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History
Drexel Burnham Lambert
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Drexel Burnham Lambert Inc. was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States.
The Drexel headquarters (right) on Wall Street in New York City
The Drexel headquarters (right) on Wall Street in New York City
Michael Milken in 2006. A holdover from the old Drexel, he became the merged firm's head of high-yield securities
Michael Milken in 2006. A holdover from the old Drexel, he became the merged firm's head of high-yield securities
High-yield debt
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In finance, a high-yield bond is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit events but offer higher yields than investment-grade bonds in order to compensate for the increased risk.
The New York City headquarters of Barclays (formerly Lehman Brothers, as shown in the picture). In background, the AXA Center, headquarters of AXA, fi
The New York City headquarters of Barclays (formerly Lehman Brothers, as shown in the picture). In background, the AXA Center, headquarters of AXA, first worldwide insurance company.