Twenty-three years after former Drexel Burnham Lambert executive Michael Milken finished a 22-month minimum-security prison sentence, one fund manager is lobbying President Donald Trump to pardon his past convictions, arguing that Milken’s prosecution was an example of anti-banker hysteria run amok.
Wealth-management executive David Bahnsen told Bloomberg that he sent a plea to Trump asking that he pardon Milken, an innovator who is widely lauded in the financial world for helping to popularize junk bonds among a broader set of investors during the 1980s. Bizarrely, Bahnsen says he’s never met the man. Milken pleaded guilty to securities fraud charges in 1992, and was initially sentenced to 10 years in prison, though he only served 22 months.
This post was published at Zero Hedge on Sep 1, 2017.