So all these smaller, riskier companies suddenly could grow. And this really changed Wall Street and who had access to big money. Maybe they were smaller or their industries were frowned upon, whatever the reason. He basically figured out a way to lend to really risky companies that were, at the time, shut out from normal financing markets. ![]() And this was in the late '70s and early '80s. What does that mean? And what else do we need to know about him?ĬHILDS: Yeah, so he's very famous, as you say, for inventing what's known as the junk bond market. KELLY: So I often hear Milken referred to as the junk bond king. Mary Childs with NPR's Planet Money podcast has covered Milken over the years. That is, until this pardon reminded us both of his innovations and his crimes. He is one of the few major financiers ever to serve prison time, but he has so thoroughly revamped his image that young traders today are likely to hear him spoken of as a hero and never even know about the prison part. Throughout the aughts and 2010’s, Lerner appeared as Fulton in the holiday classic “Elf” alongside Will Farrell, and in TV shows like “Law and Order: SVU,” “The Good Wife” and “Glee.One of the people pardoned by President Trump yesterday is something of a Wall Street legend - Michael Milken. He went on to play Cher Horowitz’s dad Mel Horowitz for one season in the 1996 “Clueless” television series inspired by the hugely successful film of the same name starring Alicia Silverstone. In 1995, Lerner starred in the CBS drama “Courthouse” as Judge Myron Winkleman, which lasted for one season. And Joel and Ethan were just sitting in a corner just laughing and laughing and that was it.” It was brilliantly written, and I just knew it,” Lerner said in 2016 of the “Barton Fink” script, adding that during his audition in front of directors Joel and Ethan Coen, “I did the monologue the way I wanted to do it and I just walked of the room and that was it. “I read the script, and you just know good writing. His performance as studio executive Jack Lipnick, for which he starred alongside John Turturro, John Goodman and Judy Davis, earned him an Oscar nomination for best supporting actor. The actor appeared in multiple episodes of “Hill Street Blues” and “Melba” in the mid ’80s before he starred in “Barton Fink” in 1991. Lerner went on to appear in films such as “The Ski Bum,” “The Candidate,” and “Outlaw Blues.” His first film came in 1970 as the character Leo in “Alex in Wonderland” alongside Donald Sutherland and Ellen Burstyn. His earliest work throughout the ’60’s and ‘70’s included appearances on television shows like “The Doris Day Show,” “The Bob Newhart Show” and “M*A*S*H.” With film and television credits dating back to the 1960’s, Lerner’s career in Hollywood spanned decades. ![]() He was discovered by an agent in San Francisco who brought him down to Los Angeles where his Hollywood career began. He later earned a Fulbright scholarship and spent two years in London before he was invited to join the American Conservatory Theatre in San Francisco. Michael Lerner was born in Brooklyn, New York in 1941 and studied drama at Brooklyn College. CNN has reached out to representatives for Michael and Sam Lerner for further comment. No further details on Lerner’s death were given. ![]() RIP Michael, enjoy your unlimited Cuban cigars, comfy chairs, and endless movie marathon.” I’m so lucky I got to spend so much time with him, and we’re all lucky we can continue to watch his work for the rest of time. Everyone that knows him knows how insane he was- in the best way. He was the coolest, most confident, talented guy, and the fact that he was my blood will always make me feel special. His stories always inspired me and made me fall in love with acting. “It’s hard to put into words how brilliant my uncle Michael was, and how influential he was to me. “We lost a legend last night,” Sam Lerner wrote on Instagram Sunday. Michael Lerner, a veteran character actor who received an Oscar nomination for his performance as an overbearing studio head in the 1991 film “Barton Fink,” has died, his nephew, actor Sam Lerner, announced in a post on social media.
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