Michael Milken: When Junk Was King | 157

Scamfluencers

Wondery

Society & Culture

4.1 • 7K Ratings

🗓️ 5 May 2025

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Michael Milken is known as the King of Junk Bonds. In the early 80s, he pioneered a novel way to finance companies that traditional investors normally wouldn’t touch. His high-risk, high-reward investing strategy upended decades of Wall Street norms. And it made celebrities out of Michael and the corporate raiders he funded, like T. Boone Pickens, Rupert Murdoch, and Carl Icahn. Michael did make it possible for smaller companies to access capital. But he did it by breaking norms, ethical codes, and financial regulations in order to manipulate the system at every turn. Though, when stock brokers turn into snitches, even his billions can’t protect him.

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Transcript

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0:00.0	Hey, scam influencers listeners. If you're as hooked on these jaw-dropping schemes as we are, you'll love Wondry Plus. Think of it as you're all access past the world of scams. Add free episodes, early access, and exclusive deep dives that uncover even more shocking details. Don't just listen. Immerse yourself in the chaos with Wondry Plus.
0:31.9	Sachi, we've been doing this show for years now, and I have to ask, do you feel any closer to understanding how the stock market works at all?
0:35.9	No, no, I think I understand it less. I'm further from understanding
0:40.7	it, I think. Now more than ever. Yeah, it's like two steps forward, three steps back, but today
0:47.1	is our lucky day because we have another story about an investor gone wrong. But this one is maybe
0:53.8	the biggest doozy of them all.
0:56.1	Michael Milken used a unique take on bond investing to become a self-made billionaire in the 80s.
1:02.4	He seemed to be ushering in a new era for finance in America where more people had access to
1:07.9	cash. But this did not end up being a Robin Hood scenario.
1:12.6	I'm going to tell you how Michael made a mint
1:14.9	and left behind the financial hellscape we're all living in today.
1:22.7	It's Memorial Day weekend in 1978,
1:25.8	and the Atlantic City boardwalk is packed. New Jersey recently
1:29.7	voted to legalize gambling, and the first casino in the city is celebrating its grand opening.
1:36.1	Steve Wynn is especially excited about this. He's in his mid-30s with a full head of dark hair,
1:42.5	a deep tan, and an easy smile.
1:45.1	He already owns the Golden Nugget Casino in Las Vegas, and he's here today to check
1:49.5	out the East Coast gambling scene.
1:52.0	Steve elbows his way through the crowds of people swarming the craps tables, poker
1:56.2	games, and slot machines.
1:58.2	He sees the writing on the wall.
2:00.1	Gambling in Atlantic City is going to be huge.
	...

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