The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the JunkBond RaidersDuring the 1980s, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King. He invented such things as “the highly confident letter” (I’m highly confident that I can raise the money you need to buy company X) and “the blind pool” (Here’s a billion dollars: let us help you buy a company), and he financed the biggest corporate raiders—men like Carl Icahn and Ronald Perelman. And then, on September 7, 1988, things changed. The Securities and Exchange Commission charged Milken and Drexel Burnham Lambert with insider trading and stock fraud. Waiting in the wings was the US District Attorney, who wanted to file criminal and racketeering charges. What motivated Milken in his drive for power and money? Did Drexel Burnham Lambert condone the breaking of laws? The Predators’ Ball dramatically captures American business history in the making, uncovering the philosophy of greed that has dominated Wall Street in the 1980s. |
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acquired acquisition arbitrage assets bank Bergerac Beverly Hills Boesky Day bought buyers Carl Icahn Carl Lindner cash chairman commitment company's Considine corporate finance corporate-finance deal debt dollars Drexel client Drexel employee Drexel executive Drexel investment banker early Engel equity exchange offer firm's former Drexel Fred Joseph funds going greenmail guys high-yield hostile interest investment banker investment-banking firms investors issued Ivan Boesky junk bonds Kidder later lawyers Leon Black leveraged buyout Lipton loans Lorenzo ment Michael Michael Milken Mike Milken Milken's group million months Morgan Stanley National Nelson Nelson Peltz Pantry Pride partners partnerships Peltz percent Perelman portfolio Posner profits raise recalled Revlon Riklis Ronald Perelman Salomon Saul Steinberg Schnall securities sell share shareholders Shenkman Siegel Sigoloff Stanley takeover target tion told trading transaction Triangle underwriting Victor Posner Wall Street wanted Wynn York