Word: drexel
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Dates: during 1980-1989
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...billion junk-bond market has grown explosively since the early 1980s, when Drexel Burnham Lambert's Michael Milken pioneered the use of high- yield bonds as a means to finance hostile takeovers. In the wake of his indictment last March for insider trading and racketeering, Milken has resigned his Drexel post and stayed far removed from the market. But speaking at a Manhattan conference on high-yield debt last week, Milken suggested that it was time to buy, not sell, junk bonds. Said he: "There is tremendous opportunity out there today...
...major conflict was over financing. The father was cautious, the son a plunger. Says Ingersoll: "He was still thinking in hundreds of thousands when I was thinking in millions. He never really understood the fungibility of debt and equity." Later, capital for some deals was assembled by indicted Drexel junk-bond financier Michael Milken, whom Ingersoll regards as a close friend. Says media analyst John Morton of Lynch Jones & Ryan in Washington: "From all we can learn, the company is healthy, although heavily leveraged. The small papers are cash cows. I admire him for taking this risky venture...
...telephone lines working and almost no electricity, the ministers and diplomats trekked onward the next day to Krzemieniec, some 200 miles farther southeast. Throughout this flight, they were repeatedly attacked by German planes, for the Germans had long since broken all Polish communications codes. U.S. Ambassador Anthony J. Drexel Biddle reported being bombed 15 times and strafed four times. Bombed again in Krzemieniec, the officials moved yet an additional 100 miles to Zaleszczyki, on the Rumanian frontier, where they were bombed once again...
...economic penalties of the law can squeeze some defendants into plea- bargain agreements. Threatened by a RICO indictment and its sweeping forfeitures, the investment-banking firm of Drexel Burnham Lambert pleaded guilty to lesser charges last year and was hit with $650 million in penalties. Equally troubling to RICO targets is the law's ability to seize temporarily the assets of an accused before a trial begins -- even funds that would be used to pay a defense attorney. "Suddenly, there are a lot of born-again civil libertarians on Wall Street," says Michael Waldman, legislative director for Public Citizen Congress...
...most damning -- and colorful -- evidence was on tape. In one casual exchange between Drexel's Bruce Newberg and Princeton/Newport partner Charles Zarzecki, the prosecution saw evidence that the co-defendants knew exactly what they were up to. Newberg teasingly calls Zarzecki "a sleaze bag." Zarzecki's retort: "You taught me, man." Replies Newberg: "Welcome to the world of being a sleaze...