Word: drexel
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...wars. But last week a hounded and weary Milken, who had vowed to fight a 98-count indictment that the Government brought against him last year, agreed to settle the largest securities-fraud case in U.S. history. Faced with the threat of expanded new charges, the former head of Drexel Burnham Lambert's junk-bond department struck a tentative deal to plead guilty to six criminal counts and pay a $600 million penalty. Milken, who earned $550 million from Drexel in 1987, would be paying the heaviest fine ever levied against an individual. "This was Michael's decision," said...
...length of the jail term that Milken, 43, would receive. Although he could draw a maximum of 30 years, the Government was expected to recommend no more than a five-year sentence. Moreover, prosecutors were said to have agreed to drop charges against Milken's brother Lowell, a former Drexel executive...
Milken's financial penalty would far exceed the $100 million that Wall Street speculator Ivan Boesky paid upon pleading guilty to a single count of insider trading in 1986. With cooperation from Boesky, prosecutors built their case against Drexel and Milken. After paying a record $650 million penalty for securities violations a year ago, Drexel declared itself bankrupt last February...
...Milken had proclaimed his innocence from the start, the long and demanding case clearly wore down his will to fight the charges. "He looked at the cards he was dealt, and must have figured that he couldn't have played them any other way," says Andrew Astrachan, a former Drexel employee. "No one should question his decision to settle." For prosecutors, meanwhile, the agreement ends the need for a major trial that could have dragged on for years at a substantial cost to taxpayers...
...emotional ground swell against the marketing of vices is fueled by health consciousness, consumer activism and community pride. -- Drexel's chief blasts the Government and the press...