Within a decade, his pioneering use of high-yield, high-risk junk bonds had transformed Drexel from a second-tier brokerage firm into one of Wall Street's most powerful investment banking houses. "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. He was named CEO of the company in 1980. Drexel's settlement with the SEC bans the company 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. He was named CEO of the company in 1980. Drexel's settlement with the SEC bans the company from doing business with Milken who now faces a 98-count federal criminal indictment.