Word: lambert
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...aware of how fast the end came last month for Drexel Burnham Lambert, wags at the brokerage firm of Shearson Lehman Hutton are in pretty grim humor these days. The latest joke making the rounds of the troubled American Express subsidiary: "What's the difference between Shearson and Drexel?" Answer: "About three months...
...firms filed for bankruptcy vs. 10,622 in 1981. And the failures are getting larger. The assets of bankrupt companies totaled $67 billion in 1989, up 52% from the previous year. The 1990 pace could be even quicker. Since January the Wall Street firm Drexel Burnham Lambert (assets: $3.6 billion) and , the U.S. retailing arm of Canada's Campeau Corp. ($9 billion) have sought protection from creditors. They joined such major companies as Eastern Air Lines and LTV Corp., the third largest U.S. steel company, which had earlier taken refuge in bankruptcy proceedings...
...bust business has attracted some unlikely saviors. Shortly before it declared bankruptcy last month, Drexel Burnham Lambert beefed up a unit that advised distressed companies. The move was viewed with cynicism by some on Wall Street since Drexel, through its junk-bond financing of buyouts, was a prime contributor to today's bankruptcy boom. Other improbable rescuers include First Boston, which advised Campeau to borrow more than $10 billion to buy Bloomingdale's, Jordan Marsh and seven other U.S. store chains. Some critics attack Wall Street firms for profiting from both the debt buildup of the '80s and the subsequent...
...billion). State regulators were happy someone was willing to take over the sick thrift. Paul renamed the S&L and within a few years sent its profits zooming. His method: investing CenTrust's assets heavily in junk bonds, many of which he bought from Michael Milken at Drexel Burnham Lambert. By the late 1980s the payoff from CenTrust's $1.35 billion portfolio of junk made the S&L the region's most profitable thrift. But as the market value of junk bonds collapsed in recent months, CenTrust was doomed to go with...
...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...