After studying business at the University of California , Berkeley , and the University of Pennsylvania 's Wharton School , Michael Milken joined Drexel Corporation & 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 . Working 12 - 14 hours a day seven days a week he has transformed Drexel - 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 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. Working 12-13 hours a day seven days 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.