Banking on Fraud: Drexel, Junk Bonds, and Buyouts
In analyzing the fraud-facilitated leveraged buyouts engineered by Michael Milken and the firm of Drexel Burnham Lambert, the author suggests that such buyouts have multiple and extensive consequences for the organization of business and the economy. Zey also demonstrates how ordinary bond trading networks were linked to the extraordinary networks of the Boesky Organizations and Employee Private Partnerships in order to defraud bond issuers and buyers.
This book debunks the myth of rational economic organization in the 1980s and establishes broad implications for theories of organizational deviance.
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Fraud Networks of Drexel
Consequences for the Acquiring Firm
Consequences for Pension Funds
Consequences for Milken
Structural Contradictions and the Failure
Socialization of the Junk Bond King
System Interface Problems
Toward Theories of Economic Organizations