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To this day in the popular mind, Michael Milken is the poster boy of the "Decade of Greed"—the inspiration for movie character Gordon Gekko's chilling assertion that "Greed is good." Conventional wisdom driven by media hype deplored the corporate raiders and takeover arbitrageurs of the 1980s. But as Daniel Fischel, CEO of Compass Lexecon and a professor at the University of Chicago Law School, shows in this classic, engagingly written work of law and economics, it was Milken, at upstart investment bank Drexel, who, by underwriting corporate takeovers with high-yield debt—unjustly demonized in the press as "junk bonds"—forced corporate America to become more competitive, better disciplined, and better-run.
Who resented this? The Establishment. Fat and happy in oversized and dysfunctional fiefs built for their own ease and self-protection, the Business Roundtable old boys fought back, using their connections in the press and the Government. Worse, grandstanding prosecutors like Rudy Giuliani, and judges more attentive to mob opinion than due process, proceeded to railroad an innocent man, whose deals profitably underwrote the tech and telecom revolution. The prosecutors' case crumbled on appeal, leaving only a story, untold by the media, of horrendous prosecutorial overreach along with the persistent smear that "junk bonds" enabled the "greed" of a certain class.
PAYBACK shows the unhealthy influence of corporate special interests on Washington, who entrench personal power by manipulating politicians, laws, and regulations. The press rarely whistleblows—regulatory tweaks don't bleed, so they don't lead. For instance, the 1968 Williams Act's Rule 13(d) seems to promote shareholder transparency, but is really just a head's up to incumbent management of an impending takeover. Fischel's lucid portrait of how bad laws like FIRREA built the S&L crisis and made it much worse, with the bill handed to the taxpayer, foreshadows the even bigger debacle of the 2008 financial crisis. Instead of correcting systemic issues, government leaps to indulge special interests with patchwork handouts. Prosecutorial witch-hunts are then cynically used to deflect blame.
"This book is a must read for those of us who have been misled by the hyped-up journalistic accounts of the so-called "decade of greed." In a thorough examination of the major cases of the eighties alleging criminal financial manipulation, Daniel Fischel demonstrates that the real culprit is the government, which in its zeal to find scapegoats for its own mistakes grossly misused the justice system."—Milton Friedman
"Fischel's provocative book offers a critical analysis of how overzealous regulators and self-interested journalists often abuse and distort the truth in pursuit of headlines. This can produce irreparable harm to an individual's life and reputation. This book is almust read for executives, financial managers, and concerned citizens everywhere, because it could happen to you." —Bert C. Roberts Jr., chairman and CEO, MCI
"This is the eye opening story of how a high-profile case can spin out of control, at the expense of justice, and how a man can become a symbol and a scapegoat. No one is better qualified to tell this story than Dan Fischel, one of the nation's most distinguished legal scholars." —Susan Estrich, professor, USC
"In this no-holds-barred prosecution of the prosecutors, Dan Fischel comes to the defense of almost every major figure accused of financial fraud in the late 1980s and early 1990s. While I disagree with central elements of his analysis, Fischel's observations deserve serious consideration by everyone interested in the future of America's financial markets and in the workings of our legal system." —Joseph Grundfest, commissioner, 1985-1990, SEC
- Sales Rank: #866316 in eBooks
- Published on: 2013-03-07
- Released on: 2013-03-07
- Format: Kindle eBook
From Publishers Weekly
Junk-bond pioneer Michael Milken, who was convicted in 1990 of unlawful stock transactions and spent two years in prison, actually committed no crimes at all, contends Fischel, a University of Chicago economist and consultant whose clients have included Milken and other Wall Street figures. The 1980s' wave of hostile takeovers and leveraged buyouts that was spearheaded by Milken made his now defunct firm, Drexel Burnham Lambert, the most profitable investment bank. In Fischel's provocative analysis, such old-line Wall Street firms as Lazard Freres, Salomon Brothers and Dillon, Read, thirsting for revenge and eager to restore their diminished positions, joined forces with big labor, which feared a massive loss of jobs, to instigate a government-backed witch hunt that scapegoated Milken and other high-rolling investors such as John Mulheren Jr., Boyd Jefferies and Robert Freeman. In ambitious U.S. Attorney Rudolph Giuliani (now NYC mayor), this coalition found an ally who waged an ill-informed, unscrupulous assault on the junk-bond industry, writes Fischel, who contends that the overzealous government redefined routine, even beneficial trading practices as illegal. This is a remarkable, bound-to-be-controversial reappraisal of the so-called financial revolution of the 1980s.
