In the process, Milken made many powerful enemies, who eventually turned to the federal government, and an ambitious prosecutor by the name of Rudolf Giuliani (who wanted to become Mayor of NY, NY) to pay Milken back. Milken's marketable and profitable bonds were known as junk because Standard & Poor's and Moody's services often overlook talent and entrepreneurial vigor in favor of longevity. It was only government interference in the market in the late 80's that brought down the market (by such atrocities as FIRREA); this fact did not stop critics of Savings and Loans from blaming Milken for that fiasco. Fischel explains the major S&L trials, as well as the Milken trial, and finds the government guilty of propping up an industry that was insolvent by 1980, made no sense after Congress bailed it out, and ultimately cost taxpayers more than if Congress had merely let it die in 1980.
Still, the conspiratorial tone is a little much, and Fischel accepts a fool's errand in trying to defend people whose names have become euphemisms for greed. People actually think that the Michael Douglass character in Wall Street, Gordon Gekko, was a real person. It would be worth reading Burton Folsom's _Myth of the Robber Barons_ and understand his differentiation between business entrepreneurs and political entrepreneurs before reading _Payback_.
Another good book in this general line is Fenton Bailey's "Junk Bond Revolution". Very well written, probably by a ghostwriter.
A useful counterweight to conventional received wisdom, but, keep in mind, that experts are hired mouthpieces, and Alan Greenspan once testified on behalf of Charles Keating.
I found a defense of Drexel and Milken, and a rebuttal of the charges against them.
Most of the book is a description of their trials, and how they defended, and how the charges were 'put up' by attorney Guilani.
But, I think the book went too far in the last 100 pages. Having run out of things to say about Drexel and Milken, the author diverted his attention to the Savings & Loan scandal, and has the gall to defend Charles Keating, and then go on to defend other S&L 'criminals'. What this has to do with Milken or Drexel is beyond me, and thus only the first 2/3rds of the book lives up to its title.
Also, he never concretes the evidence that there is a conspiracy, only that a top guy in government (who is jealous of Drexel), and Ralph Guilani, (not to mention the government's policies) are against Drexel.