Mr. Greed Meet Mr. Rockefeller
The News Media Owe Mike Milken Three Simple Words, But He Is Unlikely To Ever Collect, Nor To Really Care
By Dean Rotbart
BEVERLY HILLS - Few in the news media ever have the integrity and guts to say publicly,
"I was wrong."
If they did, I believe a long cue of reporters, editors, columnists and other self-appointed pundits would be lining up outside of Michael Milken's nearby headquarters, clearing their throats and trying desperately to spit out those three words like some flying insect they accidentally ingested while yammering at an outdoor barbecue.
Milken, as most of you will remember, is the dethroned Junk Bond King of the 1980s who was universally pilloried as an icon of greed. Indeed, Rudy Gulliani's successful prosecution of Milken in 1989 on six obscure securities law violations landed Gulliani in the New York City's mayor's office and Milken in a federal penitentiary for almost two years.
The extent of Milken's crimes, if there ever were really any crimes, were far overshadowed by the public contempt for him and his band of wealthy CEO clients. Using innovative financing, Milken generated the capital necessary to create and grow dozens of name brand corporations (MCI, McCaw Cellular, CNN, etc.) and in the process created hundreds of thousands of jobs.
Milken also bitch slapped the blue blooded establishment of investment banks, securities firms, pension fund managers and insurance companies, all of whom cried foul to their powerful friends and campaign contribution recipients in Washington.
Most journalists covering Milken were far too shallow to explore the political and business interests that benefited from his prosecution and expulsion from the industry. Rather, the news media embraced the stereotype of "greedy Mike" and created such a hue and cry for his beheading that the government had little choice but to oblige.
I remember writing about the media coverage of Milken as early as 1987 and expressing deep reservations over the pack mentality of the press. Why Milken finally pleaded guilty I don't know. I do know that Gulliani was threatening to prosecute his brother and possibly other family members and I suspect Milken was realistic enough to know that only a "guilty" plea would end his long, long ordeal. Which it finally did.
But as with most media stereotypes, time has demonstrated amply that Mike Milken isn't the man the media portrayed. Mr. Greed, it turns out, had always been a philanthropist and is today one of the nation's leading philanthropists (ahead of the Rockefeller brothers).
More than just his money, Milken is using his unique genius and charisma to do a lot of good. Among his most important projects: the effort to cure some of our most dreaded illnesses, notably cancer and heart disease.
Milken, who refocused his energies from money making to life saving, was undoubtedly influenced by his own diagnosis of prostrate cancer. Today, he is a leading catalyst for the funding of medical research, creating new pro-health government regulation, and for unifying for-profit, non-profit and government groups in the creative search for cures and preventions.
I was recently a first hand witness to the respect and admiration afforded Milken by some of the nation's leading medical luminaries and researchers. Their appreciation for his efforts - both financial and as a powerful health lobbyist - was both obvious and obviously genuine.
Dr.David Kessler
Among those who took the time to participate in Milken's 5th annual Milken Institute Global Conference, presented by his non-profit think tank, were: David Kessler, Dean of the Yale School of Medicine and former FDA commissioner; Andrew C. von Eschenbach, director of the National Cancer Institute; S. Ward Casscells, Chief of
Cardiology at the University of Texas Health Science Center; David Heber, director of the UCLA Center for Human Nutrition; and Dean Ornish, author and President, Preventive Medicine Research Institute at the University of California, San Francisco.
Dr. Dean Ornish
Other panelist at Milken's three-day conference included multiple Nobel laureates, previous Presidential candidates, ex-Cabinet members, leading Forbes 500 CEOs, distinguished journalists, the President's brother and a whole bunch of heavyweight thinkers and doers.
It is not the friends Mike Milken has that validate his worth. It is the friendships. These influencers speak of him out of admiration and sincerity, not financial interest or obligation.
I believe Milken not only disproved his media critics long ago, he made them irrelevant then, now and in the future. It is doubtful that anyone alive has been the subject of as much media bashing as Mike Milken. Yet, he stands today as an undeniable proof that the media don't control the world and what they say doesn't make a damned bit of difference unless you permit it to. Remember that lesson the next time your name is dragged through the mud!
April 29, 2002
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