察力，米尔肯和他加入的公司——曾经由摩根大通（J.P.Morgan）控制的费城一家公司的继任者、好斗的德雷克塞尔•伯纳姆•兰伯特（Drexel Burnham Lambert）——开始通过说服经常被忽视的公司发行德雷克塞尔•伯纳姆（Drexel Burnham）承销的债券，来创造这些所谓垃圾债券的新供应。该公司不仅为那些无法从更传统的渠道获得融资的公司（银行、保险公司和公共股票市场）承销了这些债券，该公司的摇滚明星米尔肯还率先利用这些证券为卡尔·伊坎（Carl Icahn）和T。以及私募股权公司，如Kohlberg Kravis Roberts&Co.和Texas Pacific Group他向许多个人和机构提供了资金，否则这些个人和机构将无法获得这些资金，特别是无法获得这些资金用于他们使用这些资金的目的，”博伊斯解释说，他曾经参与了针对德雷塞尔和米尔肯的诉讼，后来和解。

在长期以来，先前未知的Drexel Burnham既在其收购Sprees则为这些袭击者和私募股权公司提供建议和融资。该公司收获了巨额费用，挤奶越来越丰富，超越了一个在埃内诺，加利福尼亚州，会计师的儿子和一位溺爱的母亲和家庭主妇中长大的孩子的最疯狂的梦想。但他在德雷克尔的任期内仍然保持超竞争力，也许是一个错误。1986年，该公司支付了含金员近2.95亿美元，但他仍然设法抱怨他已经欺骗了15,000美元，他认为Drexel欠他。明年该公司支付了5.5亿美元。

除了金钱上的狡辩，其他华尔街公司会介入他的孩子的想法让米尔肯发疯。他讨厌输。他无法忍受竞争对手将从他手中夺走市场份额的想法。他不能容忍错过一笔交易。他的一个缺点是他几乎愿意和任何人做生意，即使他被警告不要这样做。因此，德雷克斯在高收益金融市场占据主导地位。

“我觉得这伤害了他，”一位前同事们说冰井。“他肯定在一个相反的证券市场中运作，这是非常少的黑白规则。今天有很多更多的东西。结果，他把自己放在一个位置 - 因为他试图在各种各样的企业中有大量的市场份额 - 他在灰色的运作。很多人都说他从灰色的线上倾斜。“

有人在米尔肯晚年认识他，并与他共度数小时，他描述了米尔肯“灼热的眼睛”，并说他“对核心有控制力”，只有当他相信自己已经说服了米尔肯接受他的思考方式时，他才显得真正幸福。”迈克·米尔肯（mikemilken）有点像吉姆·琼斯（Jonestown屠杀丑闻中的吉姆·琼斯），身家10亿美元，是个公关人员，还有一个华丽的办公室，”她说。

没有什么能够像成功一样过度。1990年4月，经过四年的调查和起诉，挤奶同意向六指控犯罪违反证券法律 - 技术违规行为，而不是原来的98计数起诉书，以征收他的阴谋和内幕交易 - 以及支付6亿美元的罚款。他向Drexel的私人投资者支付了5亿美元，当公司被百次百分之后储存了钱，然后在1990年，部分是由于挤奶的不法行为。在最终与联邦检察官最终解决之前，他否认了任何歹徒行为。

“You were willing to commit only crimes that were unlikely to be detected,” U.S. District Judge Kimba Wood told him in November 1990 at his sentencing hearing. “When a man of your power in the financial world . . . repeatedly conspires to violate, and violates, securities and tax business in order to achieve more power and wealth for himself . . . a significant prison term is required.” After Wood sentenced Milken to ten years in prison (later reduced to two years), he “broke down completely,” according to a 1996纽约magazine article, and “began to shriek and wail, so loudly that it attracted the attention of people throughout the courthouse.” Apparently, the sobbing — in the arms of Milken’s wife, Lori — continued for the entire chartered-jet flight back home to Los Angeles. He ended up serving 22 months in a federal minimum-security prison. He would never be allowed to work in the securities industry again.

