Word: drexel
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Dates: during 1980-1989
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...abuses, 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...
...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...
...brokerage 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...
While such penalties remain pure speculation at this point, the heat of investigation surrounding Drexel is already driving away business, its competitors claim. The firm's headaches grew even more severe last week, when Staley Continental, an Illinois-based food company, sued the investment house for more than $200 million in damages in a case centering on Drexel's junk- bond operation. Staley claims that last November Drexel tried to push the food company's management into a deal to buy up the corporation's stock, which would have been financed by the investment firm. Drexel called the lawsuit...