"Class Envy Run Amok" - Fund Manager Asks Trump To Pardon Michael Milken

Twenty-three years after former Drexel Burnham Lambert executive Michael Milken finished a 22-month minimum-security prison sentence, one fund manager is lobbying President Donald Trump to pardon his past convictions, arguing that Milken’s prosecution was an example of anti-banker hysteria run amok.

Wealth-management executive David Bahnsen told Bloomberg that he sent a plea to Trump asking that he pardon Milken, an innovator who is widely lauded in the financial world for helping to popularize junk bonds among a broader set of investors during the 1980s. Bizarrely, Bahnsen says he’s never met the man. Milken pleaded guilty to securities fraud charges in 1992, and was initially sentenced to 10 years in prison, though he only served 22 months.

Bahnsen said a pardon would send an important message to prosecutors trying to burnish their reputations by going after white-collar criminals.

“Bahnsen, a managing director at Morgan Stanley before he started his own wealth-management group in 2015, told Trump in a letter that Milken’s prosecution was a result of “a period of class envy run amok.” Bahnsen, a Republican donor, said in an email he’s never met Milken.

Bahnsen, whose Bahnsen Group oversees more than $1 billion, told Trump the pardon would signal a stop to “headline-seeking, human-damaging corporate prosecutions, devoid of due process.” The banker said he sent an earlier version of the request and revised it after Trump pardoned former Maricopa County Sheriff Joe Arpaio last week.”

Milken, 71, is now a philanthropist and namesake of the Milken conference. While he was investigated by the SEC in 2013 for allegedly violating his lifetime ban from the securities industry, the matter was eventually dropped. Milken has not asked that he be pardoned.

Seeing that Milken himself hasn’t asked for a pardon – and the public is still widely resentful of Wall Street executives for evading prosecution after the financial crisis – it’s unlikely that the request will be seriously considered.

Trump proved his mastery of the f**k you pardon by granting clemency to sheriff Joe Arpaio, a man who – apart from being a longtime friend and campaign-trail ally – is popular with a certain segment of Trump’s base. But we doubt he would do it again to appease a much, much smaller crowd of supporters, with whom he has a shaky alliance, at best.


BritBob Fri, 09/01/2017 - 04:24 Permalink

Will Obama be Pardoned for calling the Falklands 'the Maldives'?Obama never moved off the fence from 'recognizing the de facto UK administration of the Falklands' to realizing that Argentina's Falklands' claim is spurious and that they have been duped into believing propaganda. Time to recognize that only the Falkland Islanders can determine how and by whom they are governed and dismiss that mythical Malvinas fairy tale. How can Argentina claim the Falklands when she has never legally owned them?Falklands- Never Belonged to Argentina (1 page) : https://www.academia.edu/31111843/Falklands_Never_Belonged_to_Argentina And will Trump jump off the fence ? 

jcaz JRobby Fri, 09/01/2017 - 06:28 Permalink

LOL-  Milken should have received 10 years just for that rug.......Weird that this guy is lobbying on his behalf-  I'd be more interested in knowing why.Then again, this whole ilk of NYC fixed-income insider is too incestuous for me- I dealt with it in the 90's, still feel dirty.....

In reply to by JRobby

jcaz JRobby Fri, 09/01/2017 - 07:59 Permalink

Naw, I was referring to fixed income in general- I was with MS in the 90's.  Milken was running his own little universe,  we were all too uppity for west coast junk.   I seem to recall that this dude's father had some association with Milken.

In reply to by JRobby

ludwigvmises Fri, 09/01/2017 - 04:57 Permalink

Yes, go after white collar criminals. Do NOT stop. These guys are just as bad as drug dealers or child rapists. Jail them and lock them up! Do not pardon this criminal retrospecitvely and send the wrong message.

Never One Roach Fri, 09/01/2017 - 05:37 Permalink

I still can't get over Comey excusing Crooked Cankles and granting immunity to all her accomplices---Huma, Mills, etc. "In yo' face, America!" is what Comey did.And there was zero media outrage. That's another reason why i thnk Trump is doing a very good job despite attacks on him (and America) from every angle.

Aussiekiwi Fri, 09/01/2017 - 05:44 Permalink

'Bahnsen said a pardon would send an important message to prosecutors trying to burnish their reputations by going after white-collar criminals.'What the hell? He got 10 years, he only served 22 months, probably played golf every day of his sentence, and now they want him pardoned so they can send a message to prosecutors that there is no point going after Bankers for theft and fraud.....can Bankers ever possibly get any more corrupt? if they keep going like this they will catch up to Congress for corruption.

