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Michael Milken

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BUSINESS
June 19, 1991 | By Barbara Demick, Inquirer Staff Writer
How much is simply outside the bounds of propriety when it comes to salaries? The IRS is none too happy about the Midas-like salary of Michael Milken, who in one year earned $550 million from the Wall Street firm of Drexel Burnham Lambert. It is now saying that Milken's salary was excessive and that the now-bankrupt Drexel should not have been allowed to deduct it as a business expense. The dispute over Milken's salary - and those of six other Drexel employees - is scheduled for trial Friday before U.S. Bankruptcy Court Judge Francis Conrad.
NEWS
April 12, 1989 | BY DONALD KAUL
I think Michael Milken is getting a bad rap. Of course you know who Milken is, the junk bond genius indicted last week on charges of fraud, racketeering, insider trading and manipulation of stock prices. I don't know whether he's guilty of any of those things, and no one else does either - I'm old-fashioned enough to think a man is innocent until he's acquitted - but that's not the point. Milken isn't getting kicked around because people think he's a crook. If people minded crooks, they wouldn't elect so many of them to public office.
NEWS
April 27, 1990 | By JEFF GREENFIELD
Michael Milken wept in court. He said, "I am truly sorry" for causing pain to his friends, family and loved ones. He admitted he'd broken securities and tax laws, and said, "I was wrong in doing so and knew that at the time. " And he wept. I do not doubt the sincerity of Milken's tears the other day. He will be going to prison for a few years, and beyond that he was forced to stand before a judge and concede that he had committed crimes. The awful knowledge of what that must mean to his wife and children would be enough to reduce the strongest among us to tears.
NEWS
November 29, 1990
The morning headlines on Thanksgiving must have read like a blessing to most people: Michael Milken, the boyish wonder of the junk-bond biz, had been sentenced to 10 years in prison for his illegal manipulations. The judge threw the book at him for several reasons: He committed crimes, he didn't cooperate with the federal probe of Wall Street, and his doing hard time might scare other people into staying within the law. Truth to tell, we initially set out to write an editorial defending, even celebrating, the prison sentence.
NEWS
April 14, 1989 | Daily News Wire Services
Michael Milken, the former Drexel Burnham Lambert Inc. junk-bond king, was ordered today to post a $600 million bond in his 98-count indictment on charges of racketeering and securities fraud. Milken, his brother Lowell and former Drexel trader Bruce Newberg are accused of participating in a racketeering group dubbed the "The Drexel Enterprise," through which they engaged in unlawful securities trading, corporate finance transactions and merger and acquisition activities. Milken has vigorously denied any wrongdoing and plans to fight the charges.
NEWS
March 30, 1989 | By Jennifer Lin, Inquirer Staff Writer
Drexel Burnham Lambert's Michael R. Milken, the most powerful financier of the decade, was accused yesterday of illegally earning more than a billion dollars through a criminal conspiracy that rigged stock trading and corporate takeovers. In a 98-count indictment, the federal government accused Milken, his brother Lowell J. Milken and former Drexel Burnham trader Bruce L. Newberg of using "unlawfully achieved power" to reap "extraordinary" compensation. Each defendant faces two counts of violating the Racketeer Influenced and Corrupt Organizations Act (RICO)
BUSINESS
September 12, 1991 | From Inquirer Wire Services
Drexel Burnham Lambert Inc. yesterday turned on Michael R. Milken, the man who made it a Wall Street powerhouse in the 1980s, by suing the disgraced junk-bond chief and blaming him for the brokerage firm's downfall. In a lawsuit filed in U.S. District Court in Manhattan, Drexel accused Milken of racketeering for breaching his duties and misusing the firm's assets. The suit says that Milken concealed his illegal activities, exploited the firm to make private investments and tricked Drexel into believing for years that he was innocent.
NEWS
October 18, 1989
A HERO OR A KNAVE? Wonder who snatched the plaque honoring indicted junk-bond financier Michael Milken from the alumni Hall of Fame at the University of Pennsylvania's Wharton School? The photograph of the 1979 Wharton graduate, who insists upon his innocence despite a 98-count racketeering and fraud indictment, may be in the hands of mischievous students. "I certainly imagine that there are some students who would be happy to have a picture of Michael Milken hanging on their wall," Wharton advisory board cochairman George Walker said.
SPORTS
August 1, 1997 | Daily News Wire Services
Tommy Lasorda is lobbying former junk bond financier Michael Milken for a bigger role with the Los Angeles Dodgers - most likely as general manager - if the team is sold, some baseball owners and executives who asked not to be identified told Bloomberg News. Lasorda, who will be inducted Sunday into baseball's Hall of Fame, became a Dodgers vice president with little say in baseball decisions last July after owner Peter O'Malley asked him to resign as manager in part because of heart problems.
NEWS
December 27, 1991 | From Marty Adelstein, New York Times News Service
TWO 'TOP 10' LISTS TOP TEN UNACCEPTABLE CAREER GOALS GLEANED FROM FAMOUS FOLKS' HIGH SCHOOL YEARBOOKS: 10. William Kennedy Smith - gynecologist. 9. Jimmie Swaggart - ministry. 8. Patrick Buchanan - diplomatic service. 7. Edward Kennedy - driving instructor. 6. Dan Quayle - vice president. 5. Michael Milken - fund manager. 4. Michael Jackson - cosmetologist 3. Michael Corleone - funeral director. 2. Rambo - peace activist. 1. Sylvester Stallone - poet-philosopher.
