mercredi 1 avril 2015
Renegades of Junk: The Rise and Fall of the Drexel Empire
Posted on 14:42 by nice news
The tale of Drexel Burnham Lambert's unlikely rise, gargantuan heights, and calamitous fall is the story of Wall Street. A quarter of a century after Michael Milken wept in court as he apologized for securities fraud, Drexel's cast of characters, ideas, and attitude may be as influential as ever. The people who turned a second-rate investment bank into a money machine, the trillion-dollar market for junk bonds they spawned, and their swagger during the investigation that brought them down helped make global finance what it is now.
Alumni will reunite this week in New York to mark the 80th anniversary of the firm created by I.W. “Tubby” Burnham. Some will meet again later this month in Beverly Hills for Milken's annual gathering, just down Wilshire Boulevard from the trading floor where he reigned in the 1980s from the center of an X-shaped desk.
From that spot, Milken transformed finance. He helped turn junk bonds, once a murky backwater for risky corporate debt, into an ocean of money by persuading investors they were missing out on untapped profit. Junk—a word he
Alumni will reunite this week in New York to mark the 80th anniversary of the firm created by I.W. “Tubby” Burnham. Some will meet again later this month in Beverly Hills for Milken's annual gathering, just down Wilshire Boulevard from the trading floor where he reigned in the 1980s from the center of an X-shaped desk.
From that spot, Milken transformed finance. He helped turn junk bonds, once a murky backwater for risky corporate debt, into an ocean of money by persuading investors they were missing out on untapped profit. Junk—a word he
Renegades of Junk: The Rise and Fall of the Drexel Empire
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