This week’s Milken Institute Global Conference in Beverly Hills faced some unexpected competition. Interestingly enough, it came from a figure whose connection to the famed investment bank, which made Michael Milken a Wall Street legend, is notable.
Michael Milken, now a philanthropist and investor, established the high-yield or junk bond market at Drexel Burnham Lambert during the 1980s, which earned him the title “Junk Bond King.” His innovative strategies in junk debt significantly helped fund major corporations during their formative stages, turning them into giants.
Milken was supported by a team, including his partner Gary Winnick, who transformed Drexel into a formidable investment bank. Winnick, originally from Roslyn, Long Island, moved his family to work in the Beverly Hills office, quickly becoming one of the industry’s top junk bond salesmen.
Fast forward to today, and Winnick’s son, Adam, has quietly made a name for himself in the booming crypto space as an investor and thought leader. He is organizing a smaller, more intimate gathering called the Medici Network during this week, attracting a unique group of influencers seeking investment insights.
The themes of blockchain technology, new crypto investments, and evolving regulatory landscapes are quite different from the topics usually discussed at the Milken Summit in Beverly Hills.
Winnick has been hosting these four-day events for eight years, gradually expanding from a modest start to hundreds of invitees. I once moderated a panel at Milken, but I also participate in Medici, where I can showcase the relevance of that agenda — especially given the Trump administration’s growing interest in the $3 trillion digital coin market.
Adam is conscious of the optics that separate him from his father’s former partner. I became familiar with Gary Winnick before his passing in 2003; he was a savvy salesman who later became a successful entrepreneur after his Drexel days. He was quite a character in the industry.
Gary never forgot his New York roots, even while operating in a more laid-back, aggressive scene in Los Angeles. Those who worked with him remember his straightforward style.
When I head to Medici between sessions at Milken, I can’t help but think of Adam and how he sees parallels between his father’s past work and his current endeavors.
These days, junk bonds, once a source of controversy, are seamlessly integrated into corporate funding. However, they were not always embraced. Their contentious history lies in their role in assisting early-stage businesses that sought alternatives to the traditional New York banks for fundraising.
This very function led the government to scrutinize Milken and Drexel, eventually resulting in the company’s shutdown and Milken serving time in prison for, what I would argue, was a victimless crime.
Of course, Milken reinvented himself later as a thought leader and philanthropist, even receiving a pardon from President Trump during his first term.
Adam notes that crypto, like junk bonds in the past, often faces skepticism within conventional financial circles and has at times drawn ire from securities regulators.
“Honestly, I think crypto has a worse reputation than junk bonds did,” he comments. “But I believe digital assets will surpass the size of the high-yield markets we’ve seen.”
When asked about competing with his father’s former partner, Adam said, “It’s beneficial to hold my events at the same time, but it’s definitely a counter move. Plus, I’ll offer better food.”
