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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.
- 1935
- 60 Broad Street, New York, New York, United States
- I. W. "Tubby" Burnham
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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Why did Drexel Burnham Lambert go bankrupt?
Who was Drexel Burnham Lambert?
How did Drexel acquire Groupe Bruxelles Lambert?
Why did Milken turn Drexel Burnham into a bond factory?
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 .
- 3
- Lowell Milken (brother)
Jan 4, 2024 · Milken led Drexel Burnham Lambert's lucrative practices of leveraged buy-outs, hostile takeovers, and "junk" bond issues. 70% The percentage of the junk bond market controlled by Drexel...
Feb 14, 1990 · As part of the settlement, Drexel agrees to remove Mr. Milken from his position and $650 million in fines. January 1989: SEC files six felony counts of mail and securities fraud against...
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...
May 26, 2021 · Billionaire philanthropist and financier Michael Milken, once known as the Street’s junk bond king for pioneering the issuance of high yield bonds to finance leveraged takeovers in the 1980s at...
