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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."

15. The truth was, as Paul Romer and George Akerloff noted in Looting: The Economic Underworld of Bankruptcy for Profit, Milken just cheated. He ran an economy-wide Ponzi scheme for fifteen years until it crashed in the late 1980s.

Looting: the economic underworld of bankruptcy for profit. Time to Reread Akerlof and Romer