🚀 go-pugleaf

[From EcoNet ecotopia.news Conference]

Rich Snitch Spared 
 
Michael Milken was rewarded for cooperating with investigators
last month by having his 10-year prison sentence reduced to two
years.
 
Milken, whose junk-bond financing schemes helped Charles
Hurwitz pay for his Pacific Lumber takeover in 1985, had
fought prosecutors for years before pleading guilty to
felony securities fraud charges and agreeing to pay $600
million in penalties.
 
He has already served 17 months in a minimum-security prison
near San Francisco, and may be eligible for transfer to a
halfway house this month.
 
Representative Ed Markey, who chairs a House committee that
oversees securities regulations, said the prison term reduction
"sends exactly the wrong signal to Wall Street. Michael Milken's
crimes were of a serious nature, and they merited a stiff term
of imprisonment."
 
The reduction means that Milken will serve less time than Ivan
Boesky, who spent two years and 11 days in prison after his 1986
admission of a vast insider trading network--which led
prosecutors to Milken.
 
(From ECONEWS, Newsletter of the Northcoast Environmental
Center, September 1992. Write 879 9th St., Arcata, CA 95521,
or e-mail nec@igc.apc.org, for a free copy.)