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Witness to a Prosecution: The Myth of Michael Milken
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.
Neither of them could understand why the government thought it had a compelling reason to investigate Michael. Or why the media would be interested in building the investigation up into a firestorm. Of course, prosecutors want to win in high-profile cases, and prosecutorial witch-hunts and media hype can easily spin out of control, destroying the defendant in search of headlines and publicity as well as personal gain. Whenever the prosecution determines it will have the outcome it wants, no matter what, there is no escape.
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 read and discussed for years to come.
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.
Neither of them could understand why the government thought it had a compelling reason to investigate Michael. Or why the media would be interested in building the investigation up into a firestorm. Of course, prosecutors want to win in high-profile cases, and prosecutorial witch-hunts and media hype can easily spin out of control, destroying the defendant in search of headlines and publicity as well as personal gain. Whenever the prosecution determines it will have the outcome it wants, no matter what, there is no escape.
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 read and discussed for years to come.
352 pages, Hardcover
Published August 1, 2023
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10 people want to read
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Displaying 1 - 11 of 11 reviews
July 26, 2023
The details in this book were immense! There was a lot that I felt like I didn’t understand simply due to my lack of knowledge around the financial system. However, my knowledge of the criminal system is more in depth and those parts I did understand. There was so much of this that felt political and I think it’s good to draw a light to all of it. I’m certain that Mike isn’t the only one who has had this experience or something similar (even though the author tried many times to say how unique this case was). I think it’s so important to draw light to the big agencies and their impact to people’s lives.
July 12, 2023
When writing a book most authors want to write away that connects with their readers in this book we hear about fraternities the milk and Institute him teaching classes at Stanford… Stocks bonds fraud and he says he’s known this guy for over 30 years until he knows he’s not guilty yet the man was found guilty spent two years in prison and was acquitted by… Wait For it… Donald Trump! I understood most of what he was saying especially when it got into the judicial part of the book but I found his writing in his reading of it was mostly for ego sake but having said that I still finished it only because I enjoy rage reading and was really waiting for the sky to make a good case for his friend and himself but the last did never happened. Not to mention he narrated the book itself and although his reading was clear I just felt like the book would’ve been better as a Kindle book or read by a professional narrator.
February 22, 2024
"Witness to a Prosecution: The Myth of Michael Milken'' is a compelling read that transcends the conventional boundaries of legal and financial discourse. The book is not just a recount of events, it's a deep dive into a story that has been misunderstood and misrepresented for decades.
As author Richard Sandler illustrates, Michael Milken was more than a financier — he was a visionary who fundamentally altered how companies could secure funding. His pioneering of the high yield bond market paved the way for smaller companies (notably including those owned by women and marginalized communities) to thrive.
In “Witness to a Prosecution,” Sandler, Milken’s attorney throughout the high-profile case at the heart of this narrative, chronicles a behind-the-scenes battle against a prosecutorial onslaught that sought to vilify a man whose only crime was to disrupt the status quo. The book not only clears the fog surrounding Milken's legacy but also celebrates the resilience of the human spirit in the face of adversity. It is a thought-provoking read that encourages us to question the motivations behind high-profile legal actions and the impact they have on innovation and progress — and it will stick with you long after you’ve finished reading it.
As author Richard Sandler illustrates, Michael Milken was more than a financier — he was a visionary who fundamentally altered how companies could secure funding. His pioneering of the high yield bond market paved the way for smaller companies (notably including those owned by women and marginalized communities) to thrive.
In “Witness to a Prosecution,” Sandler, Milken’s attorney throughout the high-profile case at the heart of this narrative, chronicles a behind-the-scenes battle against a prosecutorial onslaught that sought to vilify a man whose only crime was to disrupt the status quo. The book not only clears the fog surrounding Milken's legacy but also celebrates the resilience of the human spirit in the face of adversity. It is a thought-provoking read that encourages us to question the motivations behind high-profile legal actions and the impact they have on innovation and progress — and it will stick with you long after you’ve finished reading it.
February 27, 2024
I didn’t know much about Michael Milken when I first started Witness to a Prosecution. Even as I was reading Sandler’s exhaustive account of twisted political motives and prosecutorial misconduct, I couldn’t help thinking “so what?”. After all, even though Milken ended up paying $600 million (!) in fines, he served a short sentence in prison and is still a very rich man.
