Word: burnham
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Dates: during 1980-1989
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...they claimed. And besides, they complained, arbitragers, who buy and sell stocks on rumors of takeovers, often troll the gray areas of law. That is why it was perhaps only natural that Boesky's profitable relationship with Martin Siegel, the former co-head of mergers and acquisitions at Drexel Burnham Lambert Inc., began with the sharing of mutually advantageous information. But before federal investigators stepped in, Siegel was peddling takeover tips to Boesky in exchange for briefcases filled with cash...
...hands on the greatest food-industry breakthrough since, well, sliced bread. Within two days of the FDA filing, P&G shares jumped 10%, to 93 5/8. P&G (1986 revenues: $15.4 billion) has "hit a grand-slam home run," says Hercules Segalas, an analyst for the Drexel Burnham Lambert investment firm. "This is going to be the single most important development in the history of the food industry...
...identity of the trader: Howard Rubin, the head of Merrill Lynch's trading desk for mortgage-backed securities. Rubin, who has been fired but not charged with any criminal wrongdoing, was a respected trader and is a Harvard Business School graduate. Said Stephen Joseph, a senior trader at Drexel Burnham Lambert: "It's really strange. He has a great reputation...
...firm sent new waves of shivers through Wall Street. According to the rumor mill, which is now more preoccupied with subpoenas than proxy statements, as many as 60 Wall Streeters will be accused in connection with the Boesky scandal alone. Rumors about possible charges against the investment firm Drexel Burnham Lambert, which had close ties to Boesky, have become so vexing to the company that it has begun taking out two-page newspaper ads listing a roster of 238 contented clients...
...more beleaguered firm appears to be Drexel Burnham, the investment house with close ties to Boesky. Wall Street is restlessly waiting for the results of an SEC probe and a reported grand jury investigation into Drexel's activities, among them the highly profitable operation run by Michael Milken, the junk-bond guru. Even though no charges have been filed against Drexel, rumors have proliferated among competing firms that Drexel could conceivably face fines running into the hundreds of millions of dollars if its staff is found to have committed widespread insider trading...