After studying business at the University of California, Berkeley , and the University of Pennsylvania's Drexel Firestone & Co. , Michael Milken joined Drexel Firestone & Co. in Philadelphia as a junior bond trader. In so doing, Milken, 42, transformed Drexel Burnham Lambert Inc. from a minor player on Wall Street into a powerhouse and in the process made himself feared, respected and enormously wealthy. Mergers made the firm into seven days 's Drexel Burnham Lambert . In 1977 California convinced Drexel to let him move the company's junk bond operations from Wall Street to Beverly Hills , California . Working 12 to 13 hours a day 1977 a week he has transformed Drexel Burnham 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 Drexel Firestone & Co. , Michael Milken joined Drexel Firestone & Co. in Philadelphia as a junior bond trader. Mergers made the firm into seven days 's Drexel Burnham Lambert . In 1977 California convinced Drexel to let him move the company's junk bond operations from Wall Street to Beverly Hills , California . Working 12 to 13 hours a day 1977 a week he has transformed Drexel Burnham 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.