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...The now expansive buyout and private credit industries were also pioneered by small teams of former bankers from groups like Bear Stearns, Lehman Brothers and Drexel Burnham Lambert, who devised new financial...
...With the demise of Barings, Drexel Burnham Lambert and Salomon Brothers, we were deluded into thinking the ever more monolithic “full service” banks that became the giant conglomerates was the way to go....
...This was a lesson Milken took with him to Drexel....
...Lehman Brothers tote bags, Bear Stearns hats and Bernard Madoff paperweights have long fetched high prices on resale sites, as brand-savvy millennials have become a dominant demographic in finance....
...The junk bond king whose Drexel Burnham Lambert catapulted the careers of many Wall Street billionaires, shared an anecdote about photography group Shutterfly....
...Among the newly announced recruits is Mark Weinberg, a veteran of Brookfield Asset Management and Lehman Brothers, who will take the reins at the firm’s private equity division....
...Berg, like Ressler, cut his teeth at junk bond financier Michael Milken’s Drexel Burnham Lambert and was at Apollo in the early 1990s....
...Ironically, Brown Brothers was forced to split by the Glass-Steagall regulations in the 1930s, and its investment bank spin-off, Harriman Ripley, ended up (though a series of ill-fated mergers) as Drexel...
...One of her biggest clients in the late ’80s was Drexel Burnham Lambert. One day, her sales representatives returned to the office upset after learning how much their peers were earning at Drexel....
...One day her sales representatives returned to the office upset after learning how much their peers were earning at Drexel. “I just said, ‘It’s not real.’” And then one day, Drexel was gone....
...Apollo’s co-founder Leon Black was a senior executive at Mr Milken’s Drexel Burnham Lambert in the 1980s, as was his brother-in-law Tony Ressler, who also co-founded Ares in 1997....
...In return, prosecutors dropped 92 other counts against him and all charges against his brother, Lowell, a lawyer at the Beverly Hills Drexel office....
...The scandal marked the end of a feted Wall Street career for Mr Milken, who was widely credited as the inventor of junk bonds that enabled everyone from Hilton to Time Warner to the homebuilder Toll Brothers...
...After Drexel’s bankruptcy he and Leon Black — his brother in-law — joined forces to form Apollo Global Management....
...Harriman, Drexel Burnham Lambert and Citigroup....
...Black’s brother in-law Tony Ressler worked there too and went on to found credit-focused asset manager Ares Management....
...In 1987, she joined Drexel Burnham, the notorious investment bank that fuelled many of the biggest corporate takeovers of the 1980s....
...Like today’s private capital firms, Salomon Brothers, Bear Stearns, Drexel Burnham Lambert, Lehman Brothers and Merrill Lynch were set up as partnerships and were avid dealmakers....
...Drexel Burnham Lambert had gone bankrupt in 1990 with a salutary lack of official intervention....
...for the Southern District of New York, in what DealBook says is the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago....
...“Bear Stearns wanted to be Lehman Brothers; Lehman wanted to be Goldman Sachs. At Jefferies we just want to be the best Jefferies we can be.”...
...Mr Solomon was a commercial-paper salesman at Salomon Brothers and Drexel Burnham Lambert before joining Bear Stearns in 1991....
...He was later fired from Drexel Burnham, trying to cover up a trading error....
...Mr Solomon, a former commercial-paper salesman at Salomon Brothers and Drexel Burnham Lambert, had joined the bank from Bear Stearns in 1999 as a partner — an unusual move for Goldman, which tends to grow...
...Bear Stearns, Lehman Brothers and MF Global, the largest failures in investment banking history, all failed because of the instability of their trading platforms....
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