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Payback: The Conspiracy to Destroy Michael Milken and his Financial Revolution (English Edition) par [Fischel, Daniel]
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Longueur : 352 pages Word Wise: Activé Langue : Anglais

Descriptions du produit

Présentation de l'éditeur

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

Biographie de l'auteur

Daniel Fischel is a Professor of Economics at the University of Chicago, and is affiliated with the economic consulting firm, Lexecon, Inc. His clients have included Michael Milken, Charles Keating, and David Paul, and he was involved in the prosecutions of James Sherwin and the Princeton/Newport defendants. He has also served as a consultant to the U.S. Justice Department, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Federal Trade Commission.

Détails sur le produit

  • Format : Format Kindle
  • Taille du fichier : 692 KB
  • Nombre de pages de l'édition imprimée : 352 pages
  • Editeur : ChuHartley Publishers (7 mars 2013)
  • Vendu par : Amazon Media EU S.à r.l.
  • Langue : Anglais
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Commentaires client les plus utiles sur (beta) HASH(0x9c3c84d4) étoiles sur 5 11 commentaires
25 internautes sur 26 ont trouvé ce commentaire utile 
HASH(0x9c2b8d5c) étoiles sur 5 Payback: A Must Read! 16 avril 1999
Par VEP - Publié sur
Format: Broché
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 internautes sur 31 ont trouvé ce commentaire utile 
HASH(0x9c0afe64) étoiles sur 5 Must read for one who is not afraid of the hurting truth 24 août 1999
Par - Publié sur
Format: Broché
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 internautes sur 13 ont trouvé ce commentaire utile 
HASH(0x9c195e94) étoiles sur 5 An excellent analysis of a misunderstood, vital market. 27 juillet 1996
Par Un client - Publié sur
Format: Relié
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

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

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.
13 internautes sur 14 ont trouvé ce commentaire utile 
HASH(0x9c25f18c) étoiles sur 5 Finally a professional view on the high-yield bond market 28 février 1999
Par Un client - Publié sur
Format: Relié
Finally a book written by someone who understands capital markets as opposed to journalists-turned-financial experts (e.g., "Predators Ball"), catering to popular sentiment (it's book sales, stupid!) and demonstrating astonishing financial naivity. Professor Fischel's account of Milken's financial innovation may never score big with general public, but it is a must-read for all finance practitioners and, hopefully, government officials, including NYC mayor.
4 internautes sur 4 ont trouvé ce commentaire utile 
HASH(0x9c25f114) étoiles sur 5 Michael Milken's Exoneration 12 juin 2008
Par Doug - Publié sur
Format: Broché Achat vérifié
I found this book to be very informative on the rise and fall of Michael Milken as well as on the general regulatory responses to the various financial "crises" of the 1980's.

First of all, the author is a professor of law and business at the University of Chicago who is very sympathetic to laissez-faire economics. Although the writing can be a little repetitive and overly detailed at times, I, as a graduate student of engineering, still found the style of writing very enjoyable. If you know a little bit about free market economics and a little bit about investing then you should find this book very accessible.

Second of all, this book offers a compelling defense of Michael Milken. If only Daniel Fischel was his defense attorney! Fischel persuasively argue that the charges against Michael Milken were incredibly vague and the laws used were highly subjective. Furthermore, the author also argues how there was a lot of national sentiment to vilify a Wall Street tycoon, such as Michael Milken, in response to the recent market downturn. Unfortunately, instead of viewing sudden declines in market prices as a consequence of overvalued securities, many individuals find it much more emotionally satisfying to blame a successful stock speculator for their losses, regardless of if the stock trader actually did anything wrong.

Further still, Fischel reveals how truly productive Michael Milken was. Milken greatly expanded the use of high-yield (viciously called "junk") bonds in corporate finance and mergers and acquisitions, which in turn revolutionized corporate restructuring.

Book is of great relevance today. From reading this book, you will learn of the emotionally-driven demands for the Federal government to respond to dips in the financial market. In response to the Savings and Loans crisis, Congress passed the Financial Institutions Reform Recovery and Enforcement Act of 1989 (FIRREA), which essentially created a government-backed oligopoly of bond credit agencies (i.e., S&P, Moody's and Fitch.) Note that these are the very same ratings agencies who are currently being blamed for the subprime housing crisis today.

This book is also of great relevance for the 2008 presidential primaries. First, Senator Barack Obama is calling for "21st century regulations" of stock speculators. Reading the regulatory responses in this book offers a very recent parallel to today's debate. Second, you will read about Senator John McCain's membership in the "Keating Five", a group of five legislators accused of improperly aiding Charles Keating, the colorful chairman of a failed Savings and Loan.

The most chilling chapter is the one that focuses on Rudy Giuliani as the relentless prosecutor of Michael Milken. Rudy Giuliani is portrayed as a ruthless attorney who will stop at nothing to incriminate speculators accused of insider trading. Specifically, you will learn about how Giuliani was the first to use the RICO Act, a federal law originally used to prosecute organized crime, for Wall Street traders. If the portrayal of Giuliani in this book is accurate, it is a stark contrast to the Rudy Giuliani of 2008, who campaigned for the Republican nomination while touting the virtues of the free market, especially in health care.

If you are interested in financial economics, the recent history of investing, free market economics or just what really happened with Michael Milken, then I cannot recommend this book more highly.
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