Word: drexel
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Dates: during 1980-1989
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Federal prosecutors were popping champagne corks in New York City as well last week. A Manhattan jury convicted five executives of Princeton/Newport Partners and a former trader for Drexel Burnham Lambert of 63 felony counts stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence...
...consolidation seemed a natural. It would weld Squibb's skill at research and development with its partner's worldwide sales force. "There is pressure on health-care costs throughout the world. U.S. companies are merging to obtain efficiencies of scale," says David Lippman, who follows the industry for Drexel Burnham Lambert...
...Drexel University...
...pull off the deal, Goldsmith and his partners propose to borrow nearly $17 billion. Drexel Burnham Lambert will raise $6.4 billion through a junk- bond issue, and Bankers Trust will assemble a consortium of banks to provide the rest. Yet B.A.T investors would get no cash for their 1.5 billion shares. Instead, Goldsmith and his partners, bidding through a company called Hoylake Investments, would pay B.A.T shareholders a combination of Hoylake stock and loan chits worth $13.82 a share (B.A.T stock was trading at 11.28 in London before the deal was announced). Hoylake would pay down the debts by selling...
...improve ethics instruction were facilitated two years ago by the well-publicized $30 million grant to the school, announced shortly after Wall Street's unprecedented insider trading scandal. Two-thirds of the funds were given by 1949 Harvard MBA John S.R. Shad, now Chair of the Board of Drexel, Burnham, Lambert, Inc., who chaired the Securities and Exchange Commission at the time of his gift...