Yet Sandler’s account ultimately drives the point home in an inescapable way: Milken, a genuinely innocent man, was fined an ungodly amount (compared to the supposed impact of his crimes), slandered ruthlessly by the media, and ultimately sent to prison—all to advance the political agendas and careers of a few overzealous prosecutors, including Rudy Giuliani, who used this conviction as a launchpad for his successful mayoral campaign. If this can happen to a man like Milken, how would we expect to fair?
(The most maddening fact of this whole sordid story is that Milken was sent to prison on crimes that no one had been charged with before, and no one has been charged with since!)
The book is full of illuminating detail, and even though it’s legally exhaustive, I was still gripped and incensed throughout—a great read.
Yet Sandler’s account ultimately drives the point home in an inescapable way: Milken, a genuinely innocent man, was fined an ungodly amount (compared to the supposed impact of his crimes), slandered ruthlessly by the media, and ultimately sent to prison—all to advance the political agendas and careers of a few overzealous prosecutors, including Rudy Giuliani, who used this conviction as a launchpad for his successful mayoral campaign. If this can happen to a man like Milken, how would we expect to fair?
(The most maddening fact of this whole sordid story is that Milken was sent to prison on crimes that no one had been charged with before, and no one has been charged with since!)
The book is full of illuminating detail, and even though it’s legally exhaustive, I was still gripped and incensed throughout—a great read.
February 22, 2024
"Witness to a Prosecution" is an essential read for anyone interested in the dynamics of power, the intricacies of the legal system, the evolution of the financial industry, and civil rights. Richard Sandler's detailed storytelling illuminates how Milken's vision helped turn the high yield bond market from a set of theories into a massive industry worth trillions of dollars, all the while helping thousands of small businesses grow and creating millions of new jobs.
Yet the subsequent investigation into Milken, motivated not by evidence but by a confluence of prosecutorial zeal and media frenzy, unfolded like a Shakespearean tragedy. As Sandler illustrates, it was a case that epitomized the dangers of unchecked government power and the vulnerability of individuals — regardless of their contributions to society — to the whims of those who wield it.
Sandler’s narrative is captivating and filled with expert insights that keep the pages turning. It’s not just a book for those interested in finance or law, but for anyone intrigued by government overreach, disruptive innovation, criminal investigations, and human resilience. In sum, it’s a must-read.
Yet the subsequent investigation into Milken, motivated not by evidence but by a confluence of prosecutorial zeal and media frenzy, unfolded like a Shakespearean tragedy. As Sandler illustrates, it was a case that epitomized the dangers of unchecked government power and the vulnerability of individuals — regardless of their contributions to society — to the whims of those who wield it.
Sandler’s narrative is captivating and filled with expert insights that keep the pages turning. It’s not just a book for those interested in finance or law, but for anyone intrigued by government overreach, disruptive innovation, criminal investigations, and human resilience. In sum, it’s a must-read.
February 27, 2024
Michael Milken was before my time, and the association I made was always “Belfort” and “Madoff”, or maybe a real life Gordon Gecko—either way, he was a poster boy for 80s “Wall Street greed.”
In fact, Milken probably has more in common with Jamie Dimon and Ray Dalio than he does with any Wall Street crook. His core innovation—unlocking capital for genuinely deserving companies that were otherwise starved of it—actually starts to make Milken look like a “wealth creator” the likes of which we learned about in economics textbooks (and perhaps never fully believed was real).
Witness to a Prosecution does a great job of highlighting this, but where the book really excels is in showing how a towering figure like Milken can be swiftly brought to heel by zealous prosecutors with the full weight of the federal government behind them—even when he was in fact innocent. Sandler advances an effective, fact-driven, and ultimately convincing case for Milken’s exoneration, while raising deeply important questions about government overreach and how “easily” the supposedly neutral process of adjudication can be warped and perverted.
In fact, Milken probably has more in common with Jamie Dimon and Ray Dalio than he does with any Wall Street crook. His core innovation—unlocking capital for genuinely deserving companies that were otherwise starved of it—actually starts to make Milken look like a “wealth creator” the likes of which we learned about in economics textbooks (and perhaps never fully believed was real).
