There was a famous guy, Michael Milken, who discovered that junk bonds were paying higher interest rates than they had to, making them great investments. Then he was caught in several nasty illegal investing activities, sentenced to 10 years in prison, and banned from actively investing ever again. But even during his sentencing, the trial concluded that approx. $415 million of his wealth was made legally, and he was allowed to keep it. This spawned several evenings of my debating whether I'd be willing to spend 10 years in minimum security prison if I could have $415 million upon my release. (And last year Pres. Trump pardoned him, so his old conviction is no longer on his record.) In words that a typical high-schooler would understand, what's a "junk bond?"

There was a famous guy, Michael Milken, who discovered that junk bonds were paying higher interest rates than they had to, making them great investments. Then he was caught in several nasty illegal investing activities. sentenced to 10 years in prison, and banned from actively investing ever again. But even during his sentencing. the trial concluded that approx. $415 million of his wealth was made legally, and he was allowed to keep it. This spawned several evenings of my debating whether l'd be willing to spend 10 years in minimum security prison if I could have $415 milion upon my release. (And last year Pres. Trump pardoned him, so his old conviction is no longer on his record.) In words that a typical high-schooler would understand, what's a junk bond