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Why did Drexel go bankrupt?
After Joseph told the board that Drexel had effectively been told to "go out of business", the board voted to file for bankruptcy. That night, Drexel officially filed for Chapter 11 bankruptcy protection. Drexel was the first Wall Street firm since the Depression to be forced into bankruptcy.
- 1935
- 60 Broad Street, New York, New York, United States
- I. W. "Tubby" Burnham
Feb 14, 1990 · The rapid collapse of the firm, which on Monday announced that it was seeking a merger partner because of a cash crunch, created fears among some Wall Street executives about the possible ripple...
Feb 14, 1990 · February 13, 1990: Drexel Burnham Lambert Group, the holding company, is strapped for cash in the midst of growing turmoil in the junk bond market. Drexel Burnham Lambert Group defaults on $100...
Apr 1, 2015 · Bankrupt (1988 - 1990) Drexel's long fight to survive and thrive ended with the firm in bankruptcy and its star headed to prison.
Oct 16, 2015 · Contrast that to the dismal fate of his firm, Drexel Burnham Lambert—bankrupt within months of settling similar charges for a similar amount of money. How did so...
- Brett Duval Fromson
Feb 13, 2015 · Drexel Burnham Lambert, the investment bank famous for high-yield or "junk" bonds, filed for bankruptcy on Feb. 13, 1990 after several years of legal troubles. Drexel's bond department head...
Feb 15, 1990 · The firm's parent, Drexel Burnham Lambert Group Inc., which filed for protection from its creditors under Chapter 11 of the Federal Bankruptcy Code, owed money to pension funds, banks, the...
