Word: drexel
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Dates: during 1990-1999
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...killed Drexel? Was it the Government, your colleagues, or even...
...destruction of Drexel at some point became inevitable. I'll accept the responsibility, and if I knew we had done things that were wrong, I would accept blame. What happened was a confluence of events, starting with the federal investigation ((of Drexel's junk-bond department)) and hitting a climax when the firm was forced to plead guilty and pay what we thought were unnecessarily high penalties (($650 million)). Congress then changed the rules by requiring savings and loans to sell their high-yield bonds, and the market for those securities fell. Then Drexel faced yet another rule change, when...
...With a little nudging, couldn't the regulators have got the banks to save Drexel...
...charged with saving us, and we never asked for direct Government intervention. We did argue aggressively with the regulators, and there were moments when I was angry. I had hoped that the regulators would give some encouragement to the banks, which I don't think happened. I think Drexel's lack of friends -- as perceived by the world -- might have made it easier for a midlevel official in one of those agencies to not help us. In their eyes, we were lacking in political constituencies...
...have any final words for Rudolph Giuliani, the former U.S. Attorney who launched the Drexel investigation...