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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.
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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Mar 21, 2024 · In 1986, however, one of Drexel’s clients, Ivan Boesky, was convicted of insider trading, and he implicated Milken and Drexel Burnham Lambert in his illegal financial dealings. In 1988 both Milken and Drexel Burnham were charged with securities fraud.
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Feb 14, 1990 · March 1989: Federal grand jury indicts Mr. Milken on criminal racketeering charges and seeks $1.8 billion in forfeitures from Mr. Milken and other defendants. April 1989: Drexel and the SEC...
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 19, 2020 · Michael Milken in 1989: the former head of Drexel Burnham Lambert's high-yield junk bond department was sentenced the following year to 10 years in prison after pleading guilty to...