然而，在他的监禁结束后，墨守的创作待了很久。垃圾债券仍然是一个令人难以置信的重要创新，尽管覆盖覆盖的哈布里斯（和非法），以及华尔街的巨额年度利润来源，其在每次承销发行中收取约3％的费用。街道从二级市场交易高收益债券中得出多数数十亿美元。“市场继续增长，”高盛集团总裁兼共同营业官David Solomon说。“一般来说，传统的智慧是没有人会想要一个纽带，除非它是投资成绩，他基本上说，'你应该能够价格的风险。”他基本上将一堆学术理论变成了实践业务。“

仅在2015年，借助于30年来的挤奶的大部分，为近3720亿美元的信用评级公司为近3720亿美元提出。市场 - 对于新的和现有问题 - 现在总计自2005年以来总数为2.2万亿美元。2016年，根据证券行业和金融市场协会，美国近期发布了近2370亿美元的新高产证券。

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What’s remarkable about迈克·米尔肯说，尽管他在监狱里服刑了近两年，而且25年来没有涉足这个行业，但他在华尔街上的言辞仍然非常热烈。一个原因是，米尔肯创建的业务仍然至关重要。另一个原因是，许多为他工作或与他一起在德雷克塞尔工作的人——无论他们是亿万富翁利昂·布莱克、马克·罗文和乔希·哈里斯，阿波罗全球管理公司的联合创始人；亿万富翁托尼·雷斯勒，战神资本管理公司创始人；亿万富翁肯·莫利斯，莫利斯公司创始人。；约翰·丹哈克尔和乔纳森·索科洛夫是莱昂纳德·格林和合伙人公司的富有的联合创始人，他们自己的事业非常成功，他们的成功部分归功于米尔肯。另一个原因是，米尔肯与同时代的重罪犯伊万·博斯基、丹尼斯·莱文和马蒂·西格尔等区别开来的原因是，他被终身禁止从事证券业，剩余净资产约为25亿美元，他很快开始将其送人。

Milken的个人叙事是“伟大的逆转”之一，称，作者和前华尔街投资银行家Michael Thomas：“通过Disumpowmment赋予权力。你在一个球体中丢弃，但赋予了另一个领域，并且在另一个方面有所影响。米勒在很大程度上负责这一慈善努力，作为挤奶机构，加利福尼亚州圣莫妮卡，基于加利福尼亚州的含水蛋白，智蛋白，其年会从50个国家吸引超过3,500人（“这是西海岸达沃斯”，托马斯说）;挤奶家庭基金会成立于1982年，以支持教育，公共卫生和医学研究的创新;前列腺癌基础，每年送给数百万美元的科学家寻求治愈虐待的科学家们自己（现在正在缓解）;和挤奶学者计划，为全国最佳最聪明和最聪明的学生提供了四年的大学奖学金。

“He did his time,” says former New York State governor and attorney general Eliot Spitzer. “He then had cancer and subsequently did things that are unambiguously good. All of that created an environment where people said: ‘Okay, he did what he did. He paid his price. He’s now giving away a lot of money, leading the charge in cancer research, and doing things that we are all behind.’ So that sounds like a good case for redemption.”

此外，Milken在商业世界中有很多朋友，大部分是因为当他在Drexel时，他让他们非常富裕。“Without in any way diminishing the significance of [Milken] pleading guilty to fraud,” Boies says, Milken’s ongoing relationships with his friends, clients, and colleagues is another reason “he continues to be an important personality” compared with the other felons of his day. During his Wall Street career Milken financed more than 3,200 companies across a wide swath of industries.

Drexel’s first junk bond financing, in April 1977, was a $30 million bond for Texas International, a small oil exploration company. Milken went on to finance Rupert Murdoch as he transformed News Corp. into an international powerhouse and Craig McCaw as he built a nationwide cellular communications company with 2 million subscribers before selling it in 1994 to AT&T for $11.5 billion. Milken helped billionaire entrepreneur John Malone grow his cable television empire and helped Bill McGowan create MCI, which competed with AT&T in the long-distance phone market. He helped create Viacom, Time Warner Cable, Telemundo, and Metromedia. Milken got billionaire Ron Perelman the money he needed to buy Revlon — the deal that put him on the map — and got Ted Turner the $1.4 billion he needed to buy MGM and start his cable TV empire.

