Michael Milken

20 statements across 4 episodes · 5 bullish · 5 bearish · 4 people on the record · first statement Nov 23, 2020 by Joel Greenblatt · said 168 times in 21 episodes since 2018 · across every show →

On the record as a speaker too: Michael Milken's record, appearances and statements → this page counts the times other people say the name.

Mentions by year

brought up most by Ted Seides (79), Richard Sandler (45), Joel Greenblatt (9), Josh Friedman (8), Todd Boehly (5), Jordi Visser (5), John Barber (5), Katie O'Reilly (3)

tap a year for its mentions
007521504201820192020202120222023202420252026episodesmentions
024201820192020202120222023202420252026episodes it came up in
00152304201820192020202120222023202420252026episodesmentions per episode
2026 3 mentions in 2 episodes 2 per episode
2025 6 mentions in 4 episodes 2 per episode
2024 112 mentions in 4 episodes 28 per episode
2023 1 mention in 1 episode
2022 17 mentions in 2 episodes 9 per episode
2021 8 mentions in 3 episodes 3 per episode
2020 10 mentions in 2 episodes 5 per episode
2019 9 mentions in 1 episode
2018 2 mentions in 2 episodes 1 per episode

every mention, scene by scene, with the transcript →

Everything said about Michael Milken, oldest first

Nov 23, 2020
Assertion Not checkable as stated
Six broken deals in 1986 slashed Gotham's returns from 80% to 30%
“I had in my portfolio five or six merger deals that were going on, whether I had a piece of a security or I had some iteration of it, and I thought that was diversity. In my portfolio, but it turned out it was all the same bet. You know, is the financing going…”
Joel Greenblatt Nov 23, 2020 ▶ 17:42 Joel Greenblatt – Common Sense for Value at Gotham Capital (Capital Allocators, EP.165)
Jul 25, 2022 positive
Assertion Contradicted
Friedman: Drexel and Milken Created the Original New-Issue High-Yield Bond Market
“There was no such thing as a new issue high yield bond before Mike and Drexel. The only high yield bonds were fallen angels, investment grade bonds that had been downgraded.”
Josh Friedman Jul 25, 2022 ▶ 10:16 Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
Feb 26, 2024 neutral
Prediction Not checkable as stated
Milken: In 10 years patients will name diseases by mutation, not organ
“And my guess is in 10 years, a person will say, I have an XYZ mutation. They're not gonna say, I have this disease that's been identified in a part of my body.”
Michael Milken Feb 26, 2024 ▶ 54:39 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024
Insight
Milken: Most people hold strong opinions without conducting factual research
“A lot of times you find in education, that your teachers aren't necessarily current on facts, and so you can surprise them, and you know, at a very young age, I had concluded that adults had strong opinions, but very few of them ever did research, and if you a…”
Michael Milken Feb 26, 2024 ▶ 8:49 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024 neutral
Insight
Milken: There is fundamentally no difference between private and public credit
“Many people try to separate this, but to me, there's no difference between private credit, public credit, term loans, etc.”
Michael Milken Feb 26, 2024 ▶ 23:56 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024
Disclosure
Milken: I interviewed job candidates at 4:00 AM to test commitment
“So I often, when I interviewed people, would tell them to meet me at four in the morning or four 30 in the morning. Just to see whether they really wanted it.”
Michael Milken Feb 26, 2024 ▶ 32:40 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024
Assertion Supported
Milken: Drexel eventually made markets in 7,000 different securities
“So you had to be a market maker, and we eventually made markets in 7000 different securities.”
Michael Milken Feb 26, 2024 ▶ 19:07 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024 positive
Insight
Milken: Financial firms must make research, not sales, their foundation
“And so my view as the foundation of the firm was research, and we needed to invert the pyramid where research is the foundation of financial investing and advising, then trading, and then if you can trade it and buy it, you can work on selling it.”
Michael Milken Feb 26, 2024 ▶ 15:28 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024
What-if
Milken: Shunning the press early in my career changed financial history
“Had we been more public, had I gone on television more, or done more interviews, and I declined them all, it would have been different, and I think the course of history would have been different”
