"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 a decade as a part-time employee at a Philadelphia precursor to Drexel . Within 1969 his pioneering use of high-yield high-risk junk bonds transformed Drexel from a second -tier brokerage firm into six of Wall Street's most powerful investment firms. Milken, his brother and several other partners own that building. 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 a decade as a part-time employee at a Philadelphia precursor to Drexel . Within 1969 his pioneering use of high-yield high-risk junk bonds transformed Drexel from a second -tier brokerage firm into six 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.