Word: lambert
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Drexel Burnham Lambert...
...billion junk-bond market has grown explosively since the early 1980s, when Drexel Burnham Lambert's Michael Milken pioneered the use of high- yield bonds as a means to finance hostile takeovers. In the wake of his indictment last March for insider trading and racketeering, Milken has resigned his Drexel post and stayed far removed from the market. But speaking at a Manhattan conference on high-yield debt last week, Milken suggested that it was time to buy, not sell, junk bonds. Said he: "There is tremendous opportunity out there today...
...economic penalties of the law can squeeze some defendants into plea- bargain agreements. Threatened by a RICO indictment and its sweeping forfeitures, the investment-banking firm of Drexel Burnham Lambert pleaded guilty to lesser charges last year and was hit with $650 million in penalties. Equally troubling to RICO targets is the law's ability to seize temporarily the assets of an accused before a trial begins -- even funds that would be used to pay a defense attorney. "Suddenly, there are a lot of born-again civil libertarians on Wall Street," says Michael Waldman, legislative director for Public Citizen Congress...
Federal prosecutors were popping champagne corks in New York City as well last week. A Manhattan jury convicted five executives of Princeton/Newport Partners and a former trader for Drexel Burnham Lambert of 63 felony counts stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence...
...seemed a natural. It would weld Squibb's skill at research and development with its partner's worldwide sales force. "There is pressure on health-care costs throughout the world. U.S. companies are merging to obtain efficiencies of scale," says David Lippman, who follows the industry for Drexel Burnham Lambert...