Word: drexel
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Dates: during 1980-1989
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...drive home. If he can get all sides to settle on a price, his next job may be more difficult. In its last days, the Reagan Administration stated it had no objections to water marketing (in a memo written by an Assistant Secretary now handling water- project bonds at Drexel Burnham Lambert). But other voices may object to the idea that farmers who receive subsidized water for crops, and further subsidies not to grow those crops, should profit handsomely on the sale of the subsidized water. Willey argues that the profits will be going to produce new public benefits: irrigation...
...Drexel Burnham Lambert and its junk-bond wizard, Michael Milken, the pretense is over and the divorce begins. In court papers filed last week, it was disclosed that Drexel has agreed to fire Milken and withhold his 1988 bonus, estimated at $200 million. Since the investment firm has already agreed to settle criminal-fraud charges against it for a $650 million penalty, denying Milken his money effectively reduces the fine by more than 30%. Milken's attorney, Martin Flumenbaum, castigated the settlement as a "violation of due process, a punishment without trial." Separate criminal charges against Milken for securities fraud...
Cheers rang out over the Beverly Hills junk-bond trading floor of Drexel Burnham Lambert at the news coming over the brokerage firm's wire. Jubilation also reigned among most New York Republicans, and quite probably in Mafia hangouts as well. Rudolph Giuliani, famed prosecutor of Wall Street manipulators (Drexel, Ivan Boesky), mobsters (the Colombo family) and corrupt politicians (former Bronx Democratic leader Stanley Friedman), announced that after 5 1/2 years as U.S. Attorney for the Southern District of New York, he would resign at month's end. Gotham Republicans, a tiny band of inveterate losers, delightedly anticipated being able...
What better way to police a company than to sign up a former top cop? Wall Street's Drexel Burnham Lambert, which agreed last month to settle criminal- fraud charges, plans to hire a new chairman for its holding company. Drexel's choice to succeed Robert Linton: John Shad, the U.S. Ambassador to the Netherlands and former head of the Securities and Exchange Commission. Drexel is also recruiting trade consultant Roderick Hills, another former SEC chief, to serve on the firm's board. Neither had formally accepted by week...
...help burnish its image, Drexel has been courting Howard Baker, the former Senator and White House chief of staff, as a possible new chairman or CEO. Joseph may step aside after the settlement is complete. Without a forceful new leader of unquestioned integrity, the company is in danger of losing morale and momentum -- and something else as well. Mike Milken engendered an innovative spirit at Drexel. If the company is to thrive once again, it must somehow preserve that spirit while at the same time escaping the darker side of his legacy...