15. Michael Milken
Michael Milken was a financier who revolutionized the investment landscape by popularizing “junk bonds,” or high-yield, non-investment-grade bonds. In the 1980s, as head of Drexel Burnham Lambert’s bond-trading department, he persuaded institutions to invest in these bonds, fueling a surge in corporate mergers, acquisitions, and leveraged buyouts. By the end of the decade, the junk-bond market had grown to $150 billion, with Drexel Burnham becoming a leading financial firm. However, in 1988, Milken was charged with securities fraud and other violations. He pleaded guilty to six counts, was sentenced to 10 years in prison, and fined $600 million. After serving 22 months, his sentence was reduced to time served. Following his release, Milken shifted focus to philanthropy, establishing the Milken Institute and supporting medical research initiatives (britannica.com).
