Michael Milken's Differential Social Organization Theory

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After college Michael Milken started to work for Drexel Firestone, which was a firm located on Wall street. Milken first started out in the research department and soon worked his way up to the bond- trading department. He was able to create his own bond trading unit, which was based on using "junk bonds" to increase profits, with a promise to receive thirty five percent of any of the profits made. Milken later went on to create his own successful business out in California. This success eventually landed Milken in some trouble due to the fact that Milken would do whatever it took to make sure that he remained successful. Milken targeted clients that he knew had money.An example is Steve Wynn. Before Wynn became Milken 's client he remade …show more content…
Unfortunately things went downhill after Boesky was sent to prison for insider trading. By helping to tap Milken 's phones, the Criminal Justice System was able to take a closer look at Milken 's activities. Milken was eventually charged with racketeering and insider trading and was sentenced to to ten years in prison. As a result of Milken 's criminal acts, there was no longer a market for junk bonds. Social institutions are a part of Sutherland 's Differential Social Organization Theory. The theory states that social institutions are the people and organizations that help shape and influence a person 's life. Some common social institutions are family, friends, school, and the media. These institutions contribute to the way a person feels about society as well as understanding society. For example, are family can teach us morals or values and the media can teach us about certain political issues happening around the world. We need social institutions because they can determine how a person will or will not be in the …show more content…
The media contributes to a term that George Gerbner refers to as worldview cultivation. This word refers to how the media persuades people to think. In order for people to have a full glance at the world every detail needs to be shown and told.Some goals that economic institutions serve in capitalist society are the production of goods, finances, and buying and selling products for the consumers. People like Paper entrepreneurism has affected the traditional goals and functions of economy in a capitalist society. This is due to the the fact that money has been used to by large amounts of paper when the money could be used for other things. Also because people are using paper gods to illegally obtain money. The main goals of the economy in a capitalist society is to regulate what is being sold and bought a well as how much is being obtained. The large amounts of paper that is being bought is being used to create false papers. This is seen with check kiting. Check kiting refers to the act of using a fake check to obtain money while waiting for the real check to clear. Paper entrepreneurism can lead to the practice of junk bonds. Junk bonds are used by companies to ensure that they continue to raise their capitals at a fast pace. By having access to paper, these companies can create false documents to get more money. An example of this is the Technical

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