Michael Milken

Michael Milken is an American financier and philanthropist known for his role in the development of the high-yield bond market in the 1980s, often referred to as "junk bonds." He worked at Drexel Burnham Lambert, where he popularized these bonds, allowing companies with lower credit ratings to access capital. Milken's innovative financial strategies significantly influenced corporate financing but also drew criticism and legal scrutiny for their riskiness. In 1990, he pleaded guilty to securities fraud and served time in prison. After his release, he focused on philanthropy, particularly in cancer research and education.