Milken's Impact on U.S. Corporate Culture Yet to Be Seen

Why does the mere mention of Michael Milken's name bring a snarl to the lips of some of America's mildest-mannered corporate executives?

That may seem a foolish question. After all, the Los Angeles investment banker has been indicted on 98 federal charges ranging from fraud to racketeering. If the charges stick, Milken could face decades in prison.

But there is more to the executives' venom than a simple dislike of a man who allegedly lied and cheated his way to great wealth, while barely hiding his contempt for business adversaries.

Milken's greater offense to the court of corporate opinion makers was apparently not his betrayal of capitalism …