The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the JunkBond Raiders *[ePub]
During 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. Read more
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Why Must Read The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the JunkBond Raiders?
Great look into the bond market. I doubt Mr. Milken would have been prosecuted had he not been a threat to the Wall Street establishment. Just saying that the SEC mostly seems to exist to protect Wall Street from Wall Street. There was an interesting part in the book where congress was debating weather to enact more legislation in regard to the bond market and they felt it was a waste of time because in time the investment community would figure out way to work around it. Also there was a part in the book about a Reagan Administration study that determined that the wild west of the bond market was just fine when two university studies said otherwise in their testimony to congress.
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