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Milken and His Methods : Comments From Finance-Community Insiders and Observers

August 30, 1987

"Michael is one of my best friends in the business, but I'd rather have a buffer dealing with him. It's because he's such a persistent salesman. He's a bulldog. He grabs you by the pants and is still there shaking you when you're trying to get away."

--JAMES CAYWOOD, PACIFIC CENTURY GROUP

"The more leveraged takeovers and buyouts today, the more bankruptcies tomorrow."

--JOHN SHAD, FORMER CHAIRMAN,

SECURITIES AND EXCHANGE COMMISSION

"I don't think money has anything to do with what he does. He's been beyond that point for a long time. With Michael, it's different. Michael wants to win the game. Michael wants to have it all. Michael wants to do every piece of business and every deal and make every dollar."

--ROBERT E. LINTON, DREXEL CHAIRMAN OF THE BOARD

"The rising tide of hostile takeovers threatens the very foundations of our American business system. They wreak havoc on entire communities and saddle well-managed companies with billions of dollars in excessive debt."

--SEN. WILLIAM PROXMIRE

"The only figure comparable to Milken who comes to mind is J. P. Morgan Sr."

--SAMUEL L. HAYES III, PROFESSOR OF INVESTMENT

BANKING,HARVARD BUSINESS SCHOOL

"In the majority of (junk-bond) cases, you're not looking at a sackful of good companies which have been denied access to Wall Street financing. I don't think the public understands the risks."

--ROBERT W. NICHOLS, PRESIDENT,

RNC CAPITAL MANAGEMENT CO.

"I think corporate raids are an outrage and a bloody scandal. The object is for somebody to make a killing, pure and simple, and I see no virtue in it at all."

--LANE KIRKLAND, PRESIDENT, AFL-CIO

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