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Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

  • The statement strongly implies that Milken — who was originally charged with 98 counts of racketeering, securities fraud, and other crimes — in fact committed no crimes at all.

Context: The pardon comes against a backdrop of aggressive Wall Street deregulation. Trump has defanged the Consumer Financial Protection Bureau, loosened regulations on banks, and given free rein to non-bank entities like insurers, ratings agencies, and hedge funds.

  • Under Trump's regulatory and legal regime, it is very unlikely that Milken would have been charged with any crimes. Trump, after all, describes him as "one of America’s greatest financiers."
  • Many individuals close to Trump are credited in the statement with helping to obtain the pardon — including Rudy Giuliani, who led Milken's prosecution in the 1980s, and Rupert Murdoch, who used Milken's services to turbocharge the growth of News Corp.

Milken has been determined to engineer this pardon for decades, and he's finally found a president whose fondness for ultra-rich financiers makes that possible. Bloomberg's Max Abelson lists many of them, including Apollo Global Management co-founder Josh Harris, Carlyle’s David Rubenstein, and hedge fund manager John Paulson.

  • Think of the pardon as Milken calling in favors.
  • “When he walked out of prison, he was bent double under the weight of a Rolodex," said author and former banker Michael Thomas in a 2017 Bill Cohan profile of Milken. "He had a lot of due bills he could call on. He made people rich. He made them powerful."

The bottom line: Milken, convicted felon and junk-bond billionaire, is the perfect avatar for Wall Street in the age of Trump. His pardon sends a clear message: If you want to get rich through financial legerdemain, now's the time to do it.

Go deeper

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.