create leveraged buyout programs and financing is right there in this big os drexel burnham ameren michael milken and you had the asset value was suddenly the private market value as it was called took precedence over p. or cash flow so now we're in a market where as you point out p. e. v. e. standing for earnings is highly questionable why is that well you know it goes back to the big four accounting firms who supply the market with the data on the that determines p e and they've been involved in as many scandals as the banks as the headphones as the government those big four accounting firms so no surprise that people are wondering what the ease. stands for well is being supplied by the four remaining oligarch blustering kleptocrats who were involved in the scandals leading up to this nightmare to begin with citigroup and gillian tett had looked at the earnings seem to have no relevance whatsoever whether on the company earnings or the labor earnings on the stock market they've gone a separate disk directions in the last two years they've suddenly broken decades long patterns so then she looks

but they won something along th lines of what they get of michael milken. they won a huge settlement with him. forced to give away half of his wealth. he gave when billions, spent a short time in jail. nine years. and he was out of the business. i think, this is what i think. and think they're aiming for th same thing. maybe give away half of his 9 billion. the out of the business altogether, who knows. there are parallels what happened in the late 80s, early 90s. liz: he came back swimming, has done very well. you always have the picasso. >> the junk bond market has done wonders for the world. take me out of it, there is something wrong here. liz: please run down here again. 27 minutes before the closing bell ringing, we have survived the dotcom bubble and the credit bubble, so what is the next bubble to burst? coming up a look at the next investments that might be ready to pop the en. ♪ it's monday. a brand new start. your chance toise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastruc

michael milken spent time in jail.ot saying steve cohen is going to jail, facing a rico charge, 22 months in jail. he gave away from what i understand about half his net worth at the time. he was worth a little over 2 billion. melissa: right. >> he paid, 1.1 billion and he was barred from the securities industry. you could see prosecutors wanting something like that out of cohen or sac. remember, drexel also went out of business. melissa: yeah. >> that was the firm, mike milken through his sort of activities in the junk wonder market, was known as the junk bond king was one of the most powerful firms on wall street. that is the semiplat. i can't say it is exact. i do know this, sac was the opening salvo. its bid was we'll close is. ac. we want deferred prosecution. steve cohen could some day restart a fund. melissa: yeah. >> that was their opening salvo. we know that government said no. so now it will be something else. we'll see. this is an interesting game of chess. melissa: it is. i like the way you kept going even