如果没有米尔肯创造的高收益市场，由德雷塞尔以外的投资银行资助的无数其他公司将不复存在。”米尔肯所做的就是刺穿了公司的围墙，”托马斯说，他曾是雷曼兄弟控股公司的长期合伙人他穿了墙，一旦你穿了墙，野蛮人就从墙上的洞里涌出来，开始在堡垒里的商店里定价出售商品，这是一个全新的机构。在某种程度上，他破坏了金融业的金融结构，但在某种程度上，你也可以说他破坏了美国金融业的社会结构。”

David Solomon worked under Milken at Drexel for four years, until the firm blew up in 1990. He remembers having meetings with Milken at 6:00 a.m. New York time and wondering how his boss had the energy to drive himself so hard. “As a 25-year-old this was an entrepreneurial place where you were given an awful lot of rope, and if you were good and took the opportunities you were given, you could excel incredibly quickly,” Solomon remembers. “You could have incredible access. You could really have an impact. It was an inspiring entrepreneurial culture and a huge meritocracy.” He says Drexel allowed him to interact at an early age with CEOs, in ways that he could not have done at a more traditional firm.

德雷克斯爆炸时,所罗门去了贝尔斯登(Bear Stearns)Cos., where what he’d learned helped him immeasurably. “I had a lot of success, and it made me a huge producer, and in the culture of Bear Stearns in the 1990s, being a huge producer gave you power and gave you influence,” he says. “The experience with Mike gave me a certain kind of a confidence that probably put me farther out on the risk curve than I would have been allowed to be at other firms, but it also made me much more compelling and effective as I grew up in a new firm at Bear Stearns. It probably accelerated my career.” (He moved to Goldman as a partner in 1999.)

所罗门说，夹头仍然有影响力，因为他是，并且是不是非凡的。“他有一个令人难以置信的消化信息，然后综合它并在它周围沟通，”他解释道。“有些人是令人难以置信的推销员。有些人是令人难以置信的交易者。迈克是一系列技能的最佳装饰。“

Mark Attanasio曾经在Drexel的洛杉矶办公室工作，共享一个与Jon Sokoloff的复印机旁边的无窗口室。“当你每天15小时工作时，你只是培养了这些债券，”他说。“我们都得到了这次创业优势。因此，当公司破产时，我们实际上走了几十个方向。“Attanasio共同创立的新月首都集团，这是一个投资令人痛苦的证券的公司，是密尔沃基啤酒厂棒球队的主要主人。“我们都保持亲密，我们很多人都是非常好的朋友，”他说。“我们有时候互相竞争，或者我们必须互相谈判，但是这是这种戏剧的戏剧。”Attanasio说，每年在洛杉矶的挤奶机会会议上每年有Drexel校友晚宴。“每个人都回来了，”他指出。

In January 1993,when Milken finished serving his prison sentence in the renovated army barracks in ironically named Pleasanton, California, 30 miles northeast of San Jose, he went in for a routine medical examination. Although at age 46 he seemed in good health, he insisted on getting tested for prostate cancer. The test and a subsequent biopsy confirmed Milken’s worst fears: He had a particularly virulent form of prostate cancer, which kills 30 percent of its victims within two years of the diagnosis. The cancer had spread to his lymph nodes and registered 9 out of 10 on the Gleason scale, which gauges a cancer’s aggressiveness. He was given 18 months to live and told to get his affairs in order. (His own father had died of melanoma, despite Milken’s intense effort to find a cure.)

The former junk bond king told时间magazine he felt like Job, with a messianic need “to change the course of history” by finding a cure for the disease. His subsequent efforts, as well as his cancer’s ongoing remission, have been well documented. Milken told纽约1996年，他开始“大幅改变我的生活和生活方式”。他采用了拟吻酮，关闭了睾酮的生产。他放慢了他的工作步伐。他开始冥想。他在马萨诸塞州立了与德迈克·乔普拉斯的撤退。他雇用营养学家为他创造特殊的无脂肪饮食。他在泰哈伊湖建造了一个度假屋，经常使用它与家人一起度过更多的时间。

“我逼真地知道我会死，”他告诉纽约21年前。“这份工作of my little body here is to make sure that that time is as far in the future as possible.” (He declined to be interviewed for this article because, his spokesman said, he was too busy preparing for his annual conference.)

