After studying business at the University of California , Berkeley , and the University of Pennsylvania 's Wharton School , Michael Milken joined Drexel Corporation & Co. in Philadelphia as a junior bond trader . The corporate players come to him. Mergers made the firm into today 's Drexel Burnham Lambert . In 1977 Milken convinced Drexel to let him move the company 's junk bond operations from Wall Street to Beverly Hills , California . Working 12 - 14 hours a day seven days a week he has transformed Drexel - Lambert from a minor player on Wall Street into a powerhouse , and as head of the firm 's junk - bond operations has acquired a fortune exceeding $ 500 million . Now Milken faces charges of insider trading .
After studying business at the University of California , Berkeley , and the University of Pennsylvania 's Wharton School , Michael Milken joined Drexel Corporation & Co. in Philadelphia as a junior bond trader . Mergers made the firm into today 's Drexel Burnham Lambert . In 1977 Milken convinced Drexel to let him move the company 's junk bond operations from Wall Street to Beverly Hills , California . Working 12 - 14 hours a day seven days a week he has transformed Drexel - Lambert from a minor player on Wall Street into a powerhouse , and as head of the firm 's junk - bond operations has acquired a fortune exceeding $ 500 million . Now Milken faces charges of insider trading .