MILKEN’S GUILTY PLEA : WHAT MILKEN SAID, AND WHAT OTHERS SAID ABOUT HIM

“I am here today because, in connection with some transactions, I transgressed certain of the laws and regulations that govern our industry. I was wrong in doing so and knew that at the time and I am pleading guilty to these offenses. . . .

”. . . Because of the tremendous amount of publicity that has surrounded this case, I wish to make clear that my plea is an acceptance of personal responsibility for my own failings and actions and not a reflection on the underlying soundness and integrity of the segment of the capital markets in which we specialized and which provided capital that enabled hundreds of companies to survive, expand and flourish. Our business was in no way dependent on these practices. Nor did they comprise a fundamental part of our business, and I regret them very much.

“This investigation and proceedings are now in their fourth year. This long period has been extremely painful and difficult for my family and friends as well as myself. I realize that by my acts I have hurt those who are closest to me. I am truly sorry. I thank the court for permitting me to add this apology and for its fairness in handling this complex case.”

--Michael Milken’s courtroom statement “This is one of the saddest and most frustrating days of my life. I can take no satisfaction that the charges against me are being dropped. They never should have been brought in the first place, because I have done nothing wrong. The pain inflicted on our families cannot be undone. I am proud of my brother and nothing that has happened here today has changed that.”

--Lowell Milken, Michael’s brother “If you look at what could be achieved after a trial and what we achieved with this settlement, you’ll see that we have attained all the appropriate goals of the law enforcement process. . . . I think that after the public has measured our conduct, it will come to the determination that justice was done.”

--John K. Carroll, assistant U.S. attorney in Manhattan and lead prosecutor in the Michael Milken case “Despite the efforts to mold public opinion, Mr. Milken’s admissions today demonstrate that he stood at the center of a network of manipulation, fraud and deceit.”

--Richard C. Breeden, chairman of the Securities and Exchange Commission