Clinton Weighing Possible Pardon for Michael Milken

President Clinton met with White House lawyers Friday to discuss granting additional pardons before he leaves office, including a possible pardon for Michael Milken, the Wall Street financier who was convicted of securities fraud in 1990, knowledgeable sources said.

However, no final decisions were made, and the president is likely to wait until virtually the last hours of his administration before deciding whether to grant additional pardons, the sources said. A Milken pardon would be certain to generate controversy.

In recent years, Milken, a prostate cancer survivor, has established philanthropic organizations and given heavily to charities. He has lobbied the administration hard to grant him a pardon.

Milken, 54, who lives in Encino, pleaded guilty to six counts of securities fraud in 1990. He served almost two years of a 10-year sentence and paid heavy fines.

He applied for a pardon earlier this fall. Justice Department officials investigate clemency petitions and make a recommendation, but the power to grant or deny a pardon rests exclusively with the president.