Word: lynching
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Dates: during 1990-1999
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Lured by the seemingly inexhaustible demand for junk-bond financing, Drexel's Wall Street rivals rushed into the profitable business. The newcomers included such prominent firms as Goldman Sachs, First Boston, Merrill Lynch and Shearson Lehman Hutton. While Drexel's grip on the market gradually slipped, in 1985 it controlled more than half of the new issues. "Drexel is like a god," Michael Boylan, president of the publishing firm Macfadden Holdings, declared in a magazine article that a Drexel executive proudly framed. "They are awesome. You hate to do business against them...
...Merrill Lynch has not responded to Harvard's charges about the credit card division purchase, and other alleged improper business dealings with Lomas. But even if those charges prove to be true, Kramer said Merrill Lynch was not obligated to provide Harvard all the information...
...When you read the complaint, you'd think Harvard was a widow, an orphan who'd been led down the garden path by Merrill Lynch," Kramer said. "As long as Harvard has access to the information, Merrill Lynch has no responsibility to provide the information. Who has the duty to call the [Securities Exchange Commission] and get that information...
...Merrill Lynch was "disappointed" with McNaught's decision, but Kramer said he still expects the proceedings will prove Merrill Lynch innocent of wrongdoing...
Renehan is also confident, although he is concerned about how willing Merrill Lynch will be in disclosing files relevant to the case...