BUSINESSWEEK ONLINE : MAY 10, 1999 ISSUE
COVER STORY

A Milken Primer


1946
Born, Los Angeles

1964
Graduates from high school where, as head cheerleader and prom king, he is voted ''most spirited'' in his class.

1964-1968
At UC Berkeley becomes obsessed with the credit markets.

1968
Weds Lori Hackel, his girlfriend since ninth grade.

1970
Finishes at the top of his class at Wharton Business School. Begins work as a researcher at Philadelphia investment bank Drexel Harriman Ripley.

1971
Convinces Drexel to fund a new noninvestment-grade bond trading operation. His unit gets 35% of company's profits.

1975-1976
Milken's junk bonds generate 100% of Drexel's profits as smaller companies turn to firm rather than banks for financing.

1976
Learns his father has terminal cancer. He moves his entire 28-member department to Los Angeles to be close to his family.

1977-1983
Drexel underwrites huge high-yield deals for such startups as MCI, Turner Broadcasting, and Mirage Resorts.

1984-1985
Corporate raiders backed with Drexel junk bonds launch barrage of hostile takeovers. Victor Posner (right), Ron Perelman, Carl Icahn, and others emerge as big players in the take-over game.

1986
Pays himself $550 million for one year's work. U.S. Justice Dept. subpoenas Milken after arbitrageur Ivan Boesky implicates him in securities fraud.

1989
Milken and brother Lowell resign from Drexel after firm settles with the government. SEC charges Milken with 98 counts of racketeering and securities fraud.

1990
Milken pleads guilty to six felonies, receives 10 years in prison. Drexel files for bankruptcy as junk market tanks and several big leveraged deals go south.

1991
Enters prison, a minimum-security work camp in Pleasanton, Calif. Begins to pay the first of $1.1 billion in fines and settlements.

1993
Judge Kimba Wood reduces Milken's prison sentence to time served. Milken learns he has incurable prostate cancer. Doctors give him 12 to 18 months to live.

1993
Establishes CaP CURE, a foundation to cure prostate cancer. Begins raising $75 million to fund research scientists. Becomes vegetarian, embraces meditation, aromatherapy, and yoga.

1996
Invests $250 million with brother Lowell to create Knowledge Universe (KU), an educational-services company. Oracle CEO and Milken friend Larry Ellison (right) puts up another $250 million.

1997
Hires Merrill Lynch chief economist Donald Straszheim to head his Milken Institute public-policy and economics think tank.

1996-1998
Under former Mattel exec Tom Kalinske, KU nabs over 30 companies and starts up half a dozen more.

1998
Milken publishes The Taste for Living Cookbook with tips for fighting cancer. Book hits Amazon.com best-seller list.

1999
With $1.5 billion in sales, KU's reach extends from educational toys and preschools to corporate consulting and technical training.



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The Reincarnation of Mike Milken

COVER IMAGE: The Reincarnation of Mike Milken

TABLE: A Milken Primer

PHOTO: Milken at a CaP CURE Meeting, 1993

TABLE: The Dealmaker Is Back

PHOTO: Milken with Nobel Laureates, March, 1999

Money Floods in to Fight a Killer

ONLINE ORIGINAL: Education Stocks 101



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