Witness to a Prosecution

The Myth of Michael Milken

By: Richard Sandler

Narrated by: Richard Sandler

In 1986, the SEC and the U.S. Attorney for the Southern District of New York began an investigation into Michael Milken, Drexel Burnham Lambert, and its High Yield and Convertible Bond Department, a department Michael created and was head of. Michael was the most successful and innovative financier of his time. Drexel, an upstart investment bank was also the most successful securities firm on Wall Street, thanks to Michael.

What was the investigation into Michael Milken going to focus on, other than his innovation in the financial markets? Mike was democratizing access to capital for the 99% of companies that could not previously access the public market and created a financial revolution that continues to this day. The high yield bond market grew rapidly from the end of the 1970’s from $70 billion to over $2.2 trillion dollars in 2022. He created an industry that gave new businesses and investors the opportunity to create value by financing companies that were too small to access the markets.

Richard Sandler decided to represent Michael as his personal lawyer, and to be responsible for working with the lawyers they hired as well as overseeing the defense. But they could never have dreamed of the chaos that lay ahead.

But the injustice that Michael Milken faced was to be on a biblical scale. Richard Sandler has, after 36 years, decided to set the record straight. With never-before-seen transcripts of court documents, and a sharp analysis of each move and countermove, Witness to a Prosecution: The Myth of Michael Milken, is difficult to put down. Whether you are someone interested in understanding the criminal investigative process, or you just want to understand who Michael Milken is and what really happened to him, you will find that this is an eye-opening and important book that will be explored and discussed for years to come.

©2023 Richard Sandler (P)2023 Advantage Media Group, Inc.

The raw power of a district attorney…..

The raw power of a district attorney with political ambitions is quite disgusting. Phenomenal how the “(insider trading)” story of the 80s got so skewed by the media and the government.

Glad to see the record set straight.

It’s nice to read an insider account of a very famous story only told my those who were not in the room, who’s motives may have been taken by the sensationalism of the era.

One Major character flaw

The book states that he had thousands of phone calls with Ivan Boesky. In his business, he should have had good instincts for people who were constantly groping for information as inside traders. The author states that he was always trying to please the customers of his company. Since Ivan Boesky was only responsible for perhaps one percent of their business, he should have stopped doing business with him.
I really hate the routine practice of using a criminal as a witness against someone else in return for the criminal, receiving less time in prison. It does not make sense to me that this type of testimony can be so convincing to a judge or jury.

Revisiting the Milken Saga

Witness To A Prosecution revisits, almost forty years later, the investigation, trial, and eventual pardon of financier Michael Milken. The author is a lifelong friend of Milken’s, and has the advantage of participating in many of the events he writes about.
Mr Sandler brings a refreshing perspective to the sprawling and complex investigations and trials that rocked Wall Street in the late 1980’s. He makes a strong case that Milken was the victim of prosecutorial (and regulatory) excess.
In that respect, the book is at variance with the small literature concerning Milken and the related cases that sprung up around the time of these events. Books like James Stewart’s Den of Thieves portrayed Milken without nuance or sympathy. Mr Sandler, by contrast, has boundless admiration for Mike Milken, and from a distance of forty years his sympathetic account has more than a measure of truth.
If you remember the unfolding insider trading scandals that led to the Milken plea deal, or if you’re interested in Wall Street, you will find this book compelling.
The story is occasionally slowed down by the author’s practice of quoting extensively from legal documents, but the drama of this remarkable legal, regulatory, and public relations battle comes through nonetheless.

Fantastic book

I saw Richard Sandler on cnbc and I thought he made the story sound extremely interesting, and the book didn't let me down. It was really fascinating and an appropriate length. I enjoyed it from start to finish.