Michael Milken

Executive Life, Fred Carr
First Capital Life Insurance Company, Robert Weingarten
Presidential Life Insurance Company
(GSLIC) – Guarantee Security Life Insurance Company
- wikipedia.org///Guarantee_Security_Life_Insurance_Company

1992 0228 – Los Angeles Times –
- State Sues Over Failure of Exec Life : Insurance: Regulators say Michael Milken and former officials and associates of the firm were responsible …
1992 – LC – Presidential Life v. Milken, et al, Federal Civil Lawsuit – New York Southern District Court, Case No. 1:92-cv-01151
1996 – LC – PRESIDENTIAL LIFE INSURANCE COMPANY v. Michael R. MILKEN – [link-Justia.com]
- Beatrice International Holding
- 4. Presidential Life was an important link in a series of settlements which provided very material benefits to Drexel’s bankruptcy estate and its plan of reorganization.
- No. 92 Civ. 1151 (MP).
- United States District Court, S.D. New York
- November 4, 1996.

“You shouldn’t have borrowed short and lent long… Finance 101,” Milken said on CNBC’s “Last Call.”
- “How many times, how many decades are we going to learn this lesson of borrowing overnight and lending long?
- Whether it was the 1970s, the 1980s and 90s.”

2023 0502 – CNBC – Michael Milken says recent crisis is the same mistake banks have been making for decades – [link]

LC – MDL 924 – IN RE MICHAEL MILKEN AND ASSOCIATES SECURITIES LITIGATION
- Master File No. M21-62 (MP), 1993 U.S. Dist. LEXIS 14242, 1993 WL 413673 (S.D.N.Y. Oct. 7, 1993)
- Milken Global Settlement
- bergermontague.com
In re The Drexel Burnham Lambert Group Inc., et al., Case No. 90 Civ. 6954 (MP), Chapter 11 Case No. 90-B-10421 (FGC)
- (No. 90-cv-6954 (MP), Chapter 11, Case No. 90 B
  10421 (FGC), Jointly Administered, reported at, inter alia, 960 F.2d 285 (2d Cir. 1992), cert. dismissed, 506 U.S. 1088 (1993) (“Drexel I”) and 995 F.2d 1138 (2d Cir. 1993) (“Drexel II”)).
Drexel Burnham Lambert, Inc. v. Milken, et al., 91 Civ. 6108 (MP) (S.D.N.Y.)

2022 0218 – Reuters – U.S. prosecutors explore racketeering charges in short-seller probe, By Megan Davies, Chris Prentice – [link]
- In the past, prosecutors have built RICO cases alongside other allegations, such as manipulation.
- One of the most high profile cases brought under the RICO Act included that of Michael Milken, who was indicted in the 1980s for racketeering and securities fraud but reached a plea deal, pleading guilty to securities violations but not racketeering or insider trading.

– Deep Capture – 9 Deep Capture serialized a 48,000 word story about a network of market miscreants – SEC Comment Letter – sec.gov/comments/s7-08-09/s70809-4614.pdf

1991 – Book – Den of Thieves, by James B. Stewart
- Milken, Boesky, Junk Bonds,
- Audible
2000 – Paper – Drexel Burnham Lambert: A Ten-year Retrospective: Part 1 The Rise, by Jeff Scott, Former Vice President, Wells Fargo Bank, Adjunct Scholar, Ludwig von Mises Institute – Michael Milken – the junk bond king – 12p
- Originally Presented at the Austrian Scholar’s Conference Auburn University, March 23-24, 2000 – 41p – https://www.scribd.com/doc/76974428/Drexel-10-Yr-Retrospective#content=query:saul,pageNum:14,indexOnPage:0,bestMatch:false
- Another set of buyers was insurers.
  - These companies depended on their investment income and some of the less established companies naturally wanted to increase their yields to compete with the dominant players.
  - These buyers included Saul Steinberg, who owned Reliance Insurance, Fred Carr who owned Executive Life (First Executive Corp.) and Larry Tisch and Meshulam Riklis, both of whom owned insurance companies