Word: lamberte
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...that price, the USX takeover would have been the second most expensive in U.S. history, ranking behind only the $13.2 billion acquisition of Gulf Oil by Standard Oil of California in 1984. But Drexel Burnham Lambert, Icahn's investment bankers, apparently could not raise all the money needed. Some Wall Street observers speculated that Drexel Burnham's ability to finance takeovers has been somewhat hampered by the fact that it has been subpoenaed in the widening Securities and Exchange Commission investigation into illegal insider trading...
...part of his settlement with the SEC, Boesky reportedly had allowed investigators to tape-record his business conversations, which implied to nervous Wall Streeters that more culprits were likely to be snared in the weeks and months ahead. Most intensely watched was the go-go investment firm Drexel Burnham Lambert, which had close ties to Boesky and ranked as Wall Street's leading financier of corporate raiders through high-yield, high-risk junk bonds...
...Michael Milken, 40, senior executive vice president of New York City's Drexel Burnham Lambert investment firm. Milken, who works out of branch offices at the tony corner of Beverly Hills' Wilshire Boulevard and Rodeo Drive, is the guru of the so-called junk bond, the high-interest but risky investment vehicle that has provided much of the financing for the stock market's takeover frenzy (see box). At least five other Drexel Burnham employees, including Milken's younger brother Lowell, have also been subpoenaed...
...raiders to raise billions of dollars for ventures that have reshaped American business. Yet most investors have had persistent reservations about the safety of the securities. One concern is that too much of the underwriting and trading in junk bonds has been handled by just one firm, Drexel Burnham Lambert (last name pronounced Lamb-bear), which controls 50% of the market. If that go-go firm were to get into trouble, many certificates could become more difficult to sell and would decline substantially in value...
...controversial careers, built up in little more than a decade. The federal agency had also taken a mammoth stride forward in the insider-trading investigation that first exploded last May, when the SEC filed a civil complaint against Dennis Levine, a former managing director of the Drexel Burnham Lambert investment banking firm, and charged him with illegal trading in 54 stocks. Levine subsequently pleaded guilty to four criminal charges and gave up $10.6 million in illegal profits, the biggest insider-trading penalty until now. Ever since, Levine has been singing to the SEC; his testimony led directly to last week...