Expat Fri, 09/01/2017 - 05:44 Permalink

Milken broke the law but only to further the cause of capitalism.  He should be pardoned as a soldier in the battle against socialism and excessive government controls on industry.  Bernie Madoff should be pardoned for the same reasons; he did what he did to make money, not hurt people.Pardon Willie Sutton post-mortem.  He only wanted money.  A pure capitalist.How the fuck can we let something as trivial as the Constitution ("it's only a piece of paper") get in way of advancing the American economy.  No law and no rule should apply to an American who is only trying to make money by whatever means he can cleverly devise.

Expat Expat Fri, 09/01/2017 - 07:30 Permalink

When a comment like this gets upvoted, I honestly can't figure out if it was because the upvoters are finely tuned to sarcasm (not that this one needed fine tuning) or the upvoters agree with what I wrote (and therefore demonstrate that they are denser than a pile of lead ingots).

In reply to by Expat

Sam Spayed Fri, 09/01/2017 - 07:01 Permalink

How did obama's friend Bill Ayers get a pardon??? This guy is a communist terrorist that bombed the Pentagon and is directly responsible for multiple deaths, yet he has never seen the inside of a prison cell. How did this worthless piece of evil communist shyyt escape justice??? I've never heard of him receiving a formal pardon, but the piece of shhyyt never paid for his heinous crimes. He was allowed to become a professor at a public university and is now living off of a pension paid for by the taxpayers. Why is that????

highwaytoserfdom Fri, 09/01/2017 - 07:35 Permalink

 This guy did more than Volker and Warren F#cked him on Solomon and really pissed off #AlanBenFelonand the clubbing cabal and banksters..  Not defending Michael or Lloyde but at the time actions were OK.  The new Rubin, Sandy Weill, Summers, crew and there derivatives scheme and Prince Al-Waleed bin Talal Saudi, and Abu Dhabi and Singapore GE Jack Welsh fakeNews CNBS gang.  Pardon would be a fair trade (art of deal)  for taking down these cats. http://lawprofessors.typepad.com/files/clubbingcomplaint.pdf  these money changers in temple are bad for business and  pushed the Krugman Soros Cabal into dependent serfs, and hoarders.Put that in dot plot. Cash flow instead of swaps fraud. Knock off the Gun stuff there is countries around the world that need food and water not Carbon tax, hunger and police states. 

A. Boaty Fri, 09/01/2017 - 07:58 Permalink

Rudy Giuliani made part of his career as a prosecutor putting Milken in jail. Would Fearless Leader dis his friend Rudy with a Milken pardon?

Money_for_Nothing Fri, 09/01/2017 - 08:51 Permalink

Sheriff Joe Arpaio was the victim of a partisan prosecutor and judge. They insured he couldn't get a jury trial, the judge was ready to convict before the charges were brought, and they gave him the maximum sentence they could get by with.

Anyone who doesn't know these facts is a partisan hack who claims DC is full of US patriots and not NWO crooked cronies. Sheriff Joe showed them for what they are and they took their revenge. I would like to know how much public money was spent to take Sheriff Joe down and make sure he wasn't re-elected. Probably millions.

casfoto Fri, 09/01/2017 - 09:45 Permalink

Pardon him and the next in line will be Madoff and Manson.!  Wait, Manson is not part of the Tribe....that wont work. Lets see, Mark Rich was another scumbag that fleeced the middle class and others.....and Uncle Bill Clinton let him go as a favor... And Pollard went back to Israel as a hero when he should have been taken out and shot.

Sanity Bear Fri, 09/01/2017 - 09:50 Permalink

The crimes Milken committed were not against the law but against humanity.

Are we not living the consequences of his "innovations" in the "liberation" of capital? Billions in his pocket, but how did it turn out for you?

Mena Arkansas Fri, 09/01/2017 - 10:23 Permalink

“Bahnsen, a managing director at Morgan Stanley before he started his own wealth-management group in 2015, told Trump in a letter that Milken’s prosecution was a result of “a period of class envy run amok.” The class envy this jew is referring to is the Chosenite class.He's just can't stand that Milken wasn't let go because of his #jewprivilege.This is typical jew-washing. Trying to make jewish criminals look upstanding by claiming they are a philanthropist now.Moe Dalitz was a good example of this.https://en.wikipedia.org/wiki/Moe_DalitzWhat you will find, though, is most of their charitable giving all goes back to the tribe.

GRDguy Fri, 09/01/2017 - 10:16 Permalink

Lyin', stealin' and killin' is still being rewarded, and in some cases forgiven.Until that slows, honest folks will still have it tough.