Michael Milken became famous and rich for his pioneering work in the field of high-yield bonds, also known as junk bonds. In the 1980s, Milken was a key figure at investment bank Drexel Burnham Lambert, where he was instrumental in popularizing junk bonds as a viable investment vehicle.

By leveraging junk bonds to finance corporate takeovers and restructurings, Milken helped to transform the way companies were able to raise capital and grow their businesses. His innovative approach to finance earned him the nickname "the junk bond king" and made him one of the most powerful and influential figures on Wall Street.

However, Milken's success was not without controversy. In 1989, he was indicted on charges of securities fraud and racketeering, leading to his eventual conviction and imprisonment. Despite this setback, Milken's legacy as a financial innovator remains intact, and he continues to be regarded as a key figure in the history of modern finance.

To learn more about Michael Milken and his contributions to the world of high-yield bonds, you can visit the following links:

• Investopedia - Michael Milken
• The Wall Street Journal - Michael Milken: The Junk Bond King Still Has Much to Say
• Forbes - Michael Milken Backs Biotech Startup

Michael Milken's story serves as a reminder of the power of innovation and perseverance in the world of finance. Despite the challenges he faced, his contributions to the field of high-yield bonds have left a lasting impact on the way companies raise capital and grow their businesses.

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