Great Visionaries in World : Michael Milken

Michael Milken was perhaps the first “corporate raider” in history. He made his name during the financial boom of the 1980’s by creating a market for junk bonds (the bonds of large yet under-performing corporations. Milken’s insight led him to buy junk bonds when they were cheap, knowing full well that the government would bail out these large corporations and allow him to reap huge profits when they did. According to Michael Lewis’ landmark text “Liar’s Poker”, Milken paid himself an annual salary of $550 million during his peak earning years. When all was said and done, Milken was estimated to have a net worth of over $1 billion - and a permanent legacy on Wall Street.