Word: firm
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
With good reason. Insider-trading scandals, capped by this month's sweeping fraud charges against the investment firm Drexel Burnham Lambert, have convinced small investors that the Wall Street game is best played by the well-connected. Faced with the market's volatility in the past year, intensified by program trading, these investors fear getting caught up in avalanches beyond their control. At the same time, rising interest rates are attracting them to secure, fixed-income investments, typically bank certificates of deposit and Treasury bonds. The small-timers' absence from the stock market is dampening the averages and reducing business...
Neither Kane nor her attorney, David Davis, could be reached for comment yesterday. Odin Anderson, partner of the firm which employs Davis, said however that it was a "delicate stage of this case...
...mastermind of a secret, bicoastal arrangement with Ivan Boesky, the Manhattan financier now serving a three-year prison term for insider trading. From 1984 until late 1986, according to the Government, Boesky secretly bought and sold huge blocks of stock at Drexel's behest to push forward the firm's takeover deals and to reap millions of dollars in illicit profits. Five others were charged as participants in Drexel's schemes: Milken's younger brother Lowell, an attorney who works in the company's junk-bond department; Cary Maultasch and Pamela Monzert, traders for the firm; and the Miami-based...
Drexel has reportedly set aside a $650 million war chest to fight the SEC's charges. A big part of the firm's strategy will be to attack the Government's case for being too dependent on Boesky. Says Martin Flumenbaum, who will defend Milken: "It will turn completely on Boesky's credibility, and Boesky has a clear motive to lie and fabricate." For its part, the SEC claims that it has substantiated its case with transaction records and testimony from Drexel employees, most notably Charles Thurnher, a senior vice president in the junk-bond department. Says Gary Lynch...
...have more court battles to fight against its aggrieved clients and the investing public. Late last week a lawyer in Philadelphia filed the first suit on behalf of stockholders in the companies listed in the Government's case. As Drexel's legal troubles proliferate, they are already transforming the firm from an aggressor feared by competitors into an embattled defender of its prominent place on Wall Street...