" Junk bond " wizard Michael Milken has officially ended his 20-year career at Drexel Burnham Lambert , Inc. and has announced plans to form a new firm which will offer a wide range of consulting services . Milken started out in 1969 as a part - time employee at a Philadelphia precursor to Drexel Burnham Lambert . Within a decade his pioneering use of high - yield high - risk junk bonds transformed Drexel from a second - tier investment firm into one of Wall Street 's most powerful investment firms . Drexel 's contract with the SEC bans the SEC from doing business with Milken who now faces a 98-count federal criminal indictment .
"Junk bond" wizard Michael Milken has officially ended his 20-year career at Drexel Burnham Lambert, Inc. and has announced plans to form a new firm which will offer a wide variety of consulting services. Milken started out in 1969 as a part-time employee at a Philadelphia precursor to Drexel Burnham Lambert. Within a decade his pioneering use of high-yield high-risk junk bonds transformed Drexel from a second-tier brokerage firm into one of Wall Street's most powerful investment firms. Drexel's settlement with the SEC bans the company from doing business with Milken who now faces a 98-count federal criminal indictment.