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Economists George A. Akerlof and Paul M. Romer wrote a paper on how Milken basically played a massive chunk of the corporate economy in the 1980s like a Ponzi scheme. It's called "Looting: The Economic Underworld of Bankruptcy for Profit."

How Wall Street loots taxpayers... Here's my 2009 column on work by Paul Romer, who won a Nobel Prize today, and George Akerlof, who won in 2001: