---

When juxtaposed, these hedcuts of Michael Milken from 1987 and 1993 suggest the reversal of fortune experienced by this pioneer in the market for high-yield/high-risk bonds (popularly known as junk bonds) between 1989 and 1990. An extraordinarily successful trader for Drexel Burnham and Lambert in an area of the market he helped identify, Milken, pictured in a suit, appears confident and affable, with open smile and wavy, tousled hair in Laura Levy's August 1987 hedcut, the first created for the Wall Street Journal. In October 1993, following Milken's conviction for securities fraud violations and his full release from prison, having served his (shortened) sentence, Levy created a new portrait, depicting a man quite literally transformed. A balding individual greets the viewer straight on, rather than at the slight angle that characterized the earlier portrait. But the grin remains. A June 1994 article illustrated by the new portrait informs readers of Milken's public battle with prostate cancer, but suggests his business instincts have not dulled, despite being barred from the securities industry. "Milken Family Trusts Pursue Junk-Bond Deal," reads the article's headline.