Drexel, one of Drexel's first hostile deals came back to haunt it at this point. At the time of Pickens' raid on Unocal, the company's investment bank was the establishment firm Dillon, Read. Dillon, Read's former chairman, Nicholas F. Brady, was now Secretary of the Treasury. Brady had never forgiven Drexel for its role in the Unocal deal, and would not even consider signing off on a bailout. Early on the morning of February 13, New York Fed president E. Gerald Corrigan and SEC chairman Richard Breeden called Joseph and told him that they, Brady and NYSE chairman John J. Phelan Jr. saw "no light at the end of the tunnel" for Drexel. They gave Joseph an ultimatum–unless Drexel filed for bankruptcy, the SEC would seize Drexel that morning before the markets opened. After Joseph told the board that Drexel had effectively been told to "go out of business", the board voted to file for bankruptcy. That night, Drexel officially filed for Chapter 11 bankruptcy protection. Drexel was the first Wall Street firm since the Depression to be forced into bankruptcy. The filing covered only the parent company, not the broker/dealer; executives and lawyers believed that confidence in Drexel had deteriorated so much that the firm was finished in its then-current form. Even before the firm's bankruptcy, Tubby Burnham spun off the firm's funds management arm as Burnham Financial Group, which currently operates as a diversified investment company. Burnham was reportedly still arranging deals until his death in 2002 at age 93. The rest of Drexel emerged from bankruptcy in 1992 as New Street Capital, a small investment bank with only 20 employees (at its height, Drexel employed over 10,000 people) and strict limits on its activities. In 1994, New Street merged with Green Capital, a merchant bank owned by Atlanta financier Holcombe Green. Richard A. Brenner, the brother of a president with controlling stakes stated in his memoir My Life Seen Through Our Eyes that other firms at Wall Street did not support Drexel or come to its aid when the company got into trouble because they were "smelling an opportunity to grab this business". Criticism By the late 1980s, public confidence in leveraged buyouts had waned, and criticism of the perceived engine of the takeover movement, the junk bond, had increased. Innovative financial instruments often generate skepticism, and few have generated more controversy than high yield debt. Some