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Page THE HERALD OUTLOOK Saturday April the HERALD Outlook Mavericks success may have been his downfall LOOK Is published each Saturday by the HILLS HERALD Home Newspaper of Halton Hills A Division of Canadian Newspapers Gompany Limited at 45 Guelph Street Georgetown Ontario Second Class Mall Registered Number Ydur Business Diane Thornton Htm Strvks For some relatively mm6r breaches of US securities law Michael Milken Is facing up to years in prison and a fine of more thanl billion US Mr Milken is considered the most important American finan since Morgan Almost singlehandedly he has changed the way corporations raise money and finance takeovers The boyish looking creator of the junk bond market has helped bankroll the countrys most prominent takeover artists by issu highyield high risk securities to finance their deals In the pro cess he raised Burnham Lambert the investment banking firm where he worked until January from a position of relative obscurity to the top ranks of Wall Street dealers He totally transformed the cor landscape Doug Hen wood publisher of Left Business Observer of New York said in a re cent newspaper report Nothing has been the same since The young mavericks success may have been his downfall Mr Milken and his clients struck fear and loathing in the hearts of cor porate executives who recognized that their companies could become unwilling takeover targets CHARGES LEVELLED Last fall the Securities and Ex change Commission accused Mr Berrys World PUBLISHER David A Beattie EDITOR Brian MacLeod AD MANAGER Dan Taylor Donna Kell STAFF WRITERS Brian MacLeod SPORTS WRITER Paul Svoboda ACCOUNTING June CLASSIFIED ADVERTISING Joan SNARJ by Bruce lkattic Milken and his firm of insider trading in league with Ivan Boesky disgraced New York stock trader The SEC is the national securities watchdog Mr Boesky is serving time for illegal stock trading Apparently much of the SECs evidence in the case was supplied by Mr Boesky Spearheading the assault on whitecollar crime is Rudolph Giuliani US district attorney for the Southern District of New York Mr Giuliani who looks and talks like Elliott Ness has vowed to clean up Wall Street doing so has not hurt his career Throughout the long lnvestiga tion said it would stand by its number one employee and second largest shareholder But in January it agreed to fire Mr Milken as part of a plea bargain with the government Last week a US grand jury add ed weight to the case by charging Mr Milken and two of his associates with 98 counts of securities fraud and insider trading offences The charges fall under laws normally reserved for the likes of Capone RIGHTEOUS EXCESSES The whole sordid affair leaves one wondering if perhaps justice is not being overdone The govern ment is accusing Mr Milken of stock parking parking stock with a dealer to hide the true identity of the owners and supporting a stock price in advance of a public issue two fairly common practices that stray into grey areas of securities law Observers say the govern ment may have a hard time Its case because of its sheer complexity Often when someone is charged with criminal activity his friends and clients desert him After dredging the bottom Bernte decided to fish till he found his ball Parliament will be a barn burner Ottawa Stewart MacLeod Hew Service Weve been wrong before but this time it seems fairly safe to predict that this new session of Parliament will be a real barn burner If not it wont be for lack of incendiary material Just look at the issues After all those costly preelection promises the government now is preparing drastic spending reductions something that always sends the Liberals and New Democrats into a rage There has never been a known case of the opposition par ties agreeing with the government on what programs or projects should be cut And we can virtually guarantee that no new ground will be broken in this respect There is a form of chaos surroun ding air travel in Canada to the point where opposition MPs are demanding the resignation of Transport Minister Benoit Bouchard Despite his attempt to defuse the issue by appointing two judicial inquiries Into air crashes and serving an warrant on the Canadian Aviation Safety Board the problems are not going away Mr Bouchard one of the more amiable members of the Mulroney cabinet Is almost certainly In for a rough ride over the next few mon ths Quite apart from problems in the air Including a shortage of traffic controllers the minister will also have to deal with VIA Rail and its annual federal subsidy Theres the abortion issue which wont go away either There are the continuing environmental wor ries particularly now that tons of gooey crude oil are being washed up on the Alaska coast north of British Columbia There are also the economic waves from the freetrade agree ment not all of them favorable for the government Then there Is the marathon controversy and moun ting opposition over the Lake accord LOTS MORE The language fight in Quebec is still there and so