Milken Teaching Finance at UCLA
* UCLA Prof. Bradford Cornell (“Milken Expertise Bridges a Gap,” Commentary, Nov. 28) still doesn’t get it. Cornell defends his choice of Michael Milken to teach MBA students because his “practical experience and knowledge about the workings of American capital markets . . . are unparalleled.” The fact that Milken gained his experience and knowledge by illegally and unethically manipulating those very markets is of no consequence to Cornell. “This is not a class on business ethics,” he argues. “UCLA is not saying that Milken is a role model whose business practices should be admired or copied.”
That’s a very weak disclaimer from a prestigious public institution accountable to the public, given the damage that Milken did to the very business community Cornell is helping to prepare students to lead. Why are Milken’s ethics irrelevant to his teaching based on experience and knowledge gained through illegal and unethical practices? Where do Cornell and UCLA stand? Do they condemn Milken’s business practices or not? Their students and the rest of us skeptical about ethical practices in business need their guidance.
JAMES F. RAGAN JR.
Pacific Palisades
* I’m certainly interested in taking Milken’s finance class. But how much does it cost? Would Milken be willing to accept the following terms: 10% cash; 20% senior-secured bank financing; 40% subordinated debentures, with warrants attached; 30% paid-in-kind (PIK) bonds, which will be redeemed in 20 years?
TOM C. TAULLI
South Pasadena
* Cornell’s defense of Milken helping him teach his business course at UCLA is pure rationalization. First, he cites Milken’s accomplishments, claiming they make him uniquely qualified. Bunk. Subtract what he “created” and “built” through dishonest means and what is left will be no more than the accomplishments of many others. Others are certainly as qualified as he is to lecture about the legal world of corporate finance and financial markets. Second, he points out that the class isn’t about ethics. So what? His very presence there is a clear demonstration that it’s OK to break the law big time because you’ll be back in the thick of things soon enough. This will indeed leave a lasting impression that extends to more people than just Cornell’s students, regardless of age.
TIM TUCKER
Costa Mesa
* I am writing in response to “Heat Builds Over UC Deal With Milken,” Nov. 23. I was very alarmed by the comments of Sen. Patrick Johnston (D-Stockton) and Doonesbury creator Garry Trudeau. I found both of their comments to be quick-to-judge and inappropriate.
I find it hard to believe that a senator would accuse UCLA of “sleaze, greed and self-promotion” simply because of a deal made with Milken to split profits from a videotape series of his lectures. I feel that he is refusing to give Milken the chance he has earned and is advocating bias against those who have served time. UCLA has the right to ask anybody to be a guest lecturer. If the school can profit from this, fine. After all, our country is founded on capitalism.
As for Trudeau, his comments are the most alarming. No matter how tongue-in-cheek his comments are, to wish harm to all involved, especially the students, is revolting. This is a major error in thinking. Even though his comments are protected by the First Amendment, his common sense should have told him otherwise.
CHRISTOPHER WOODS
Walnut
* Let me get this straight: On Nov. 17, The Times reveals that the UCLA Medical Center is the subject of a criminal investigation for dumping hazardous waste in Santa Monica Bay, and on Nov. 19, the UC regents vote to give the medical center executives, “some of the system’s best paid administrators,” raises as high as 45% (“UC Administrators Get Big Raises,” Nov. 20).
Is this the same UC whose other faculty and staff have taken across-the-board-cuts in employment and pay, whose programs are being cut back and eliminated, and whose students’ fees have been rising so fast that, if contemplated new raises go through, students will be paying more than double next year what they paid in fees in 1989 (Oct. 8)?
But doesn’t UCLA have a business school that could help UC administrators deal better with such knotty problems as hazardous waste and balancing the budget? Oh, Michael Milken is teaching in it?
Hmmmm. . . .
KATHERINE CALLEN KING
Venice
* Who better than Milken as mentor to UCLA students who have the exemplars of lush salaries, perks and pensions wrangled by the university’s upper management?
CHARLES T. NEWTON
Del Mar
