Payback: The Conspiracy to Destroy Michael Milken and His Financial Revolution

Be the first to write a review

Overview

According to James Stewart's Den of Thieves, what happened on Wall Street in the '80s was really simple. Due to the crimes of Michael Milken and others, Stewart states: "the ownership of entire corporations changed hands, often forcibly, at a clip never before witnessed," "[h]ousehold names ... vanished in takeovers that spawned criminal activity and violations of the securities laws," "thousands of workers lost their jobs," "profits were sacrificed," and "bondholders and shareholders lost many millions more." ...
See more details below
Available through our Marketplace sellers.
See All Options
Other sellers (Hardcover)
  • All (39) from $1.99   
  • New (7) from $7.94   
  • Used (32) from $1.99   
Close
Sort by
Page 1 of 1
Showing All
Note: Marketplace items are not eligible for any BN.com coupons and promotions
$7.94
LCT Group LLC
Seller since 2010

Feedback rating:

(16)

Condition:

New — never opened or used in original packaging.

Like New — packaging may have been opened. A "Like New" item is suitable to give as a gift.

Very Good — may have minor signs of wear on packaging but item works perfectly and has no damage.

Good — item is in good condition but packaging may have signs of shelf wear/aging or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Acceptable — item is in working order but may show signs of wear such as scratches or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Used — An item that has been opened and may show signs of wear. All specific defects should be noted in the Comments section associated with each item.

Refurbished — A used item that has been renewed or updated and verified to be in proper working condition. Not necessarily completed by the original manufacturer.

New
New

Ships from: Cartersville, GA

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$9.99
Multi-Tasking Solutions LLC
Seller since 2010

Feedback rating:

(26)

Condition: New
1995-07-01 New Mint condition with dust jacket! ! 12F.

Ships from: Salem, VA

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$24.89
woodysbooks
Seller since 2009

Feedback rating:

(4027)

Condition: New
Excellent customer service. May ship from alternate location depending on your zip code and availability. Satisfaction guaranteed!!

Ships from: Martinez, CA

Usually ships in 1-2 business days

  • •Standard, 48 States
  • •Standard (AK, HI)
$24.99
Sequitur Books
Seller since 2007

Feedback rating:

(369)

Condition: New
Gift quality, Fine. 8vo. A superior copy in new condition. Clean, unmarked pages. Good binding and cover. Hardcover and dust jacket. Ships daily.

Ships from: Boonsboro, MD

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$42.50
Books Unlimited KY
Seller since 2007

Feedback rating:

(9)

Condition: New
1995 Hard cover First edition. New in good dust jacket. 332 p. Audience: General/trade.

Ships from: West Van Lear, KY

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$50.00
bluehouse
Seller since 2013

Feedback rating:

(39)

Condition: New
Brand new.

Ships from: acton, MA

Usually ships in 1-2 business days

  • •Standard, 48 States
$50.00
bluehouse
Seller since 2013

Feedback rating:

(39)

Condition: New
Brand new.

Ships from: acton, MA

Usually ships in 1-2 business days

  • •Standard, 48 States
Page 1 of 1
Showing All
Close
Sort by
Sending request ...

More About This Book

Overview

According to James Stewart's Den of Thieves, what happened on Wall Street in the '80s was really simple. Due to the crimes of Michael Milken and others, Stewart states: "the ownership of entire corporations changed hands, often forcibly, at a clip never before witnessed," "[h]ousehold names ... vanished in takeovers that spawned criminal activity and violations of the securities laws," "thousands of workers lost their jobs," "profits were sacrificed," and "bondholders and shareholders lost many millions more." "These," he writes, "are the costs of greed coupled with market power." But according to Daniel Fischel, this popular view is completely wrong. In his revolutionary book Payback, Daniel Fischel blows away the conventional wisdom on Michael Milken and the myth of the "decade of greed." Countering the press reports, prosecutors' statements, and denouncements by corporate boards, Fischel shows how Milken's innovative ideas overthrew a generation of inefficient corporate managers and injected a much needed dose of adrenaline into a lethargic Wall Street. Indeed, Fischel argues, Milken himself was wrongly accused and in reality committed no crimes.

This revisionist's view of the '80s by a leading conservative economist--who argues that the so-called "decade of greed, " spearheaded by the rise of Michael Milken and Drexel Burnham, actually improved corporate America--examines how Michael Milken became a scapegoat in a complicated and convoluted mess made by the government.

Read More Show Less

Editorial Reviews

Publishers Weekly - Publisher's Weekly
Junk-bond pioneer Michael Milken, who was convicted in 1990 of unlawful stock transactions and spent two years in prison, actually committed no crimes at all, contends Fischel, a University of Chicago economist and consultant whose clients have included Milken and other Wall Street figures. The 1980s' wave of hostile takeovers and leveraged buyouts that was spearheaded by Milken made his now defunct firm, Drexel Burnham Lambert, the most profitable investment bank. In Fischel's provocative analysis, such old-line Wall Street firms as Lazard Freres, Salomon Brothers and Dillon, Read, thirsting for revenge and eager to restore their diminished positions, joined forces with big labor, which feared a massive loss of jobs, to instigate a government-backed witch hunt that scapegoated Milken and other high-rolling investors such as John Mulheren Jr., Boyd Jefferies and Robert Freeman. In ambitious U.S. Attorney Rudolph Giuliani (now NYC mayor), this coalition found an ally who waged an ill-informed, unscrupulous assault on the junk-bond industry, writes Fischel, who contends that the overzealous government redefined routine, even beneficial trading practices as illegal. This is a remarkable, bound-to-be-controversial reappraisal of the so-called financial revolution of the 1980s. (Aug.)
Library Journal
Economist Fischel asserts that Michael Milken and Drexel Burnham Lambert were responsible for an enormous sea change in financial innovation on Wall Street that affected countless corporate restructurings and resulted in the creation of vast wealth for U.S. and foreign investors. These are not necessarily bad things unless you happen to have powerful enemies like Rudolph Guiliani who vow to bring you down. In writing an in-depth look at what really happened in the Eighties, Fischel talked with all the participants and studied the court records and government testimony. He feels there was a conspiracy to bring down Milken and Drexel involving Wall Street competitors, U.S. business, and even the government. In this persuasive account, Fischel argues that "the so-called Wall Street and savings & loan scandals of the 1980's wouldn't have occurred if the government hadn't intervened." Recommended for larger nonfiction collections in public libraries.-Richard Drezen, Washington Post News Research Ctr., Washington, D.C.
David Rouse
Revisionism is big this year. Robert McNamara rethinks the war in Vietnam. Doron Levin (see below) challenges Lee Iacocca's white-knight image. Now comes Fischel. He first takes on those who "pontificate" against the "greedy 80's," asking, "What's so bad about greed, anyway?" He asserts that Michael Milken was a bold innovator whose "wealth creation" techniques "revitalized the entire financial industry." Identified as a conservative economist and professor at the University of Chicago, Fischel has written extensively about business and corporate law for various legal journals. Here he also waves high the currently popular banners of antigovernment and antimedia sentiment, charging that Milken and Drexel Burnham Lambert were victims of a press campaign of disinformation and of overzealous and unscrupulous government regulators and prosecutors. "Payback" is bound to stir "true believers" but outrage those who ended up losing money as a result of Milken's schemes.
Read More Show Less

Product Details

  • ISBN-13: 9780887307577
  • Publisher: Harper Business
  • Publication date: 6/28/1995
  • Edition description: 1st ed
  • Edition number: 1
  • Pages: 332

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Review Guidelines
Add Recommendations
Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously
    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)