Mike Milken and the Two Trillion Dollar Opportunity
by George Gilder, 1995
“It’s time to deregulate America’s telecom infrastructure.
And let the creative destroyers go to work.
Beginning with his move to Century City in Los Angeles in July of 1978, Milken aggressively rode the microcosm–inside and outside of Drexel. Inside, he concentrated on what Jensen describes as a key role of information technology: “taking the specific knowledge previously scattered through a firm and making it into general knowledge usable by all.” . . . From the beginning, crucial to this goal was computer technology.
. . . A specialist in finance, information systems and operational research at Wharton, he had begun his career at Drexel in 1970 with a computerized move to speed up the delivery of securities to its customers, thus saving the company some $ 500,000 in interest charges and setting a new standard in the industry.
. . . More famously, Milken’s grasp of the information age extended well beyond Drexel’s IS department. Focusing on emergent information companies responding to the tectonic and regulatory turmoil unleashed by the microchip in TV and telephony, Milken channeled a total of some $ 26 billion into MCI, McCaw, Viacom, TCI, Time Warner, Turner, Cablevision Systems, News Corp. and other cable, telecom, wireless, publishing and entertainment companies.
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