Michael Milken

Michael Milken virtually invented the market for high-risk, high-yield junk bonds, which became the favored holdings of some huge savings and loans that later failed in the 1980s. He was convicted of securities fraud and released from federal prison in January 1993 after serving 22 months of a 10-year sentence.
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( Mark J. Terrill / Associated Press / January 5, 1993 )

Michael Milken virtually invented the market for high-risk, high-yield junk bonds, which became the favored holdings of some huge savings and loans that later failed in the 1980s. He was convicted of securities fraud and released from federal prison in January 1993 after serving 22 months of a 10-year sentence.

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