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NEWS
October 17, 2014
ISSUE | CAMDEN Keeping the vision As a longtime friend of Msgr. Robert McDermott, I was deeply touched by Kevin Riordan's column (" 'Father Bob' retiring," Oct. 9). Describing Father Bob as a visionary hits the spot. I recall so well his going back to his home parish of St. Joseph's Pro-Cathedral, and the excitement and commitment with which he approached an almost-desperate situation in Camden. His legacy of numerous ministries to the poor will outlive him and bring hope in the midst of what might appear to be despair.
NEWS
October 9, 2014 | By Bob Fernandez, Inquirer Staff Writer
Michael Milken, the long-retired 1980s junk-bond king and now big-time prostate cancer philanthropist, blew into the Wanamaker's Crystal Tea Room on Tuesday evening for one of the city's bigger and faster-growing charitable events. He jets around the nation to about 100 of these events a year, flying into Philadelphia on Tuesday from Dallas and planning to immediately depart Philadelphia for Washington. "I see light at the end of the tunnel," Milken said of cancer cures, adding that he believed philanthropists like those in Philadelphia had to support young scientists as the federal government has curtailed medical-research funding in recent years.
BUSINESS
October 10, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
The University of Pennsylvania's Wharton School, like other fancy business colleges, is staffed by professors with comfortable salaries, global contacts and lucrative consulting arrangements, punctuated by the occasional wealthy alumnus visiting to brag how he (or she) got rich. At Wharton, there's also the occasional whiff of superstar glamour - from NBA star Earvin "Magic" Johnson , tennis great Andre Agassi , rapper Chris "Ludacris" Bridges , and, later this week, the actress Eva Longoria . The invitations to visit Wharton's West Philly campus have come from Wharton alumni K. Robert "Bobby" Turner ('84)
NEWS
October 4, 2012 | By Stacey Burling, Inquirer Staff Writer
Prostate cancer is especially tough on African Americans. They are about 50 percent more likely than white men to get the disease and twice as likely to die of it. The Prostate Cancer Foundation wants to help research institutions in Philadelphia take the lead in figuring out why, the foundation's founder and co-chair, Michael Milken, said Tuesday evening during the group's 10th annual fund-raiser in Philadelphia. Milken said he wonders, "What can we learn from this that would not only help them but will help all men on the planet?"
NEWS
October 6, 2010 | By Marie McCullough, Inquirer Staff Writer
In 1993, financier Michael Milken set out to speed up every aspect of prostate cancer research, from recruiting talent to funding labs to developing better therapies. He had to act quickly if he wanted to live to see the results. At age 46, Milken had just come out of jail for securities violations and was diagnosed with advanced prostate cancer. He was given 18 months to live. "The idea was to work fast because I wasn't going to be around very long," he said Tuesday at the Ace Country Club in Lafayette Hill.
BUSINESS
September 9, 2004 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Investment banker Frank Quattrone, a South Philadelphia native who made a fortune pushing Internet stocks during the late 1990s, was sentenced yesterday to 18 months in prison for urging colleagues to destroy e-mails during a federal stock-trading investigation. Judge Richard Owen also sentenced Quattrone to two years' probation and fined him $90,000, a modest sum compared with the more than $100 million that prosecutors said Quattrone earned in 1999 alone. On May 3, Quattrone was convicted on three counts of hindering an investigation into the way he passed out shares of companies he was taking public to clients of his former firm, Credit Suisse First Boston.
BUSINESS
May 17, 2002 | By Linda Loyd INQUIRER STAFF WRITER
Marsha Corelien, 18, links her hair-braiding business and her major in business management at Pennsylvania State University to skills she learned in high school participating in the Milken Young Entrepreneurs Program at the Wharton School. "I credit this program 100 percent with giving me the opportunity to study business," said Corelien, who helps cover college expenses by earning up to $500 a week braiding hair. On Tuesday, Corelien, who lives in Mount Airy, learned that the entrepreneurs program, which has taught 550 inner-city Philadelphia teenagers how to operate their own businesses, is in danger of closing June 30. The program, housed at Wharton, has been solely funded, for 14 years, by the Milken Family Foundation, which is named for junk-bond financier Michael Milken, a Wharton graduate, and his brother, Lowell.
SPORTS
August 1, 1997 | Daily News Wire Services
Tommy Lasorda is lobbying former junk bond financier Michael Milken for a bigger role with the Los Angeles Dodgers - most likely as general manager - if the team is sold, some baseball owners and executives who asked not to be identified told Bloomberg News. Lasorda, who will be inducted Sunday into baseball's Hall of Fame, became a Dodgers vice president with little say in baseball decisions last July after owner Peter O'Malley asked him to resign as manager in part because of heart problems.
NEWS
March 1, 1996 | Daily News wire services
NEW YORK EXOTIC DANCERS 'EMPLOYEES' TO IRS Exotic dancers who perform for customers in private booths are, in the eyes of the IRS, employees like nurses or waiters and their employers may not stint on taxes by calling them contractors, a federal judge says. In a ruling made public yesterday, Judge Leonard B. Sand said Show World, a Times Square sex-oriented business, owes $250,000 in taxes for 1989 and 1990 when it incorrectly classified some of its exotic dancers. Show World claimed the women leased the one-on-one "fantasy booths" or worked as private contractors, classifications which would cost the business considerably less in taxes.
NEWS
February 6, 1996 | By Tom Infield, INQUIRER STAFF WRITER
John F. Innelli, a Delaware County attorney, took a terrible beating when he ran as a Democrat for Congress in 1990. For every vote that Innelli received, Republican incumbent Curt Weldon got two. The final result of their race in the Seventh Congressional District was Innelli, 56,292; Weldon, 105,868. Of course, that's often how it goes for Democrats running in the Philadelphia suburbs, especially in the Seventh Congressional District, which includes most of Delaware County and a chunk of Chester County.
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