1. Bryan Burrough and John Helyar, Barbarians at the Gate: The Fall of RJR Nabisco (New York: Random House, 2010), Kindle locations 10069–72 out of 11172.
2. 据传闻，约翰逊的遣散费高达5 000万美元，具体参见Bryan Burrough, “RJR Nabisco: An Epilogue,” New York Times, March. 12,1999,http://www.nytimes.com/1999/03/12/opinion/rjr-nabisco-an-epilogue.html.
3. 参见Graef S. Crystal, In Search of Excess: The Overcompensation of American Executives (New York: W. W. Norton, 1991)中的第46~47页；珍妮楚（Jenny Chu）、乔纳森·法斯（Jonathan Faasse）和拉·哈文达·劳（P. Raghavendra Rau）认为管理层雇用的顾问（而不是董事会顾问）能更大程度地提高高管薪酬，具体可见：Chu, Faasse, and Rau, “Do Compensation Consultants Enable Higher CEO Pay? New Evidence from Recent Disclosure Rule Changes” (September 23, 2014), p. 23, accessed May 27, 2015,http://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2500054.
4. 参见W. Braddock Hickman, Corporate Bond Quality and Investor Experience (Princeton: National Bureau of Economic Research and Princeton University Press, 1958)，其中表1在第10页。
5. George Anders and Constance Mitchell, “Junk King’s Legacy: Milken Sales Pitch on High-Yield Bonds Is Contradicted by Data,” Wall Street Journal, November 20, 1990, p. A1.
6. Lindley B. Richert, “One Man’s Junk Is Another’s Bonanza in the Bond Market,” Wall Street Journal, March 27, 1975.
7. 参见John Locke, An Essay Concerning Human Understanding, 30th ed. (London:William Tegg, 1849)，原文第104页写道：“我尽最大可能来从谬误中拯救自己，尽管人们往往倾向于欺骗自我，把名字当作实物。”
8. Gary Smith, Standard Deviations: Flawed Assumptions, Tortured Data, and Other Ways to Lie with Statistics (New York: Duckworth Overlook, 2014).
9. Jesse Kornbluth, Highly Confident: The Crime and Punishment of Michael Milken (New York: William Morrow, 1992), p. 45.
10. Hickman, Corporate Bond Quality and Investor Experience, p. 10.
11. Jeremy J. Siegel and Richard H. Thaler, “Anomalies: The Equity Premium Puzzle,” Journal of Economic Perspectives 11, no. 1 (Winter 1997): 191.
12. United States Federal Deposit Insurance Corporation et al. v. Michael R. Milken et al. (1991), Southern District of New York (January 18), Amended Complaint Class Action, Civ. No. 91-0433 (MP), pp. 70–71.
13. 参见James B. Stewart, Den of Thieves (New York: Simon and Schuster, 1992), pp. 521–22;以及Benjamin Stein, A License to Steal: The Untold Story of Michael Milken and the Conspiracy to Bilk the Nation (New York: Simon and Schuster, 1992).
14. Kornbluth, Highly Confident, p. 64.在后来的雷诺兹·纳贝斯克公司收购案中，德崇证券在几个小时内就筹集到了50亿美元的资金。Burrough and Helyar,Barbarians at the Gate, Kindle locations10069–72.
15. FDIC v. Milken, pp. 146–47.
16. Ibid., pp. 149–50.
17. Stein, License to Steal, pp. 89–92.
18. 在后来的上诉中，基廷案的判决被推翻，此时他已经在狱中服刑4年6个月，并且承认了许多其他罪行。Robert D. McFadden, “Charles Keating, 90, Key Figure in ’80s Savings and Loan Crisis, Dies,” New York Times, April 2, 2014, accessed May 27, 2015, http://www.nytimes.com/2014/04/02/business/charles-keating-key-.gure-in-the-1980s-savings-and-loan-crisis-dies-at-90.html?_r=0. 斯皮格尔被控多项罪名，但历经7个星期的审判，被无罪释放。Thomas S. Mulligan,“Spiegel Found Not Guilty of Looting S & L,” Los Angeles Times, December13, 1994, accessed May 1, 2015,http://articles.latimes.com/1994-12-13/news/mn-8437_1_thomas-spiegel.卡尔曾经接受警方调查，但是从未被正式起诉。Scot J. Paltrow, “Executive Life Seizure: The Costly Comeuppance of Fred Carr,”Los Angeles Times, April 12, 1991, accessed May 1, 2015,http://articles.latimes.com/1991-04-12/business/.-342_1_executive-life.
19. 此书详细讨论了这个问题：Sanford J. Grossman and Oliver D. Hart, “Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation,” Bell Journal of Economics 11, no. 1 (1980): 42–64.
20. Connie Bruck, The Predators’ Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders (New York: Penguin Books, 1989), pp. 193–240; Robert J. Cole, “Pantry Pride Revlon Bid Raised by $1.75 a Share,” New York Times, October 19, 1985, accessed March 17, 2015, http://www .nytimes.com/1985/10/19/business/pantry-pride-revlon-bid-raised-by-1.75-a-share.html.
21. Paul Asquith, David W. Mullins Jr., and Eric D. Wolff, “Original Issue High Yield Bonds: Aging Analyses of Defaults, Exchanges and Calls,” Journal of Finance 44, no. 4 (1989): 924.
22. Bruck, The Predators’ Ball, p. 76.
23. Asquith, Mullins, and Wolff, “Original Issue High Yield Bonds,” p. 929, table 2: weighted average of .rst four numbers in right-hand column.
24. Ibid. 1977~1980年新发行的债券中，成功进行债务置换但最终违约的债券数量为16家（可见935页表7），而1977~1980年新发行的债券总数为155家（可见928页的表1）。
25. Bruck, The Predators’ Ball, p. 10.
26. Stewart, Den of Thieves, p. 243.
27. Kurt Eichenwald, “Wages Even Wall St. Can’t Stomach,” New York Times, April 3, 1989, 此文章中谈到米尔肯拿到了美国历史上单一年度最高的薪酬。
28. 比如Michael C. Jensen, “Takeovers: Their Causes and Consequences,” Journal of Economic Perspectives 2, no. 1 (Winter 1988): 21–48.
29. 有关此类观点的讨论可见这篇文章：Andrei Shleifer and Lawrence H. Summers, “Breach of Trust in Hostile Takeovers,” in Corporate Takeovers: Causes and Consequences, ed. Alan J. Auerbach (Chicago: University of Chicago Press, 1988), pp. 33–68.
30. Brian Hindo and Moira Herbst, “Personal Best Timeline, 1986: ‘Greed Is Good,’” Business Week, http://www.bloomberg.com/ss/06/08/personalbest _timeline/source/7.htm.
31. Bruck, The Predators’ Ball, p. 320.
32. Bruck, The Predators’ Ball.
33. FDIC v. Milken, pp. 70–71.
34. Alison Leigh Cowan, “F.D.I.C. Backs Deal by Milken,” New York Times, March 10, 1992.
35. See Thomas Piketty, Capital in the Twenty-First Century (Cambridge, MA: Harvard University Press, 2014), p. 291, .g. 8.5, and p. 292, .g. 8.6.
36. Andrei Shleifer and Robert W. Vishny, “The Takeover Wave of the 1980s,” Science 249, no. 4970 (1990): 745–49.
