The complete meltdown of Milken’s junk bonds was caused by government panic which *forced* the devaluation of the bonds for which devaluation Milken was prosecuted and convicted.
I’d say the real problem was that the success of Drexel meant losses for Lazard Freres, and Felix Rohatyn still had a lot of pull in the city of New York and got this done.
Parking stock is against the law, but it is usually not the level of crime that Milken got sent up for.