Michael Milken is a prominent American financier, philanthropist, and advocate for medical research. He graduated with highest honors from the University of California, Berkeley, and earned an MBA from the Wharton School of the University of Pennsylvania. Milken began his finance career in 1969 at Drexel Harriman Ripley and later became the director of low-grade bond research at Drexel Firestone. He is best known for pioneering high-yield bonds, or "junk bonds," which transformed the bond market and provided essential financing for many companies. His earnings during the late 1980s exceeded $1 billion over four years, but his career faced challenges due to an insider trading investigation. In 1989, he pleaded guilty to securities violations, receiving a ten-year prison sentence, a $600 million fine, and a lifetime ban from the securities industry. His sentence was later reduced to two years for cooperation and good behavior, and he was pardoned by President Trump in 2020. Despite these setbacks, Milken has made significant contributions to philanthropy, particularly in medical research. After being diagnosed with prostate cancer in 1993, he founded the Prostate Cancer Foundation, which has become the largest philanthropic organization for prostate cancer research, significantly reducing death rates and increasing government funding. In 2003, he established FasterCures, a think tank aimed at improving research efficiency for serious diseases. The Milken Family Foundation, founded in 1982, supports various causes, including medical research and education. Milken has received numerous accolades, including being named one of the '75 Most Influential People of the 21st Century' by Esquire magazine. He is recognized for his innovative contributions to capital access and medical research. Currently, he chairs the Milken Institute, a non-profit think tank focused on global prosperity, and is set to open the Milken Center for Advancing the American Dream in 2025, furthering his commitment to education and public health initiatives.
