" 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 . In a telephone interview, he said his new firm, International Capital Access Group, would offer a wide range of consulting services consistent with his personal interests and his previous work at Drexel. 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 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 .