Word: lamberts
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...remote. In fact, analysts warn that this has produced a credit crunch that could push many over-leveraged companies closer to failure. The situation is worst for firms that borrowed heavily by issuing junk bonds. The investment house that controlled most of the market for those securities, Drexel Burnham Lambert, has gone out of business, making the refinancing of such debt all but impossible...
...most pitiable of the displaced homemakers may be the 58% who are over 65. For many of them, the rules have changed too late in the game. Charlee Lambert, 67, for example, was married to a former Ford Motor Co. executive for 41 years and raised six children before the couple split up. Now she works two full-time jobs and shares her home with her adult daughter, her daughter's boyfriend and her mother; she also takes in boarders. Another divorced woman, who was married 40 years, moved in with her parents -- now in their late 70s -- while...
Miller's River Apartments, 15 Lambert...
Government investigators are now probing a complex network of companies and S&Ls that invested deeply in junk bonds, mostly handled by Drexel Burnham Lambert, and carried out elaborate deals to swap the bonds and other assets. Some of the bonds were used to artificially shore up ailing thrifts or were sold in multimillion-dollar lots to cooperating S&Ls. Federal investigators are giving particular scrutiny to Silverado, Charles Keating's Lincoln S&L in California, CenTrust Bank in Miami, and San Jacinto Savings in Texas. Each had extensive business dealings with Drexel and with one another...
Many correspondents painted a benign picture of the financial wizard whose acumen, and sometimes shady practices, powered the 1980s takeover wars. While Milken earned more than $1 billion as the guru of the now defunct Wall Street firm Drexel Burnham Lambert, friends argued that accumulating vast wealth was never his main goal. Wrote CBS president Laurence Tisch, who said he has known Milken for almost 20 years: "I have rarely dealt with a more dedicated and faithful professional or one more sensitive to the needs and goals of his clients or more mindful of the needs of society at large...