President Donald Trump issued a pardon Tuesday to Michael Milken, the former junk bond king who was a face of the insider trading scandals of the 1980s. Trump, in announcing the pardon, cited the "incredible job" that Milken has done supporting cancer research since pleading guilty in 1990 to racketeering and securities fraud charges. "He's done this and he suffered greatly," Trump said. "He paid a big price; paid a very tough price." Milken, 73, originally was sentenced to 10 years in prison for his crimes while heading the bond department at the investment bank Drexel Burnham Lambert and fined $600 million. But that punishment was later reduced to two years locked up after he cooperated with federal investigators. Milken also is banned for life from working in the securities industry. The pardon does not affect the lifetime ban, the White House told CNBC on Tuesday.

Financier and philanthropist Michael Milken visits "Mornings With Maria" at Fox Business Network Studios on August 23, 2018 in New York City. John Lamparski | Getty Images

That pardon, which had been considered for as long as two years, was one of 11 acts of executive clemency issued Tuesday by Trump. The president also granted pardons to former New York City police commissioner Bernard Kerik and ex-San Francisco 49ers owner Eddie DeBartolo Jr. And Trump commuted the lengthy prison sentence of former Illinois Gov. Rod Blagojevich. Milken, in a prepared statement, said that he and his wife, Lori, with whom he "recently celebrated our 51st wedding anniversary, along with our children and grandchildren, are very grateful to the President." "We look forward to many more years of pursuing our efforts in medical research, education and public health," Milken said.