Witness to a Prosecution does a great job of highlighting this, but where the book really excels is in showing how a towering figure like Milken can be swiftly brought to heel by zealous prosecutors with the full weight of the federal government behind them—even when he was in fact innocent. Sandler advances an effective, fact-driven, and ultimately convincing case for Milken’s exoneration, while raising deeply important questions about government overreach and how “easily” the supposedly neutral process of adjudication can be warped and perverted.
October 28, 2023
When the government comes for you, you lose, no matter what. This is the true story of Michael Milken, who was someone who really understood the markets and pushed forward in a way that broke the old establishment and, lets be honest, probably lost those who were used to winning their money. Michael understood the market in a way that the great composers understood music. Yet, because of someone who just couldn't believe that Michael was on the up and up, launched an investigation into him that didn't just try to punish him for alleged crimes, but ultimately was out to destroy him, in every single fashion that they could make up. Why? Because they are the government and have the power. Absolutely ridiculous what was done to him, and their star witness? The shadiest of them all. Powerful story of truth, and yet, the truest cost of truth from a man who bore the unrelenting brunt of it. Thank you Richard Sandler for telling it to the world.
*I received a copy of this book from NetGalley. This review is my own opinion*
*I received a copy of this book from NetGalley. This review is my own opinion*
March 20, 2024
A gripping read from start to finish. Thirty years on, the record of Michael Milken -- one of the most innovative financiers of our time -- is finally set straight.
More than an inside look at one of the most perplexing financial criminal cases of the last few decades, "Witness to a Prosecution" tells the story of outside influence on the outcome and perception of court cases in the public eye. As Sandler recounts, the media hype and ulterior motives of the prosecution still have people telling the wrong story to this day.
While it is easy to assume the "truth" of the defendant is awash with biases -- especially given that Sandler and Milken were childhood friends -- Sandler's account is so meticulous that it is clearly more than a mere personal interpretation, but rather a factual play-by-play from start to finish.
I would highly recommend this book equally to finance buffs as to law students with an interest in the greater forces and dynamics that surround power and the U.S. economy.
More than an inside look at one of the most perplexing financial criminal cases of the last few decades, "Witness to a Prosecution" tells the story of outside influence on the outcome and perception of court cases in the public eye. As Sandler recounts, the media hype and ulterior motives of the prosecution still have people telling the wrong story to this day.
While it is easy to assume the "truth" of the defendant is awash with biases -- especially given that Sandler and Milken were childhood friends -- Sandler's account is so meticulous that it is clearly more than a mere personal interpretation, but rather a factual play-by-play from start to finish.
I would highly recommend this book equally to finance buffs as to law students with an interest in the greater forces and dynamics that surround power and the U.S. economy.
February 27, 2024
I’m a big Michael Connelly fan, and some of my favorite shows—Billions, Goliath, Bosch—are police procedurals and legal dramas. As I was reading Witness to a Prosecution, I kept thinking about how these shows always present storylines where the government (police, DA, feds) is noble, just, and ultimately right, or where zealous government overreach is soundly exposed and repudiated by courageous and brilliant lawyers.
Yet Michael Milken’s case shows that the opposite can just as easily be true. Sandler’s account in Witness to a Prosecution demonstrates that zealous government prosecutors can bring even rich, powerful, and *innocent* men like Milken to their knees, all to advance their personal and political agendas. It’s difficult not to come away from this book sobered and critical of the bulldozing media-government nexus that can so easily destroy a man’s life and livelihood. A must read.
Yet Michael Milken’s case shows that the opposite can just as easily be true. Sandler’s account in Witness to a Prosecution demonstrates that zealous government prosecutors can bring even rich, powerful, and *innocent* men like Milken to their knees, all to advance their personal and political agendas. It’s difficult not to come away from this book sobered and critical of the bulldozing media-government nexus that can so easily destroy a man’s life and livelihood. A must read.
June 10, 2023
Was not aware of this case until I read this book and it did a very good job of walking me through everything I needed to know, didn't get too wordy at any points and was quite easy to follow the whole way through.
March 30, 2024
I think this book was interesting! I love courtroom thrillers and this book was believable! I believe there was some doubt in the story and the friend was a bit much! I would recommend this book to someone who enjoys this genre!
Displaying 1 - 11 of 11 reviews