Word: lambert
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Early diagnosis will be increasingly important as new treatments for Alzheimer's become available. Drug companies are testing more than 100 compounds that may at least relieve or delay the symptoms of the illness. Last week Warner-Lambert, a New Jersey pharmaceutical firm, applied for Government permission to market Cognex, a brand of tacrine, a drug that supposedly slows the loss of brain function in 40% of Alzheimer's patients who are given the medication. Such a drug, along with the new test to detect the disease, could conceivably add one or more productive years to the lives of Alzheimer...
When he gets out, Milken can go back to tending a world-class fortune that began with a $25,000 salary when he joined Drexel Burnham Lambert in 1970. While he was head of Drexel's junk-bond department, his compensation zoomed from $45.7 million in 1983 to more than $550 million in 1987, the highest annual paycheck in corporate history. All told, he earned $1.1 billion during those golden years...
...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 a person close...
...Many people feel that Drexel Burnham Lambert epitomized raw greed in the 1980s and that there is poetic justice in its demise...
Invite 140 former employees of Drexel Burnham Lambert to appear on TV and you get a gripe-athon, right? Actually, it was more like the I Love Drexel show. On Donahue last week, dozens of mostly out-of-work Drexelites praised their bankrupt former employer and blamed its fall on everyone but themselves...