Copyright 1995 Reed Business Information, Inc.
From Library Journal
Economist Fischel asserts that Michael Milken and Drexel Burnham Lambert were responsible for an enormous sea change in financial innovation on Wall Street that affected countless corporate restructurings and resulted in the creation of vast wealth for U.S. and foreign investors. These are not necessarily bad things unless you happen to have powerful enemies like Rudolph Guiliani who vow to bring you down. In writing an in-depth look at what really happened in the Eighties, Fischel talked with all the participants and studied the court records and government testimony. He feels there was a conspiracy to bring down Milken and Drexel involving Wall Street competitors, U.S. business, and even the government. In this persuasive account, Fischel argues that "the so-called Wall Street and savings & loan scandals of the 1980's wouldn't have occurred if the government hadn't intervened." Recommended for larger nonfiction collections in public libraries.?Richard Drezen, Washington Post News Research Ctr., Washington, D.C.
Copyright 1995 Reed Business Information, Inc.
From Booklist
Revisionism is big this year. Robert McNamara rethinks the war in Vietnam. Doron Levin (see below) challenges Lee Iacocca's white-knight image. Now comes Fischel. He first takes on those who "pontificate" against the "greedy 80's," asking, "What's so bad about greed, anyway?" He asserts that Michael Milken was a bold innovator whose "wealth creation" techniques "revitalized the entire financial industry." Identified as a conservative economist and professor at the University of Chicago, Fischel has written extensively about business and corporate law for various legal journals. Here he also waves high the currently popular banners of antigovernment and antimedia sentiment, charging that Milken and Drexel Burnham Lambert were victims of a press campaign of disinformation and of overzealous and unscrupulous government regulators and prosecutors. Payback is bound to stir "true believers" but outrage those who ended up losing money as a result of Milken's schemes. David Rouse
Most helpful customer reviews
25 of 26 people found the following review helpful.
Payback: A Must Read!
By VEP
Mr. Fischel does an excellent job explaining what exactly happened with high-yield financing by Drexel Burham Lambert (Milken) in the 1980's. The book also goes into great detail about how Milkens financing of raiders helped evict the "entrenched" risk averse management of many US companies. These managers filled with anger and evny, join with their former college buddies (such as Nick Brady) to form an unholy alliance and stop Milken, Pickens, Icahn and their ilk. Mr. Fischel also describes in great detail of how a zealous prosectuor named Guiliani stopped at nothing to get Milken, et. al so he could boost his chances at the 1989 mayoral race in NYC. Fischel also speaks of some anti-semitism that might have been behind this. The book doesn't make apologies for most of what transpired on Wall St. in this era. Fischel declares Boesky and Levine to be "crooks" and shows no quarter when it comes to any of the other thieves who profited from insider trading. However, he justifies what Milken did to improve the US economy both then and now. The book also talks about Keating and the S&L problem. A great book, I couldn't put it down!!!
28 of 31 people found the following review helpful.
Must read for one who is not afraid of the hurting truth
By houseofcommerce@ibm.net
Payback - the conspiracy to destroy Michael Milken and his financial revolution is an outstanding book that changes your way of thinking about the american dream, the junk bond decade and I recommend it unconditionally to anyone who is willing to have a lot of conventional wisdom and preconceived ideas turned around.
