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Before Michael Milken, how did a corporate bond become a junk bond? What is the difference between an investment grade bond and a junk bond?

Before Michael Milken, how did a corporate bond become a junk bond? What is the difference between an investment grade bond and a junk bond? How are these junk bonds used in a leveraged buyout (LBO) of a company? How does a LBO benefit shareholders of a company? Can it hurt shareholders?

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