Word: burnham
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...investment firm Drexel Burnham Lambert has been pictured in an SEC indictment as Ivan Boesky's partner in securities fraud. But the company may have been one of the convicted arbitrager's victims as well. The London Stock Exchange is looking into accusations that Boesky used his network of partnerships to hide from Drexel the size, and thus the potential risk, of stock purchases he made with money he borrowed from the firm. Far from feeling duped, Drexel officials welcomed the probe. Since Boesky is the prime witness against the firm, his alleged backstabbing may erode his credibility. Drexel officials...
Talks then stalled over KKR's insistence that Drexel Burnham Lambert manage the buyout's junk-bond financing. KKR contends that only Drexel has the savvy to sell the record $5 billion in high-yield bonds that is needed. But RJR Nabisco's managers are concerned that the buyout could be jeopardized if Drexel and Michael Milken, its junk-bond wizard, are indicted for securities fraud, which is expected to occur soon...
...Make no little plans," architect and city planner Daniel H. Burnham wrote at the century's turn, "they have no magic to stir men's blood and probably themselves will not be realized." When Burnham's plan for the glorious beaux- arts Union Station was realized in Washington 81 years ago, it was one of the world's biggest rail terminals but otherwise very much of its time. Before World War I, budgets for civic building were generous, beaux-arts neoclassicism was almost obligatory, and the U.S. had more than 80,000 busy train stations...
With good reason. Insider-trading scandals, capped by this month's sweeping fraud charges against the investment firm Drexel Burnham Lambert, have convinced small investors that the Wall Street game is best played by the well-connected. Faced with the market's volatility in the past year, intensified by program trading, these investors fear getting caught up in avalanches beyond their control. At the same time, rising interest rates are attracting them to secure, fixed-income investments, typically bank certificates of deposit and Treasury bonds. The small-timers' absence from the stock market is dampening the averages and reducing business...
...Government files stock-fraud charges against Drexel Burnham. -- Gold among the thrift ruins. -- Turning patter into profits...