Leveraged-buyout firms led by billionaire Leon Black’s Apollo Global Management LLC, seeing fewer bargains in acquiring companies, are loading up on high- risk debt being abandoned by the world’s biggest banks.
The U.S. Securities and Exchange Commission is investigating whether junk-bond pioneer Michael Milken acted as an adviser to Guggenheim Partners LLC in violation of a lifetime ban from the securities industry, a person with knowledge of the matter said.
The U.S. medical-system overhaul will improve the nation’s health and cut costs only if it’s followed by initiatives to curtail the epidemic of obesity and diabetes, said Michael Milken, founder of the Milken Institute.
Thirteen years after Credit Suisse Group AG crowned itself Wall Street’s new junk-bond king by buying Donaldson Lufkin & Jenrette Inc., the last vestiges of its reign in the most lucrative credit business are being squeezed out by post-crisis banking regulations.
Knowledge Universe Education LLC, the early childhood education and care center operator founded by junk bond pioneer Michael Milken, pulled a $342 million high- yield loan it was seeking to raise, according to Standard & Poor’s.
Bennett Goodman, who got his start almost 30 years ago helping Michael Milken use junk bonds to fund companies others thought too risky, says he is now the biggest investor in high-yield corporate loans in Europe as local banks back away.