Defense attorney Richard Sandler discusses the specific charges included in Michael Milken's 1990 plea agreement with federal prosecutors.
Assertion Not checkable as stated
Sandler: Prosecutor Admitted Lowell Milken Was Indicted to Pressure Michael
“When we asked us specifically about the dive in a low milk and he acknowledged the fact that Lowell would not have been indicted if it wasn't to bring pressure on his brother.”
Assertion Supported
Sandler: Drexel's settlement forced Milken's firing and barred employee contact
“Part of the deal with the government was they had to get rid of Michael Milken Not only did they have to get rid of Michael Milken, but under the deal they made with the government, no employee of Drexel was allowed to discuss any business matter with Mike.”
Assertion Partly supported
Sandler: Sentencing judge found zero economic impact for four Milken pleas
“When the judge who sentenced Mike did an analysis of the economic effect of everything Mike led to, put to five different things. She found that the economic effect of four of the things he led to was zero. And the economic effect of the fifth was about 280,00…”
Opinion
Sandler: Young Prosecutors Lack Life Experience and Act Like Avenging Angels
“These young prosecutors that are going after you, they said, they're not mostly evil or bad people. They are young people with no life experience. They don't understand what it means if they're wrong. They believe they are avenging angels in some ways.”
Opinion
Sandler: Competitors labeled bonds 'junk' because they couldn't compete with Drexel
“I think the other reason they were called drunk junk is because when Mike and Drexler became so successful in this area, other firms that really couldn't compete with them tried to kind of let people think that these bonds, there's something wrong with this, t…”
Assertion Partly supported
Sandler: Drexel financed Turner, Wynn, MCI, and Pulte when Wall Street wouldn't
“Of bonds for companies, and companies such as Ted Turner, Steve Wynn, MCI Communications Pulte Homes, all these companies that could never gotten financing before were now able to get financing and grow, and the market grew from that.”