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.