Word: milken
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...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...
...Perelman got restless, moved to New York City and started collecting his own companies. Beginning with a chain of jewelry stores, he added MacAndrews & Forbes, a producer of licorice extract, in 1979. Then, with the help of financing provided by Drexel Burnham Lambert's junk-bond whiz Michael Milken, came Pantry Pride, a grocery chain. In 1985 Revlon was added to his list...
...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-bond czar, Michael Milken, and submit to intense Government supervision...
...probation for three years and requires it to set up an oversight committee. The firm is also naming a new chairman, former SEC head John Shad, to succeed Drexel's Robert Linton. As expected, the deal forces Drexel to cut all ties to its former junk-bond king, Michael Milken, who is facing separate criminal charges of racketeering and securities fraud. Last week Milken agreed to set aside assets of at least $600 million, which could be forfeited if he is found guilty...
...defense tactic, Milken's lawyers will probably attack Boesky's credibility because he received a reduced charge in return for his testimony. They could also challenge the constitutionality of the Racketeer Influenced and Corrupt Organizations law, the statute under which Milken has been charged. Some legal experts believe the law, originally designed to combat organized crime, gives prosecutors unfair leverage in white-collar-crime cases...