OARDROOM TO THE
:The Justifications for Harsher Punishment of White-Collar and Corporate Crime
J. Scott Dutcher
and Michael Milken:
What is it about this unique groupthat makes them so special, so famous, or infamous? Unlike many otherswith tremendous financial power (e.g., Meg Whitman,
),these individuals broke fiduciary duties in addition to the law, bilkedmillions of investors for inconceivable sums of money, and then servedlittle time and/or paid monetary fines which pale in comparison to the
† Managing Editor, Arizona State Law Journal. J.D. Candidate, May 2006, ArizonaState University College of Law; B.S., Brigham Young University, 2002. I would especiallylike to thank Mary Sigler and John Tuchi for their excellent direction and feedback and mywife, Kyla, for her patience and support.1. Former CEO of WorldCom, Inc.2. Former CEO of HealthSouth Corp.3. Former CEO of Tyco International, Ltd.4. Former CEO of Enron Corp.5. As former chairman of Sotheby Holdings, Inc., Alfred Taubman masterminded aprice-fixing scheme between Sotheby’s and Christie’s auction houses, which swindled artsellers out of millions of dollars. Dan Ackman,
Guilty! Jury Drops Hammer On Taubman
Dec. 5, 2001, http://www.forbes.com/2001/12/05/1205taubman.html.6. Nicknamed “The Junk Bond King,” Michael Milken “almost single-handedly created amarket for junk bonds during the 1970s.” W
,http://en.wikipedia.org/wiki/Michael_Milken [hereinafter M
] (last visited Oct.21, 2005).
Michael Milken, http://www.mikemilken.com (last visited Oct. 28,2005). Milken “financed mergers and hostile takeovers with high yield debt, then raided anddestroyed profitable companies in order to pay off the bonds.” Victor Rozek,
As I See It: What Might Have Been
, Jan. 21, 2004, http://www.itjungle.com/mid/mid012104-story05.html. Milken’s financial market manipulations and insider trading cost investors morethan a billion dollars. Art Jahnke,
Did Michael Milken Deserve a Pardon?: Clinton Decides Against Exonerating Convicted Financier
, Jan. 22, 2001,http://www.darwinmag.com/connect/opinion/column.html?ArticleID=70.7. Current CEO of eBay, Inc.8. Founder and current CEO of Berkshire Hathaway, Inc.