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What You Should Know / August 28, 2011 -- The Milken name is still a lightning rod on Wall Street and in legal circles. Michael Milken and his younger brother, Lowell, were central figures in creating the booming junk-bond market of the 1980s and the subsequent collapse of the investment bank where they worked, Drexel Burnham Lambert. In a controversial deal with the government, Michael pleaded guilty to securities law violations after the government agreed to drop criminal charges against Lowell. Michael served a 22-month prison term and paid $600 million in fines and restitution. As part of a settlement in a related civil matter, the Securities and Exchange Commission permanently barred the two brothers from the securities industry. Lowell Milken did not admit to any wrongdoing. Kenneth W. Graham Jr., a retired U.C.L.A. law professor, said it was a mistake to take the gift from Mr. Milken, a 1973 graduate of the school and longtime donor to it. “To say that I was outraged would be something of an understatement,” wrote Mr. Graham in an e-mail.

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