Financier Michael Milken’s Pleads Guilty to 6 Felonies
In response to your editorial “Now Who Will Indict RICO?” (April 25):
You state “By going to trial, Michael Milken would have risked absurdly long prison sentences for himself and his brother. . . .”
Absurdly long? What is an absurdly long prison sentence for bilking millions of people out of billions of dollars? I don’t know the answer, but I can tell you my definition of an absurdly short prison sentence; the 30 months that everyone is predicting Milken will serve. And how about the absurdly small fine? According to your news reports, Milken’s fine is the equivalent of his 1987 salary, leaving him with anywhere from $1 billion to anyone’s guess. And your Business section of the same day reports that Milken will probably have a thriving post-prison career as an “investment counselor.”
White-color justice is absurd, but not, I’m afraid, in the way you fear. Leave the Racketeer Influence Corrupt Organization Act statute alone. The Milken case proves, that even with RICO, crime clearly pays for the big fish.