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70
FRIDAY. OCTOBER 28. 1988
Junk Bond King Milken
Supports Jewish Causes
TRENDS
FALL FASHIONS
ARRIVING
DAILY
APPLEGATE
352-4244
os Angeles — Michael
Milken, the Los Ange-
les financier who has
parlayed his mastery of junk
bond marketing into an
estimated personal fortune of
$800 million, has applied the
same Midas touch to charities
benefitting a wide range of
local Jewish, Israeli and other
institutions.
Milken's pioneering skill in
marketing high-yield, high-
risk debt securities has
enriched numerous clients
and the same junk bonds
have also fueled the
charitable foundations
established by Milken and his
family, according to a detail-
ed analysis by the Los
Angeles Times, based on
statements filed with the
California State Registry of
Charitable Trusts.
Between 1982 and the end
of 1987, the Times reported,
Milken and his family gave
$158 million to three
charitable foundations he
founded, the Capital Fund
Foundation, the M. and L.
Milken, Foundation and the
Milken Family Foundation.
Starting with a modest
$500,000 contribution to
these foundations in 1982,
the figure rose to almost $93
million in 1987. During the
same five-year period, the
foundations disbursed
$13,677,000, which still left
them with assets of over $183
million by the end of last year.
The top beneficiary among
some 200 organizations has
been Stephen S. Wise Temple,
a Reform congregation where
Michael and his brother
Lowell worship, which- re-
ceived more than $2 million.
The Jewish Federation Coun-
cil of Greater Los Angeles got
$1.5 million, in addition to a
private $5 million donation
by the Milkens to help
establish the Bernard Milken
Jewish Community campus
in the San Fernando Valley,
where Michael grew up and
still resides.
Lesser sums went to Valley
Beth Shalom, a Conservative
temple, and the Simon Wies-
enthal Center.
Israeli institutions have
also benefitted. Earlier this
- month, Milken was honored
at a dinner by supporters of
Yad Vashem, the Holocaust
Memorial Authority in
Jerusalem, to which his foun-
dations have contributed
$400,000.
Other Israeli beneficiaries
are said to include the
Hebrew, Tel Aviv and Ben-
Gurion universities, Tel Aviv
Foundation, and the Tel
Hashomer and Shaarey
Zedek hospitals.
Some 40 percent of dis-
bursements by the three foun
dations has gone for general
and Jewish education, reflect-
ing Milken's personal in-
terest. These include million-
dollar donations to Milken's
alma maters in California
and Pennsylvania, a series of
teacher incentive awards, and
a school in Ariel, the Samaria
settlement.
Other recipients of Milken's
largess range from cancer
research, museums and the
National Indian Youth Coun-
cil to Mothers against Drunk
Driving and the American
Civil Liberties Union.
The 42-year old Milken has
been charged in a civil suit by
the Securities and Exchange
Commission with massive
stock manipulation and fraud
and has been put on notice by
the federal government that
he may soon face criminal
charges as well. Identical
charges have been leveled
against his employer, the in-
vestment banking firm of
Drexel Burnham Lambert.
One-Legged
Stork Lands
Tel Aviv (JTA) — A one-
legged stork, on its annual
flight from the approaching
winter in Europe to the
warmer climates of Africa
crash-landed in Israel re-
cently.
Officials and bird watchers
of the Nature Reserves
Authority had seen the bird,
apparently missing one leg,
flying with its flock.
Bird watchers throughout
Israel were immediately in-
structed to be on the lookout
for the injured bird and report
its landing.
A group of observers saw it
crash-land and watched as it
keeled over, unable to fly
again or barely move.
They took the bird to a kib-
butz in the Galilee which has
an animal and bird support
center, where the stork was
outfitted with an artificial leg
made of wood and plaster.
The stork is now taking off
and landing normally, but is
being kept in a nature
preserve in the kibbutz for
fear it might not survive in
the wild.