Winnick, a former bond trader with Drexel Burnham, became a fiber czar serendipitously.
We opined that the management skills of the former Drexel Burnham Lambert exec were greatly exaggerated (Sept. 9, 1996).
First, Drexel Burnham's Michael Milken made bonds respectable even when a company was highly leveraged and its interest coverage thin.
He started his career as an investment banker at Drexel Burnham Lambert and received an MBA from The Wharton School.
FORBES: A Hiring Rebounding in Financial Services? Not In The U.S.
The first piece was Sempra Commodities, a small energy trading operation launched at Drexel Burnham Lambert, then acquired by AIG.
None of the big Wall Street firms that have faltered in the past two decades Dillon Read, Drexel Burnham Lambert, E.
The one-time Drexel Burnham Lambert executive has charted an entirely different course ever since and is a well known philanthropist.
FORBES: Billionaires And Former Billionaires Who Have Spent Time Behind Bars
And junk bonds led to the downfall of Drexel Burnham Lambert .
He joined the energy desk at Drexel Burnham Lambert in 1988 with an undergraduate degree in engineering and economics from Columbia and an M.
Founded in 1992 by the reclusive former Drexel Burnham Lambert trader Stephen Feinberg , Cerberus has a long track record of investments in turnaround situations.
The heirs to the Milken legacy--which sent Drexel Burnham Lambert into oblivion and the Junk Bond King to jail--are operating in a substantially different environment these days.
With penetrating insights, 15-hour workdays and almost unbelievable powers of concentration, he built a medium-size Philadelphia brokerage firm--which became Drexel Burnham Lambert--into the terror of Wall Street.
Back in the late '80s, Drexel Burnham was busy coming to market with a succession of shaky leverage buyout deals with fixed-charge coverage ratios of just one times.
But even that designation wasn't enough to prompt the Fed to step in and bailout firms the like of junk bond king Drexel Burnham Lambert, which collapsed in 1990.
By contrast, Mr Shimpi, who was a broker at Drexel Burnham Lambert and a banker at Chase before he joined Swiss Re, intuitively treats all forms of financial capital the same.
In Fairchild's case outsider investors have taken a bath, while Steiner, who got financing early on through Drexel Burnham Lambert, has taken home millions while putting his children on the payroll.
Others, such as Drexel Burnham, were liquidated.
ECONOMIST: An old hand on Wall Street is crushed by a bet on Europe
To illustrate that it is baseless, he points to what he considers another great firm unfairly maligned by its critics as arrogant: Drexel Burnham Lambert, a freewheeling investment bank that shot from nowhere to market prominence in the junk-bond boom of the 1980s.
Early Monday morning, Lehman said it would file for Chapter 11 bankruptcy protection in New York for its holding company in what would be the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago, the Associated Press reported.
Canyon Partners LLC, a money manager founded by bond experts from the former "junk"-bond shop Drexel Burnham Lambert, and CQS, a London hedge-fund firm founded by U.K. millionaire Michael Hintze, recently launched new investment funds to take advantage of bargains in distressed mortgage debt.
Think of Ivan Boesky, whose cooperation led to the downfall of Drexel, Burnham, Lambert.
应用推荐