GOOD BOY, MR. MILKEN

Tattle when you're a third-grader, and you'll get a stern parental reprimand. Tattle when you're an imprisoned junk-bond trader, and you'll get time off. That's the lesson celebrity financier and felon Michael Milken was taught by Federal Judge Kimba Wood, who reduced his prison sentence by one year for cooperatively testifying against former colleagues. For the past 17 months, Milken has been a model inmate at a minimum-security California prison. He can expect to return home to his family next March.