Milken created the Prostate Cancer Foundation — first called the Association for the Cure of Cancer of the Prostate — soon after his diagnosis. His goal was nothing less than to change the way cancer research was being done, just as he had changed the way finance was done. He identified the best scientists and doctors and got them funding as quickly as possible, often within 90 days. Their research was made public, and Milken encouraged them to collaborate with drug companies to help design new treatments. His message: “Act with a sense of urgency.” Since its launch the foundation has raised more than $660 million and provided funding to more than 2,000 research projects at more than 200 cancer centers and universities in 19 countries around the world. Thanks to Milken, some 23 “chemically distinct” anti–prostate cancer medicines have been developed. A 2004幸运cover story hailed Milken as “the man who changed medicine.”

迈克尔斯坦伯格博士，他在大学的大卫·佩芬医学院椅子举办了辐射肿瘤科，墨铁的癌症基金会有一个重要的影响。“这对年轻调查人员进行了很多种子资金，”他解释道。“这不是巨大的。这不是国家卫生研究所或任何东西，但就这些组织之一，这些并行的非政府组织，这是非常有效的。它运行了体面的科学会议，资金体面研究，并资助年轻的调查人员以及以相当严格的方式建立的调查人员。“

大卫所罗门，因为一个人，无法相信米勒在所罗门自己被诊断出患有前列腺癌的时候变得有效。“他达到我去办理登机手续的次数，找出他可以做的事情或者在他的轨道上的人可以做到，让人们可以提供，这是非凡的，”他说。“他没有这样做，因为这是我。他为这么多人这样做，他沿途遇到了这么多人，并且在迈克与他们互动的方式中有一个非常人的因素。他比我的一些好朋友打电话给我，打电话给我拜访我爸爸。“

Solomon thinks Milken’s legacy will not be the profound changes he made to finance but rather the profound impact he has had collectively through the Milken Institute, cancer research, and his philanthropic work. “The high-yield market likely would have come into existence one way or another as markets globalized and capital moved more freely,” Solomon says. “This would have happened in one way, shape, or form. He gets the credit for doing it. I don’t mean to take anything away, but I don’t think it’s as profound as what he’s doing philanthropically around cancer research or economic research. He creates dialogue around the world. I think the second chapter of Mike’s life has had and will continue to have a significant impact on business and society.”

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除了相信that barring Milken for life from the securities industry forced him to channel his considerable intelligence and energy into more profound topics than junk bonds, Michael Thomas thinks there’s another important dividing line in Milken’s life: his decision to abandon his god-awful toupee, which he jettisoned during his prison stay.

托马斯认为这是一个隐喻，填埋的生活如何发展。他说Bald Milken更正宗。“我认为用头发的挤奶更加好莱坞，更多的是你期待的，更闪过他，更多的年轻人，”他说。“华尔街一直善于成为一个年轻人的比赛。然后，在他离开监狱之后，就是假发。有点暗示，你不会说，“这是真实的我。我是一个改变的家伙。'“

Being barred from the securities industry helped fuel Milken’s need to carve out a new niche for himself to keep relevant. “Once he couldn’t be in finance, couldn’t buy a bank, couldn’t go to work for Goldman, couldn’t do any of those things,” Milken had to change, Thomas asserts. “It’s kind of like if we were reading the paper tomorrow that Madoff has become a rabbi. But let’s give him some benefit of the doubt, because if this were just an act, postprison, then it would be working out differently.”

Adds Thomas: “Don’t forget, in the years that he was riding the highest, he knew everybody and everybody wanted to know him. When he walked out of prison, he was bent double under the weight of a Rolodex. Look, there’s all sorts of gratitude. He had a lot of due bills he could call on. He made people rich. He made them powerful. He made them a lot of things, and he was forced to give up his magic wand.”