Word: burnham
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...aware of how fast the end came last month for Drexel Burnham Lambert, wags at the brokerage firm of Shearson Lehman Hutton are in pretty grim humor these days. The latest joke making the rounds of the troubled American Express subsidiary: "What's the difference between Shearson and Drexel?" Answer: "About three months...
...billion). State regulators were happy someone was willing to take over the sick thrift. Paul renamed the S&L and within a few years sent its profits zooming. His method: investing CenTrust's assets heavily in junk bonds, many of which he bought from Michael Milken at Drexel Burnham Lambert. By the late 1980s the payoff from CenTrust's $1.35 billion portfolio of junk made the S&L the region's most profitable thrift. But as the market value of junk bonds collapsed in recent months, CenTrust was doomed to go with...
...Soviet Union was in the midst of disempowering the Communist Party. Germany was hurtling toward unification. Nelson Mandela was transforming the future of South Africa, and Drexel Burnham Lambert was pronouncing obsequies over the go-go greed of the '80s. But the connubial bust-up of the billionaire New Yorkers was the talk of the town. For that matter, of practically every town. Their story made the network newscasts and countless columns across the U.S., and once the split became a fait accompli, gossipists gleefully predicted that ramifications -- from a rowdy settlement battle to the wooing of new partners -- might...
...Wall Street bashers and cynics, the episode seemed a fitting epilogue. Bankrupt Drexel Burnham Lambert acknowledged last week that less than two months before its demise the company began doling out $260 million in 1989 bonuses to employees. The size of the booty was more than twice the amount of debt on which Drexel defaulted before it collapsed on Feb. 13. Even more startling, a few still unnamed Drexel hotshots got bonuses of more than $10 million each in a year when Drexel lost $40 million...
BUSINESS: The fall of Drexel Burnham brings a money...