The author starts with a strange question - is there something like too much wealth ? Is it embarassing to earn too much money in a short period of time. Is there something like if you are born like this you must utmost become that ?
This book is a story about a man who I believe was on the way to become the most important financial thinker in our 20th century, a man whou should be seen as a scholar more than as a businessman, in particular because he prooved what scholars before him erected as a hypothesis.
His crime: working unnormally long hours, thinking the impossible paths of financing, not considering the estalished rights of normal banks (which would after him cease to exist) and not bending over to the politicians who turned an industry, that should have been killed in the early 80s into a nightmare of dimensions never heard of before. Milken just helped to open ways to a new wave of shareholder- value-oriented management, and he helped to get the best result out of the S&L legislation, in principle just the way the politicians wanted it - only that they wanted to reverse everything after they had seen what had gone completely wrong,much too late at a much too high cost.
I admit I have always liked Mr Michael Milken, already in the late 80s, when he was convicted, beacause the accusations seemed not plausible. This book shows, that he was sentenced to 3 years in prison (not 10 as one so often reads) for a crime that n-o-b-o-d-y can commit, because it is not a crime. It was just an accusation and a judge who lost control over the PR-work of a selfish State attorney Ralph Guliani. I admit that since reading the book I also admire Mr Milken for his proof, what a man, his wife and chidren can endure.
Read this book just to show reverence to a great man of history who will never surrender, be it to unjustified accusations or to death in form of cancer, and to whom scholars in the next century will look as a magnificent thinker of the last century.
Dr. Rudolf C. King
13 of 13 people found the following review helpful.
An excellent analysis of a misunderstood, vital market.
By A Customer
This book describes eloquently how Michael Milken and the junk
bond market that he pioneered in the US created wealth despite
all the populist reports to the contrary. Fischel shows how
high yield bonds led to a huge increase in share holder wealth
and to productivity gains in American companies - gains that
eventually made these companies world beaters in the 90's.
This market, however, was destroyed by over zealous regulators
who frequently disregarded the civil liberties of junk bond
practitioners and in particular Michael Milken. Indeed, Fischel
compares the prosecution of Milken and his cohorts to the
McCarthy era excesses of the fifties; and he makes a convincing
case.
Many of the so called "crimes" to which Milken pled guilty
were technical violations and they may not have even
been that. The author shows how Milken compromised in the face
of continual and unscrupulous government and press harrasment.
Despite his compromise, and the nebulous nature of his "crimes"
he was sent to prison. In short, Milken was ruthlessly made
a scapegoat for "the decade of greed"; his real crime
being that he had made a fortune.
Milken was certainly not the only victim, however.
Those who worked in this market often came from outside the
blue blood financial establishment and were resented for it.
Lisa Jones, for example, was a teenage runaway who had made
something of her life against all odds. She served a prison
sentence for allegedly perjuring herself in a description
of events that the courts eventually found were not a crime.
In short, the assualt on the Junk bond market was a victory
for establishment insiders over energetic and innovative
outsiders.
While it is upsetting that a well-functioning and efficient
market was severley disrupted and nearly closed down. This is
not the most disturbing aspect of the book. The most disturbing
aspect is the illustration of how individual liberties were
given such short shrift in the pursuit of populist goals.
The American constitution was designed to protect the
unpopular, but Fischel shows how it failed to protect
Milken and others.
This book provides an excellent description of some parts
of the US finacial markets and so it is on reading lists in
economics and business departments in universities as far afield as South
Africa. However, it should also be put on reading lists by
law, sociology and politics departments as an example of
how the government can get you, if it wants you.
If there is a criticism of the book, it is that some of the
explanations are a bit long winded. But these can be skipped,
and so there is no doubt that anyone interested in financial
markets or civil liberties should buy this book.
See all 11 customer reviews...
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