Word: burnham
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...Many people feel that Drexel Burnham Lambert epitomized raw greed in the 1980s and that there is poetic justice in its demise...
Invite 140 former employees of Drexel Burnham Lambert to appear on TV and you get a gripe-athon, right? Actually, it was more like the I Love Drexel show. On Donahue last week, dozens of mostly out-of-work Drexelites praised their bankrupt former employer and blamed its fall on everyone but themselves...
...struggle for control of the Baltic Republics in the Soviet Union has shown that full-blown greed, competition and vicious take-overs are not the sole province of Drexel Burnham. The secession of the Republic of Lithuania from the Soviet Union promises to be bigger than the break-up of AT&T. Corporate raiders beware--Soviet President Mikail S. Gorbachev may soon be the new Carl Icahn...
...year 68,112 U.S. firms filed for bankruptcy vs. 10,622 in 1981. And the failures are getting larger. The assets of bankrupt companies totaled $67 billion in 1989, up 52% from the previous year. The 1990 pace could be even quicker. Since January the Wall Street firm Drexel Burnham Lambert (assets: $3.6 billion) and , the U.S. retailing arm of Canada's Campeau Corp. ($9 billion) have sought protection from creditors. They joined such major companies as Eastern Air Lines and LTV Corp., the third largest U.S. steel company, which had earlier taken refuge in bankruptcy proceedings...
...bust business has attracted some unlikely saviors. Shortly before it declared bankruptcy last month, Drexel Burnham Lambert beefed up a unit that advised distressed companies. The move was viewed with cynicism by some on Wall Street since Drexel, through its junk-bond financing of buyouts, was a prime contributor to today's bankruptcy boom. Other improbable rescuers include First Boston, which advised Campeau to borrow more than $10 billion to buy Bloomingdale's, Jordan Marsh and seven other U.S. store chains. Some critics attack Wall Street firms for profiting from both the debt buildup of the '80s and the subsequent...