Quotes About Milken

Fifty years passed between the scandals of the 1920s and their counterparts in the 1980s. If Wall Street escapes another major threat to its integrity for even half as long, the crackdown that culminated in Milken's conviction will have proven of historic value.

What Milken was saying was that the entire American credit-rating system was flawed. It focused on the past when it should have focused on the future, and it was burdened by a phony sense of prudence.