Junk bonds

Back in 1989 Michael Milken, known as the Junk Bond King, was convicted of securities fraud and racketeering. He was fined $600 million and sentenced to 10 years in prison. His sentence was later reduced to two years and he was pardoned by Trump in 2020. Since his release from prison, he has become known for his charitable donations for medical research. Milken and his brother founded Knowledge University in 1996, the largest childcare provider in the country. He invested in K12 Inc. that provides online schooling. Yesterday Sam Bankman Fried was convicted of charges similar to Milken's and he will get prison time but he, unlike Milken, is broke. It remains to be see how long he will serve.