1.

How do you suppose Milken maintains his self-esteem when so many people despise him as
a very wealthy white color criminal?

Michael Milken, an investment banker who ruled the junk bond market in the 1980s [ CITATION
Tom16 \l 1033 ], is also known “The Junk Bond King” [ CITATION The20 \l 1033 ]. In 1990, he
was found guilty and was sentenced to jail to a number of tax and securities related crimes. He was
someone who had changed the structure of corporate America. [ CITATION Tom16 \l 1033 ] His
case shows how someone who was regarded as a white color criminal and had a bad reputation
accomplished to reverse his image and become a very well respected person in the community.
[CITATION Ste16 \l 1033 ] After he was accused and plead guilty his world fell apart. It was a very
dark and difficult time of his life. It is amazing how he maintained his self-esteem even during the
crisis and rebuilt his life.[ CITATION Ste16 \l 1033 ]

For Milken going to the prison and serving his time motivated him to change his life. He took his
time to reflect on the things he had done wrong. The guilt that he had within him made him think
about the ways in which he could give back to the society. [ CITATION Min19 \l 1033 ] His case
illustrates how he had achieved happiness and enriched himself by taking advantage from people
without their knowledge.[ CITATION Min19 \l 1033 ]

He also went through a difficult time when he was diagnosed with prostate cancer. He then totally
transformed his life. After he had cancer he did so many great things for the community that totally
changed his reputation. In 1982 he established a foundation called Milken Family Foundation in
order to support innovations in public health, medical research by providing millions to the scientist
to help find cure for the cancer, and education by providing scholarship to the students.[ CITATION
Pro20 \l 1033 ]. The same people who talked badly about him started respecting him because they
though the greedy Michael was gone and he is a totally changed person who cares about the people
and community and contributes so much to help others. This totally helped him gain the trust of
people and helped a lot in rebuilding his career and reputation. [ CITATION Coh17 \l 1033 ]

He also totally changed his life style after he was diagnosed with cancer. He did not ever let cancer
affect his life or bring him down. He started living a very healthy life by choosing what was best for
him and won over the deathly disease. If he would not have believed in himself and had that strong
will to change his life, the disease would have killed him a long time ago. Even if he is cured now he
is highly aware that his disease can come back any time and could take his life. Therefore, he tries to
make most of his time by working really hard every day by keeping a very positive mindset, and tries
to do as much as he can for other people. [ CITATION Mor20 \l 1033 ] Even President Trump
thinks he had suffered a lot and had paid a big price for the mistake and finds it incredible to see how
he has rebuilt his life and reputation after all these things. [ CITATION The20 \l 1033 ]

After his sentence, he got rid of his wig which he would wear every day before he was sent to prison.
It indicated that he was a new and changed person and was being his real self. [ CITATION Coh17 \l
1033 ] His good relationship with his family, colleagues, friends and clients also helped him a lot
after he was out of the prison. It was because of them he was still considered an important personality
even after all these things [ CITATION Coh17 \l 1033 ] . He also took advice from people like
Richard Phillips, Dean of securities law and others before he started post prison career. [CITATION
JEA96 \l 1033 ]

This is how Michael Milken was able to maintain his self-esteem and transform and rebuilt his life,
career and his image even when so many people despise him as a very wealthy white color criminal.
He got his life, health, career and his reputation back on the track only because of his strong self
-esteem and willingness to change things.

Bibliography

Michael Milken: The Junk Bond King, Case 816-050 (Harvard Business School 04 2016).

Cohan, W. D. (2017, 05 03). Michael Milken invented the modern junk bond, went to prison, and
then became one of the most respected people on Wall Street. Retrieved 04 13, 2020, from
Business Insider: https://www.businessinsider.com/michael-milken-life-story-2017-5

Foley, S. (2016, 05 06). Steven Cohen seeks redemption in Milken’s model. Retrieved 04 13, 2020,
from The Financial Times Limited: https://www.ft.com/content/d565cfae-135a-11e6-bb40-
c30e3bfcf63b

Foundation, P. C. (n.d.). About Michael Milken. Retrieved 03 13, 2020, from Prostate Cancer
Foundation: https://www.pcf.org/bio/mike-milken/

JEANIE RUSSELL, A. F. (1996, 09 30). What to make of Mike obsessed with his place in history,
he still can't resist the big score.

Mintz, S. (2019). Beyond Happiness and Meaning: Transforming Your Life Through Ethical
Behavior. In S. Mintz, Beyond Happiness and Meaning: Transforming Your Life Through
Ethical Behavior (p. 260). Ethics Sage LLC.

Morris, K. (n.d.). the Reincarnation of Mike Milken. Retrieved 04 13, 2020, from Business Week.

Thebault, R. (2020, 02 19). Who is Michael Milken, the ‘junk bond king’ Trump just pardoned?
Retrieved 04 14, 2020, from The Washington Post:
https://www.washingtonpost.com/business/2020/02/18/michael-milken-pardon/