Milken’s Lawyer Defends His Client

In the article “Fraud Is Possible in Drexel Bonuses” (Oct. 4), the reporter mistakenly refers to my client, Michael Milken, as a “convicted inside trader.”

Milken never engaged in inside trading, and he was never convicted of any such crime. After hearing the government’s strongest evidence, Judge Kimba Wood concluded: “I am unable to find that Michael Milken traded on material, non-public information.”

The reporter’s mistake, though serious, is understandable. Much of the reporting on Michael Milken’s professional and personal life has been distorted. He has been falsely blamed for the S&L; crisis, despite the fact that less than 2% of S&L; investments were in junk bonds and despite the recovery of the junk bond market.

He has falsely been labeled “greedy,” despite his lifelong commitment to public service and his largely anonymous contributions to numerous charities--amounting to nearly half a billion dollars.

When the entire record of Milken’s enormous contribution to the economy of this nation becomes known, an entirely different picture will emerge of this man than the one currently being published by much of the media.

ALAN M. DERSHOWITZ

Cambridge, Mass.

The writer is Michael Milken’s attorney.