Word: lambert
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...that the city paid $400,000 to a trade task force run by a business associate of Bradley's. The Securities and Exchange Commission, moreover, is looking into the mayor's ! holdings in stocks, real estate and junk bonds; parts of Bradley's portfolio were handled by Drexel Burnham Lambert, whose deposed junk-bond king, Michael Milken, contributed to Bradley's political campaigns...
...recession could make a mockery of that rosy projection by swelling the red ink to as much as $175 billion. "Using monetary policy to slow the economy is a poor second-best solution," says David Rolley, a senior economist at the Wall Street firm of Drexel Burnham Lambert. "Cutting the budget deficit is the proper tool. But it is late...
...street-fighting parvenu who bullied his wife and children, cheated the public and gave away pittances from the $100 million he amassed. Auchincloss notes, a bit sorrowfully, that Vanderbilt and his colleagues in stiff-collar crime like Jay Gould would not find themselves out of place on Drexel Burnham Lambert's Wall Street. Still, the author can find it in his heart to suggest that the commodore's coarseness may have been caused by social insecurity...
...depressed earnings were just one sign of Wall Street's myriad woes. Drexel Burnham Lambert, the junk-bond pioneer, said last week it plans to sell its retail brokerage business, which trades for small investors, and concentrate on large institutional clients. That move and cutbacks in other divisions will slash Drexel's payroll of 9,000 employees by about one-third. In a candid statement, Drexel said "adverse publicity" about its legal problems had helped drive it from the retail market. Earlier this month the company settled a Securities and Exchange Commission suit by agreeing to fire its indicted junk...
When anyone at Drexel Burnham Lambert talks, the Government may soon be listening. Last week the investment firm said it would submit to unprecedented federal supervision as part of an agreement with the Securities and Exchange Commission to settle charges of insider trading and stock fraud. The deal will enable Drexel to proceed with a separate settlement of criminal charges, first announced last December, for which the firm will pay $650 million in fines...