Mike Milken's first junk bond pitch was a case study of the corruption at Lockheed in the 70s, and how much he made buying their "fallen angel" debt, secure on

Mike Milken's first junk bond pitch was a case study of the corruption at Lockheed in the 70s, and how much he made buying their "fallen angel" debt, secure on his knowledge of congressional forgiveness. The enabler of present day Boeing is the market has long since made implicit guarantees part of their overt modeling and client analysis. The sickly results include a management insulated from even catastrophic mistakes.