A very fun read: re-telling of the story Michael Milken and DBL. By @maxabelson @jasonkellynews @davidcareynews
G. Chris Andersen:
There were 25 pieces of legislation entered in the Congress of the United States of America to try and outlaw the sale of junk bonds. … So I took several of my guys and went to Washington for the spring and summer of 1985. And I got 25 pieces of legislation withdrawn.
When we were forced out of business, everybody said that the high-yield bond market was a creature of Mike’s manipulation.
Some people thought it was a sham, it’s rigged. Now it’s a trillion-dollar market. It’s anything but a sham.