PARDONS:Wall Street financier Michael Milken, who created the market for high-yield bonds in the 1980s, leading to his nickname the "Junk Bond King,"

Wall Street financier Michael Milken, who created the market for high-yield bonds in the 1980s, leading to his nickname the "Junk Bond King," has formally asked for a pardon from Bush.Milken was indicted on 98 counts of racketeering and securities fraud in 1989 as a result of the government's insider trading investigation of Wall Street. The next year, the San Fernando Valley billionaire pled guilty to six felonies.Milken, 62, paid $200 million in fines and served 22 months in prison. He has since been an active philanthropist, using his $2.1 billion fortune to support medical research, including studies on prostate cancer, of which he is a survivor.<br />Milken submitted his petition in June and has hired Washington power attorney Ted Olsen, who served as Bush's solicitor general. Milken's last pardon attempt with President Bill Clinton failed. Edwin W. EdwardsFormer Louisiana Gov. Edwin W. Edwards has also requested a Bush pardon. Edwards served four non-consecutive terms between 1972 and 1996. He was indicted in 1998 on racketeering, extortion, money laundering, mail fraud and wire fraud.Prosecutors say Edwards, 81, who was known as the "Cajun Prince," was involved in illegal schemes to shake down riverboat casino owners and license applicants. He had been acquitted on separate charges in two other federal trials. In 2000, Edwards was found guilty on 17 of 26 counts and was sent to a federal prison. He is eligible for release in 2011. Former President George H.W. Bush has supported commuting Edwards's prison time and has written a letter to the federal prison parole board.Randy "Duke" CunninghamEx-California Rep. Randy "Duke" Cunningham is seeking a pardon after being caught accepting at least $2.4 million in bribes and underreporting his income for 2004.Cunningham, 66, resigned in 2005 after pleading guilty to conspiracy to commit bribery, mail fraud, wire fraud and tax evasion. As a member of the House Defense Appropriations Subcommittee, tens of millions of dollars worth of defense and intelligence contracts went to Cunningham's benefactors. The congressman was accused of accepting millions of dollars worth of gifts, including limousines, prostitutes and a house boat. Cunningham was sentenced to eight years and four months in prison and ordered to pay $1.8 million in restitution. He is currently incarcerated at a minimum-security prison in Tucson, Ariz., and is expected to be eligible for release in 2013.<br />Cunningham's connections with defense contractors also brought trouble to two others now considered potential pardon seekers: former CIA officer Kyle "Dusty" Foggo and defense contractor Brent Wilkes.Conrad Black Another recent pardon applicant is Conrad Black, the Canadian-born media mogul who was convicted of mail and wire fraud and obstruction of justice a year ago after diverting funds from his company, Hollinger International, for his "personal benefit."Prosecutors say Black and three other executives had taken cash and other company assets without prior approval, scamming shareholders.Black, 62, was convicted in Illinois in 2007 and ordered to serve 78 months in prison and pay a $6.1 million fine. He is currently incarcerated in a federal prison in Orlando and is set to be released in 2013.

PARDONS:Wall Street financier Michael Milken, who created the market for high-yield bonds in the 1980s, leading to his nickname the "Junk Bond King,"

Wall Street financier Michael Milken, who created the market for high-yield bonds in the 1980s, leading to his nickname the "Junk Bond ...

Read more »