One of the financial networks, Bloomberg or CNBC, is doing
full time coverage of the Michael Milken Conference in California. I don’t know what it’s about, but I think
Michael Milken is a crook who should be shunned, although he did serve his time
for his crime. It’s commendable that he
is doing good work, but the media should not be fawning over him. To me it only highlights the inbred
corruption in the American financial system.
I don’t like high yield junk bonds, which Milken made
commonly available, if he did not invent them.
I think they are a bad thing for most investors that he made widely
acceptable. I’m sure a lot of people
have made a lot of money investing in junk bonds, but I would guess more have
lost money, especially small investors.
Let Milken do his thing, but don’t publicize it like he is
some great person. He is not.
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