The institute was founded in 1991 by former Drexel Burnham Lambert banker Michael Milken, who is known for his role in the development of the market for high-yield bonds (also called junk bonds) during the 1970s and 1980s and his 1990 guilty plea to multiple felony charges that he violated US securities laws.
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Following the recall of California Governor Gray Davis, Bernick returned to law at the Sedgwick firm in San Francisco, and joined the Milken Institute as a fellow in employment policy.