is the federal cabinet disagreement or how it has been handled There are high in terest rates whose effects fall unevenly across the country There will also be difficult federal provincial fiscal negotiations As the government cuts back on its spending programs perhaps even affecting the regional megaprojects that were announc ed with such fanfare before the election we can brace ourselves for the uproar There will be charges of reneging lying and betrayal In all probability the 295 MPs will the members of the last Parliament who frequent ly used such language as scumbag liar and jerk The open leadership race in the New Democratic Party and the undeclared one among the Liberals will likely provide fuel for the flames Not only is it important for potential successors to make an impression In this crucial session but their supporters will also be there to cheer them on If things go as expected we can probably draw up a list of leader ship candidates based on per formance during the dally Ques tion Period Anyone with the slightest interest in becoming a leader and the numbers are far greater than the admissions will want maximum exposure The most effective exposure for opposition MPs comes from ing down big game such as the prime minister or other heavyweights In cabinet No one will pay much attention to a member who insults say the minister of state for forestry But should he call the prime minister a there will be instant television exposure NOT EASY Thats why prime ministers have always had such a rough time when opposition parties are choos ing new leaders And it was pro bably In the back of Mr Mulroneys mind when he gave Parliament such a long winter holi day Life is much easier for a govern ment when there Is no daily battle In the Commons And its much much easier when opposition MPs are not trying to prove they- are such great leadership material ADVERTISING SALES Valols Craig Teeter Sharon Hotiingsworth PRODUCTION DEPARTMENT Dave Hastings Annie Gilson Wilson CIRCULATION DEPARTMENT Marie Shadbolt PRESSROOM FOREMAN Brian Aikman PRESS ASSISTANT Lee Bittner Book Review Second opinion diagnoses body of medicare ByDR CHARLES GODFREY It is common practice for pa tients to have doubts about their doctors findings and to ask for a second opinion Physicians ed over a diagnosis or disappointed with clinical progress may call on another doctor for advice When we discuss health care today it is not unusual to receive a plethora of second opinions Indeed the prescriptions we receive as to how our ailing health system can be cured are as common as adver for instant headache relievers Second Opinion Collins 371 pages 95 by Michael and Carol Kushner is another ex pose of whats wrong with Canadas healthcare system and how to fix it Dr Rachlis a specialist in com munity medicine and Ms Kushner a researcher of public policy put their considerable skills together to diagnose the fevered body of medicare The symptoms are well known to the taxpayers Rarely a day passes without a media account of death or severe illness because of waiting lines for health care An in- depth story of how some sick per son has received less than ade quate care is sure to appear on the evening TV news This book is an exhaustive study of what the authors feel is the root cause of our troubles They do this by exploring the many issues that are troubling consumers and sup pliers alike They look at the length of time people spend in an emergency department waiting for attention and examine what hap pens when a chronically ill senior occupies a bed in an active- treatment hospital while awaiting for months alternate ac commodations in a chroniccare centre But they go beyond that They examine the price tag of billion Or onequarter of each pro vincial budget which is the amount spent by Canadians just to maintain our system in its state of chronic invalidism SQUANDERED They cite where money is being spent to maintain medicare which they point out is the envy of many other countries and charge that billions are being squandered every year on useless or inap propriate medical services Having listed the complaints In the system Dr Rachlis then puts his finger on the ulcers that have appeared The average length of stay in a Canadian maternity ward Is four times what it Is in US hospitals That is money wasted Coronarycare units are loaded with uncomplicated heartattack cases which will use up two weeks of hospital service and thousands of dollars and may even be the cause of blood dots that result from bed rest and lead to further coronary problems But there is more Why do Cana dians lose their gallbladders times more frequently than Danes Do that many Canadian women really need to have hysterectomies or mammec- tomles Isnt It true that an astonishing percentage of patients in hospital have serious side ef fects from taking their doctor- prescribed medications Or are they anemic simply because of the blood samples that are taken for testing Dr Charles Godfrey Is a con sultant with the Rheumatic Disease Unit WeUetley Hospital Toronto