Word: bondses
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Within a matter of days or weeks, Milken is expected to be indicted on criminal charges for many of the same alleged securities violations described ; in a civil case that the Securities and Exchange Commission filed in September. The SEC accused Milken of, among other offenses, manipulating stock prices to...
But Giuliani is expected to try to put at least one Drexel employee behind bars. In perhaps its most humiliating cave-in, Drexel agreed to cooperate with the Government investigation of Michael Milken, the financial wizard who created the market for high-yielding junk bonds (total now held: $180 billion...
A senior officer at Drexel, Milken was the chief architect of the firm's rise from a lackluster, second-tier brokerage into a feared and envied powerhouse. By developing the use of junk bonds to stake such corporate raiders as Saul Steinberg and T. Boone Pickens, Milken presided over the...
During the nearly two years that the Government spent preparing its case, Drexel defiantly declared its innocence and launched a major advertising campaign extolling the civic virtues of its junk bonds. Joseph claims that the two-year federal probe cost Drexel $1.5 billion in lost revenues and an additional $175...
The buyout binge produces some big-time losers as well, particularly investors who owned a company's top-quality bonds when the same firm's junk bonds hit the market. Since the new IOUs would saddle the company with a riskier load of debt, the old bonds get clobbered. No...