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Trump pardons junk bond king Michael Milken

President Trump says he is granting clemency to Michael Milken, the legendary bond king from the 1980s who served several years in prison for violating securities laws and has since become a prominent philanthropist.

Posted: Feb 19, 2020 12:12 PM
Updated: Feb 19, 2020 12:12 PM

President Donald Trump said Tuesday that he was granting clemency to Michael Milken, the legendary bond king from the 1980s who served several years in prison for violating securities laws and has since become a prominent philanthropist.

Trump made the announcement to reporters Tuesday, along with the news that he was commuting the sentence of former Illinois governor Rod Blagojevich and pardoning ex-NYPD commissioner Bernard Kerik.

Milken rose to prominence on Wall Street in the 1980s as the head of the high-yield bond department, also known as junk bonds, at the now defunct firm Drexel Burnham Lambert.

But Milken was accused of taking part in an insider trading scheme and eventually pleaded guilty to several counts of securities violations tied to a scandal with former stock trader Ivan Boesky. He also paid a $600 million fine and was banned from the securities industry.

Milken was sentenced to 10 years in prison in 1990 and served 22 months. Trump adviser Rudy Giuliani, a former United States Attorney for the Southern District of New York, was one of the main prosecutors at that time, although he did not prosecute Milken.

Since his release from prison in 1993, Milken, now 73 and a survivor of prostate cancer, has become a major donor to charities funding cancer research. He also started up the Milken Institute, a leading nonprofit and non-partisan economic research firm that holds a major conference every spring attended by many A-listers in the world of finance.

In comments to reporters Tuesday, Trump said that Milken has "done an incredible job for the world with all his research on cancer" and that "he's suffered greatly. He paid a big price."

Milken said in a statement on his website that his family is "very grateful to the president."

"We look forward to many more years of pursuing our efforts in medical research, education and public health," Milken added.

Minnesota Coronavirus Cases

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Confirmed Cases: 132122

Reported Deaths: 2381
CountyConfirmedDeaths
Hennepin33719984
Ramsey13909358
Dakota9686137
Anoka8552150
Washington583071
Stearns574343
Scott334834
Olmsted323230
St. Louis291267
Wright243214
Clay228043
Nobles225716
Blue Earth20367
Carver17677
Sherburne166521
Kandiyohi16585
Rice16289
Mower150815
Winona124319
Crow Wing99021
Chisago9812
Lyon9596
Waseca9279
Benton9238
Beltrami8767
Otter Tail8517
Todd7865
Steele7563
Itasca71917
Nicollet71817
Morrison7129
Douglas6723
Freeborn6664
Le Sueur6205
Polk6184
Martin61117
McLeod5884
Watonwan5784
Goodhue57311
Becker5513
Pine5310
Isanti5275
Chippewa4293
Carlton4231
Mille Lacs40115
Dodge3920
Hubbard3792
Wabasha3700
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Pipestone34517
Meeker3253
Rock3244
Brown3203
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Cottonwood2760
Murray2753
Redwood27111
Roseau2590
Fillmore2570
Renville25011
Sibley2493
Faribault2280
Wadena2243
Jackson2081
Kanabec20510
Swift2011
Unassigned20153
Houston1971
Pennington1851
Lincoln1820
Stevens1811
Aitkin1772
Koochiching1674
Pope1550
Big Stone1360
Wilkin1334
Lac qui Parle1323
Lake1180
Norman1140
Mahnomen1102
Marshall1101
Clearwater1050
Grant964
Red Lake772
Traverse550
Lake of the Woods441
Kittson380
Cook130

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 114201

Reported Deaths: 1620
CountyConfirmedDeaths
Polk18758288
Woodbury712294
Johnson580330
Black Hawk551098
Linn5420129
Dubuque510957
Scott444638
Story397318
Dallas342044
Pottawattamie320444
Sioux239616
Buena Vista224512
Marshall199536
Webster182415
Plymouth163527
Wapello150762
Clinton145726
Muscatine142058
Cerro Gordo135425
Des Moines135410
Crawford135214
Warren12147
Carroll111412
Jasper108134
Henry10465
Marion98310
Lee94310
Tama93737
Delaware76212
Dickinson7257
Wright7161
Boone7119
Mahaska67824
Bremer6619
Washington65011
Harrison64611
Jackson5963
Benton5692
Lyon5427
Clay5244
Louisa51715
Winnebago47419
Hardin4697
Hamilton4664
Winneshiek4669
Kossuth4600
Poweshiek45411
Cedar4445
Buchanan4434
Jones4344
Floyd43011
Emmet42317
Clayton4073
Iowa3968
Cherokee3922
Page3890
Sac3894
Mills3871
Guthrie38415
Franklin38018
Cass3783
Fayette3684
Shelby3671
Butler3662
Allamakee3608
Madison3563
Chickasaw3461
Clarke3453
Humboldt3203
Hancock3124
Palo Alto3092
Grundy3035
Calhoun3004
Osceola2721
Mitchell2670
Howard2669
Monroe25811
Monona2411
Jefferson2341
Taylor2312
Union2294
Appanoose2233
Pocahontas2212
Lucas1996
Fremont1971
Ida1882
Greene1840
Van Buren1722
Davis1704
Montgomery1687
Keokuk1601
Adair1551
Decatur1490
Worth1420
Audubon1411
Wayne1173
Ringgold882
Adams790
Unassigned140
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