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Was Michael Milken a friend or foe to the financial markets




Was Michael Milken a friend or foe to the financial markets, is definitely a question that;sparks much debate. I tend to take a utilitarian approach to most things in life and this question is;not an exception. While there are always lines in life that should not be crossed, I do think that if;something is going to benefit more people than it will hinder it most likely is something that;should be done. With that said my position is that Michael Milken was a friend to the financial;markets.;Michael Milken was an innovator in the financial world. He took the path less traveled;and helped to jumpstart thousands of businesses in multiple industries that might not have been;given a chance otherwise. This led to thousands if not millions of jobs being created helping to;grow the U.S. economy. Not only did he take on risk that most others would not, he created;financial tools that had a great impact in the world of finance and are still in use today.;Along with his contributions to the financial markets during his time at Drexel, his;contributions to charity and medical research over the years have been great. The work that his;foundation has done to promote community and learning in schools has undoubtedly helped;countless numbers of people and the cancer research that the foundation has funded has assisted;in the medical community making great strides in treating cancer.;With that said Michael Milken has obviously contributed a great amount of money, time;and resources, to improving the financial markets, the U.S. economy, charity and medical;research. He has made a positive impact in all areas and still continues as a philanthropist and;speaker continuously spreading his wealth and knowledge.;However, my opinion is not based solely on the great things that Michael Milken has;done. The downfall of Michael Milken seems sketchy to me at best. He originally had 98;charges, to include insider trading, fraud and racketeering. However, according to a multitude of;lawyers that have studied this case there was little to no evidence that supported any of these;charges. The six charges that Milken did plead guilty to were upgraded to felonies, when prior to;his case these would have been trivial offenses. According to those who worked with him;Milken might not have liked the rules and regulations that the government handed down but he;would follow them.;Overall, this is all a matter of perception. What one might consider ethical another will;consider unethical it all depends on how someone looks at things. In my opinion, again using a;utilitarian approach, I think that all the good Michael Milken contributed to financial markets;and to society, outweighs any of the negative things he was accused of or possibly did. If there;were stronger evidence to back up what he was charged with my opinion might be different.;However, with little to no evidence for the charges and with what he did plead guilty to being;trumped up to felonies for effect, I dont believe he did anything that had a substantially negative;impact on the world of finance.;Michael Milken was the king of the stocks back in the 1980s and early 90s, but that doesnt;mean he was looking out for the best interest of those around him. Personally, I believe he was a;foe in this industry. Even though he helped other companies make millions, he was doing it;wrongfully. Essentially Milken got caught and did time for his misbehavior in the finance world.;Ethically, I believe he was only looking out for himself and in the long run but got bit in;the butt when he ended up getting caught. He was doing what any other finance professional was;told to do, which was to gain money and respect, yet he was doing it illegally. Once Milken was;caught, it put the finance industry in a magnify glass to make sure everything was being done;perfectly and by the book.;Milken was making millions a year, he approximately made over $1 billion dollars in a;four year period and was living the high life. He was also making many charitable donations to;prostate cancer, but in actuality that was stolen money. So even though it made him look good to;donate to charity, it technically wasnt his money to begin with. Moral sensitivity (recognizing;the presence of an ethical issue) is the first step in ethical decision making because we cant;solve a moral problem unless we first know that one exists. I believe Milken didnt even know he;was ethically doing something wrong or he wouldnt have gone as far as he did.;Problem recognition is something that requires that we consider how our behavior affects;others, identify possible courses of action, and determine the each potential strategy. Empathy;and perspective skills are essential to this component of moral action. If we understand how;others might feel or react, we are more sensitive to potential negative effects of our choices and;can better predict the likely outcomes of each option. Milken kept going with all his stock market;escapades well over a decade so in the end I dont believe he cared for anybody but himself.;Finally, paying attention to our emotions can be an important clue that we are faced with;an ethical dilemma. Moral emotions are part of our makeup as humans. These feelings are;triggered even when we do not have a personal stake in an event. Even though Milken was;charged with many counts of felonies, after he got out he still contributed to cancer research. If;only he would have been trust worthy the entire time, I would have never considered him a foe.Additional Requirements;Min Pages: 1;Level of Detail: Only answer needed


Paper#17737 | Written in 18-Jul-2015

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