After studying business at the University of California, Berkeley, and the University of Pennsylvania's Wharton School, Michael Milken joined Drexel Firestone & 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. Hide Caption 8 of 15 Photos:Billionaire investor Peter Thiel 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. 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 Firestone & 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. Hide Caption 8 of 15 Photos:Billionaire investor Peter Thiel Now Milken faces charges of insider trading.