Michael Milken will always be synonymous with the term ”junk bond king.

迈克尔·米尔肯总是“风险债券之王”的同义词。

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“Even very risky human capital is more bondlike than stocklike, ” Mr. Gordon said. “The question is really, are you more like a junk bond or a Treasury?”

“即使风险非常大的人力资本，也更像债券，而不像股票，”戈登先生说，“实际上的问题是，垃圾债券或国库债券相比，你更像那一种？”

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Mr Moelis started out in the Beverly Hills office of Drexel, where he worked with Michael Milken, the "junk-bond king" who was later jailed for fraud.

莫里斯的事业始于比利弗山的德雷克塞尔办公室，和他共事的是“垃圾债券之王”——迈克尔·米尔肯，该人后来因为欺诈而入狱。

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He was perfectly positioned by the 1980s to make serious money and headlines as a junk-bond-fueled hostile takeover artist.

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He quit a year later--ahead of Drexel's collapse triggered by prosecution of its junk-bond operation--to do boutique-finance deals that eventually led him to Houston billionaire Robert McNair's Cogen Technologies (which sold most of its plants to Enron just before that giant's collapse).

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Capital markets have ballooned: think, for example, of the development of the junk-bond and asset-backed market in the 1980s.

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