Michael Milken Feb 26, 2024 ▶ 1:14:35 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Feb 26, 2024
Assertion Not publicly verifiable
Milken: 72 private equity firms are headed by former Drexel colleagues
“I think there's 72 private equity firms now headed by people that work with me.”
Michael Milken Feb 26, 2024 ▶ 32:49 Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
Mar 4, 2024 positive
Assertion Contradicted
Sandler: Milken's sentencing judge told parole commission no further wrongdoing was proven
“The judge who sentenced Mike, who held the Fatico hearing, wrote a letter to the parole commission on Mike's behalf, indicating that she held the Fatico hearing, and she did not believe that any further wrongdoing other than what he pled to could be shown, eve…”
Richard Sandler Mar 4, 2024 ▶ 56:53 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 positive
Assertion Contradicted
Sandler: Judge assessed market damage from Michael Milken's violations at zero
“Interesting enough, when the judge assessed the economic damage to the marketplace from everything Michael pled to, included on the three counts that related to Bosque, that the total economic effect of these violations was zero. Not one penny was lost.”
Richard Sandler Mar 4, 2024 ▶ 46:31 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 neutral
Assertion Supported
Sandler: Michael Milken was charged with 98 counts across 12 transactions
“I think there were 12 transactions in the indictment. 98 counts.”
Richard Sandler Mar 4, 2024 ▶ 32:47 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 negative
Opinion
Sandler: Wall Street establishment targeted Milken after Drexel enabled hostile takeovers
“So Mike was an attractive target because he really wasn't liked by a lot of people in the business round table and in the established firms. He was getting a lot of publicity. He was very successful. And so people complained to the SEC, they complained to Cong…”
Richard Sandler Mar 4, 2024 ▶ 22:34 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 negative
Assertion Not checkable as stated
Sandler: Prosecutors threatened to destroy Princeton Newport unless it aided Milken prosecution
“The prosecutors at the time had told the principals and the lawyers for Princeton Newport that they're going to run over them. They're going to destroy them unless they help them against Michael Milken and another Case that was under investigation at the time,…”
Richard Sandler Mar 4, 2024 ▶ 37:38 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024
Assertion Supported
Sandler: Michael Milken did not go to prison for insider trading or bond fraud
“And then as time passed, and some of the same lies kept getting repeated, you went to jail for insider trading, or you went to jail for fraud in the bond, none of which is true.”
Richard Sandler Mar 4, 2024 ▶ 57:57 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 negative
Assertion Supported
Sandler: Milken received a 10-year sentence via consecutive two-year terms
“And she gave him a ten-year sentence, which number one, negated what we thought was a cap of five years. Because she gave him two years on five counts to Z serve consecutively, not concurrently.”
Richard Sandler Mar 4, 2024 ▶ 53:31 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 positive
Assertion Supported
Sandler: Non-investment-grade original debt issuance was unheard of before Michael Milken
“The idea of a new issue of a high-yield security, our new issue of debt security for a company that Could not get an investment grade was unheard of when Mike came to the market.”
Richard Sandler Mar 4, 2024 ▶ 20:25 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 negative
Assertion Supported
Sandler: Drexel collapsed after funding unsold inventory with commercial paper
“What had happened is, to prove they could still get deals done, they were taking a lot of securities that they couldn't sell into inventory, and they were financing it by issuing commercial paper in the commercial paper market. So in financial parlance, they w…”
Richard Sandler Mar 4, 2024 ▶ 48:34 Richard Sandler – The Prosecution of Michael Milken (EP.372)
Mar 4, 2024 negative
Assertion Partly supported
Sandler: Milken pled to violations never previously criminally prosecuted
“We actually found things to plead to, none of which had ever been subject to criminal prosecution before, many of which hadn't probably even been enforced as regulatory violations before, but we found things that he could admit to.”
Richard Sandler Mar 4, 2024 ▶ 42:57 Richard Sandler – The Prosecution of Michael Milken (EP.372)
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