Witness to a Prosecution: The Myth of Michael Milken

by Richard Sandler Narrated by Richard Sandler

Overview

In 1986, the SEC and the U.S. Attorney for the Southern District of New York began an investigation into Michael Milken, Drexel Burnham Lambert, and its High Yield and Convertible Bond Department, a department Michael created and was head of. Michael was the most successful and innovative financier of his time. Drexel, an upstart investment bank was also the most successful securities firm on Wall Street, thanks to Michael.

What was the investigation into Michael Milken going to focus on, other than his innovation in the financial markets? Mike was democratizing access to capital for the 99% of companies that could not previously access the public market and created a financial revolution that continues to this day. The high yield bond market grew rapidly from the end of the 1970's from $70 billion to over $2.2 trillion dollars in 2022. He created an industry that gave new businesses and investors the opportunity to create value by financing companies that were too small to access the markets.

Richard Sandler decided to represent Michael as his personal lawyer, and to be responsible for working with the lawyers they hired as well as overseeing the defense. But they could never have dreamed of the chaos that lay ahead.

But the injustice that Michael Milken faced was to be on a biblical scale. Richard Sandler has, after 36 years, decided to set the record straight. With never-before-seen transcripts of court documents, and a sharp analysis of each move and countermove, Witness to a Prosecution: The Myth of Michael Milken, is difficult to put down. Whether you are someone interested in understanding the criminal investigative process, or you just want to understand who Michael Milken is and what really happened to him, you will find that this is an eye-opening and important book that will be read and discussed for years to come.

Editorial Reviews

BookLife Reviews

07/24/2023

This examination of the prosecution of Michael Milken for securities violations by the US Attorney’s Office and the SEC comes from the perspective of Milken’s longtime friend and personal lawyer, who sets out to challenge the popular narrative of the case. Milken was prosecuted in a complex securities case with charges that are seldom (or never) typically brought by prosecutors. Sandler endeavors to rehabilitate Milken’s reputation, serving as a strong character witness, and lays out the events of the trial and its aftermath in detail —from the original investigation to sentencing to Milken’s pardon years later. Sandler has even taught a course at Stanford on the Milken case, which he sees as emblematic of the immense power of prosecutors to destroy someone’s life—even if they might be innocent.

Sandler brings in some persuasive voices to help make the case that the Milken prosecution was mishandled, particularly John Carroll, the lead prosecutor at the US Attorney’s office, who describes the criminal justice system as an “exercise in raw power” often “exercised by very young and very inexperienced people.” A reader would benefit from notes or a bibliography, which are lacking, or photos to help contextualize the stories that Sandler shares. Likewise, his focus on Milken’s case and life is valuable, but a broader contextualizing of prosecutorial power may help Sandler make a broader case about the need for reform.

Sandler obviously cares deeply about Milken, and he offers fresh angles on this complex story. Sandler depicts Milken as a hard-working man of integrity, someone who cares deeply about his community. While this prosecution and its aftermath were traumatic parts of Milken’s life, it was not the end of his business career nor his philanthropic pursuits, as Sandler explores, even before Milken’s pardon during the Trump administration. Readers who are interested in the workings of the criminal justice system or Milken’s case in particular will appreciate this detailed memoir.

Takeaway: The case against the prosecution of Michael Milken.

Comparable Titles: Daniel Fischel’s Payback: The Conspiracy to Destroy Michael Milken and his Financial Revolution, James B. Stewart’s Den of Thieves.

Production grades Cover: B+ Design and typography: A Illustrations: N/A Editing: A- Marketing copy: A-

Product Details

BN ID:	2940159567451
Publisher:	Advantage Media Group, Inc.
Publication date:	08/01/2023
Edition description:	Unabridged

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