argue that the debt instrument itself, sometimes dubbed "turbo debt", was the cornerstone of the 1980s "Decade of Greed". However, junk bonds were actually used in less than 25% of acquisitions, and hostile takeovers during that period. Nevertheless, by 1990 default rates on high yield debt had increased from 4% to 10%, further eroding confidence in this financial instrument. Without Milken's cheerleading, the liquidity of the junk bond market dried up. Drexel was forced to buy the bonds of insolvent and failing companies, which depleted their capital and would eventually bankrupt the company. Survivors A few other firms emerged or became more important from Drexel's collapse, besides Burnham Financial. There was also the 1838 Group named after the founding date of Drexel established by another group of investment fund managers. The funds suffered from under performance and the group folded. Drexel Burnham Lambert Real Estate Associates II operates as a real estate management firm. Apollo Global Management, the noted private equity firm, was also founded by Drexel alumni led by Leon Black. Richard Handler joined Jefferies immediately following the Drexel bankruptcy with a number of partners and began building the firm into what today is the largest, independent, full service, global investment bank (non bank-holding company). Fred Joseph bought into a firm founded by John Adams Morgan to establish Morgan Joseph, a middle-market investment bank that caters to many of the same kinds of clients as Drexel had. In 2011, the firm merged with Tri-Artisan Partners, a merchant bank, to form Morgan Joseph TriArtisan. Although the firm carried Joseph's name and he was part-owner, he was only co-head of corporate finance until his death in 2009. In 1993, the SEC barred him from serving as president, chairman or CEO of a securities firm for life for failing to properly supervise Milken. Morgan Joseph TriArtisan's chairman and CEO is John Sorte, Joseph's successor as president and CEO of Drexel from 1990 to 1992. In 2011, Portfolio.com and CNBC named Joseph the seventh-worst CEO in American business history, saying that "his poor management left the company without a crisis plan." Former employees Tony Ressler, former senior vice president, high yield bond market Peter Ackerman, former head of Drexel's international capital markets department, also known as a political activist and co-founder of organizations such as the International Center on Nonviolent Conflict and Americans Elect Guy Adami, panelist on CNBC's Fast Money Leon Black,