Banking on Fraud: Drexel, Junk Bonds, and Buyouts

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Transaction Publishers, 1993 - Political Science - 306 pages
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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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Contents

Fraud Networks of Drexel
13
Leveraged Buyouts
49
Consequences for the Acquiring Firm
55
Consequences for Pension Funds
63
Consequences for Milken
71
Structural Contradictions and the Failure
77
Socialization of the Junk Bond King
83
Rationality
91
Market Control
117
System Interface Problems
123
Conclusions
134
PoliticalLegal Context
181
Toward Theories of Economic Organizations
229
Central Actors
267
Glossary
273
References
279

Contradictions of Authority and Control
99
Conclusions
112

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