Word: drexel
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...Soviet Union was in the midst of disempowering the Communist Party. Germany was hurtling toward unification. Nelson Mandela was transforming the future of South Africa, and Drexel Burnham Lambert was pronouncing obsequies over the go-go greed of the '80s. But the connubial bust-up of the billionaire New Yorkers was the talk of the town. For that matter, of practically every town. Their story made the network newscasts and countless columns across the U.S., and once the split became a fait accompli, gossipists gleefully predicted that ramifications -- from a rowdy settlement battle to the wooing of new partners -- might...
...Wall Street bashers and cynics, the episode seemed a fitting epilogue. Bankrupt Drexel Burnham Lambert acknowledged last week that less than two months before its demise the company began doling out $260 million in 1989 bonuses to employees. The size of the booty was more than twice the amount of debt on which Drexel defaulted before it collapsed on Feb. 13. Even more startling, a few still unnamed Drexel hotshots got bonuses of more than $10 million each in a year when Drexel lost $40 million...
...paid attention. Just as Marxism is being dismantled by its managers, the market is being undone by its junkmen. Or is it? Capitalism seems to thrive on periodic collapses. After all, the Drexel affair is only the latest float in a parade of American infamies. They date back to the early 19th century, when a hustler named Daniel Drew delivered some livestock to the plutocrats Henry and John Jay Astor. On the last three days of the trip from Ohio to New York, Drew refused to let his cattle drink. Just before they clomped up to the weighing station...
BUSINESS: The fall of Drexel Burnham brings a money...
...most powerful firm on Wall Street in the Roaring Eighties was at the center of a gold-rush culture that bankrolled corporate raiders and often seemed consumed by vanity, ego and greed. Drexel vanished almost overnight last week when its parent company, a victim of the very junk-bond market that Drexel had created, filed for bankruptcy. The firm's legacy is a debt-laden corporate America and a backlash against excess...