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Renegades of Junk: The Rise and Fall of the Drexel Empire
The tale of Drexel Burnham Lambert's unlikely rise, gargantuan heights, and calamitous fall is the story of Wall Street. A quarter of a century after Michael Milken wept in court as he apologized for securities fraud, Drexel's cast of characters, ideas, and attitude may be as influential as ever. The people who turned a second-rate investment bank into a money machine, the trillion-dollar market for junk bonds they spawned, and their swagger during the investigation that brought them down helped make global finance what it is now. Alumni will reunite this week in New York to mark the 80th anniversary of the firm ... (full story)