Word: milken
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...presiding financial genius of the Roaring Eighties, Michael Milken pioneered the $200 billion junk-bond market that powered the decade's epic takeover wars. But last week a hounded and weary Milken, who had vowed to fight a 98-count indictment that the Government brought against him last year, agreed to settle the largest securities-fraud case in U.S. history. Faced with the threat of expanded new charges, the former head of Drexel Burnham Lambert's junk-bond department struck a tentative deal to plead guilty to six criminal counts and pay a $600 million penalty. Milken, who earned...
...Milken really start a so-called whisper campaign against Drexel after he was dismissed...
...wasn't the market too dependent on one man, former Drexel financier Michael Milken? And did his dismissal from Drexel cause irreparable harm to morale...
...hard to judge midstride, as we are right now, whether the market was too dependent on Milken. It's going to take more time to know. Michael is incredibly knowledgeable, but our high-yield department was a major team effort. We put together the RJR-Nabisco deal after Milken. As for morale, he had some pretty fervent supporters in the company, but I don't think there was any irreparable discontent when he left...
...have no idea. But from the beginning this case has involved what people now call combat public relations by Milken's defenders and enemies at levels that I think are unseemly. And I'm disturbed that while the gods are up there fighting, Drexel has gotten swept into it in ways that are reasonably horrifying...