> How many lives were destroyed (or at least harmed) by hustling junk bonds?
I think most people would struggle to name anyone. Milken is probably the most important person in modern finance, he was the JP Morgan of our era, no-one really comes close. And the impact for both companies and lenders was hugely positive, he organised financing for companies that would have gone bankrupt otherwise, he swept away the monopolistic finance that was emerging from the 70s (ofc, in the early 80s there was a very active attempt to stop Milken by the big banks, anti-semitism being a component of this). Private equity exists because of Milken, direct lending, offshoots of infra/real estate, he changed securities law, he increased management accountability (which was crippling economic growth), he increased the efficiency of corporate capital structures (also crippling growth), on and on. There are definitely innovations that were as important (securitization being one) but in terms of individual impact...no-one comes close (and he stopped working three decades ago...he is still that important, three decades later).
Milken certainly broke securities laws...improper disclosure of 13D/Gs, inaccurate commission disclosure, trades made for non-economic reasons, and (what he wasn't convicted for) improper separation between his personal deals and customer deals. A lot of the other stuff though was a combination of wrong and what almost everyone else was doing (and it took changes in regulation, a lot of these problems continued into the 90s because rules didn't change, Milken going to jail changed nothing).
Btw, all of the things he was actually charged for were supposedly harms against customers...but how many customers were unhappy with the business they did?
It is also worth saying that I don't think anyone who is actually familiar with Milken can think he did it for the money either. The guy basically didn't leave his desk, didn't take holidays, and lived in the same house that he lived in when he wasn't a billionaire.