Word: junking
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Dates: during 1980-1989
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After years of working 15 hours a day, Milken now spends much of his time preparing his defense. He remains the titular head of Drexel's operations in Beverly Hills, where the firm's junk-bond department is based. But Milken will probably take an indefinite leave of absence as soon as an indictment is handed...
...Giuliani is expected to try to put at least one Drexel employee behind bars. In perhaps its most humiliating cave-in, Drexel agreed to cooperate with the Government investigation of Michael Milken, the financial wizard who created the market for high-yielding junk bonds (total now held: $180 billion) and who remains the ultimate target of Giuliani's probe. Milken, who was not represented in the settlement talks, is expected to be indicted in Manhattan sometime in January...
...senior officer at Drexel, Milken was the chief architect of the firm's rise from a lackluster, second-tier brokerage into a feared and envied powerhouse. By developing the use of junk bonds to stake such corporate raiders as Saul Steinberg and T. Boone Pickens, Milken presided over the radical reshaping of American industry in the past ten years. Along the way, dozens of Drexel executives became multimillionaires...
During the nearly two years that the Government spent preparing its case, Drexel defiantly declared its innocence and launched a major advertising campaign extolling the civic virtues of its junk bonds. Joseph claims that the two-year federal probe cost Drexel $1.5 billion in lost revenues and an additional $175 million in legal and advertising fees. Since November, the firm has bargained for an agreement that, as chairman Robert Linton put it, "would not make us look like a bunch of thieves...
...Drexel still displays its characteristic moxie. The firm is handling a $3.5 billion junk-bond offering as part of the $25 billion leveraged buyout of RJR Nabisco. For its share in financing history's largest takeover, Drexel expects to take in $229 million before expenses. Many clients still profess their allegiance. Says raider and oilman Pickens, who relied on Drexel's financing clout to make bids for Gulf Corp. and Phillips Petroleum: "I have the highest regard for Fred Joseph...