Who said be careful of what you ask for?
I was just going through Brier Dudley’s blog at the Seattle Times (great read) and came across a post about GlobalScholar.com (formerly InfiLearn.com), which mentioned that this startup has been backed by a Michael Milken company called Knowledge Universe. Along the way, Brier wrote the following:
… led by Michael Milken, the former junk-bond tycoon whose late 1980s indictment led to a crackdown on insider trading.
I’m no Milken scholar but that seems like a reasonable recap. Wikipedia’s first graf on Milken says he was the biggest player in the insider trading scandals of 1980s.
Unfortunately, the Milken people objected: From Brier:
Update: Milken’s office didn’t like the paragraph above and suggested that readers may infer that he was found guilty of insider trading.
So Brier sets the record straight with a careful attention to precise reporting (emphasis mine):
To be clear, Milken was indicted on 98 counts of fraud and racketeering in 1989 but reached a plea deal in 1990, admitting felony counts of conspiracy, securities and mail fraud, violating federal securities reporting requirements, filing false information with regulators and aiding the filing of a false tax return.
That’s so much less damaging than the original. Good job, Milken office! How many different ways can you say “Ouch!”?
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