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Apr 1, 2015 · 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...
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May 19, 2024 · In 1969, while studying at the University of Pennsylvania’s Wharton School of Finance, he began working at the Drexel Firestone banking firm, which soon afterward merged with Burnham & Company to form what became Drexel Burnham Lambert Inc., a major investment banking company. In 1971 Milken became head of Drexel Burnham’s bond-trading ...
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Drexel Burnham Lambert Inc. was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States.
Milken's compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $1 billion over a four-year period, a record for U.S. income at that time. With a net worth of US$ 6 billion as of 2022, he is among the richest people in the world .
Drexel Burnham Lambert pleaded guilty to six charges, agreeing to pay a ne of $650 million and to help the SEC with its investigation of Milken. The game was up, and in April 1990, Milken was cowed into a guilty plea for charges of securities and reporting violation.
Apr 30, 1990 · Faced with the threat of expanded new charges, the former head of Drexel Burnham Lambert’s junk-bond department struck a tentative deal to plead guilty to six criminal counts and pay a $600...
Aug 13, 2000 · Aug. 20, 2000. : An article last Sunday about the career paths of former executives of Drexel Burnham Lambert referred incorrectly to the Milken Institute, where Michael R. Milken,...
