Risky Returns

I recently came across Daniel Fischel's Payback at a local Library and had to grab it. The book is a defense of Milken and his '80s money machine. It's always interesting to get the other side's perspective, although so far I am less than impressed (perhaps why I had never heard of this book in the first place).

Fischel lays out the standard argument (largely accepted by yours truly) about the systemic competitiveness and efficiency achieved when micro level participants are self interested, etc (ala Milton Friedman). However, so far Fischel mentions nothing in defense of the accusations of the misuse and abuse of insider knowledge (insider trading is indefensible). It's been a while since I read Den of Thieves and thus I can't completely recall the details of the criminal activity or at least accusation thereof. Perhaps finishing the book will rekindle the brain...