A new book by Michael Milken's former personal lawyer Richard Sandler argues that Milken was largely innocent of the charges brought against him back in the 1980s: Witness to a Prosecution: The Myth of Michael Milken. A review in today's WSJ finds it largely persuasive:
After reading Mr. Sandler’s account, I no longer believe in Mr. Milken’s guilt, and neither should you. The author argues that most of what we know about Mr. Milken’s misdeeds is grossly exaggerated, if not downright wrong. What the government was able to prove in the court of law, as opposed to the court of public opinion, were mere regulatory infractions: “aiding and abetting” a client’s failure to file an accurate stock-ownership form with the SEC, a violation of broker-dealer reporting requirements, assisting with the filing of a false tax return. There was no insider-trading charge involving Mr. Boesky or anyone else, because the feds couldn’t prove one. ...
When you digest the reality of the case against Mr. Milken, you find that much of it was nonsense.
Sounds like a must read, which is why I just bought it.
