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REVIEW The Predators' Ball The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders

DOWNLOAD The Predators' Ball The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders 100 Ï During the 1980s Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King He invented such things as the highly confident letter I'm highly confident that I canNanced the biggest corporate raiders men like Carl Icahn and Ronald PerelmanAnd then on September 7 1988 things changed The Securities and Exchange Commission charged Milken and Drexel Burnham Lambert with insider trading and stock fraud Waiting in the wings was the US District Attorney who wanted to fil. As the tale of one person's empire building innovating whole new realms while also transgressing ethical and legal norms this text has a great deal in common with Robert Caro's The Power Broker This book is a probing look at the mechanics of Michael Milken's seizure of power in corporate finance That said there are two faults I have with this first that the action described takes place in a little over a decade; the events seem to pile on top of each other giving little sense of chronology Secondly and probably importantly the action takes place solely at the level of shareholders and board members the effects of Milken's action on say company employees or regulators is glossed overIf the author is interested I think she should consider another update on Milken's life since his ban from the securities markets in which he has expanded to the world of philanthropy with his will to power and self mythologizing still intact

Connie Bruck ´ 0 DOWNLOAD

E criminal and racketeering charges What motivated Milken in his drive for power and money Did Drexel Burnham Lambert condone the breaking of laws The Predators' Ball dramatically captures American business history in the making uncovering the philosophy of greed that has dominated Wall Street in the 198. The story of junk bond salesman Michael Milken from the late seventies and 80’s He basically created the what is now called high yield bond and a financial move called a ‘leveraged buy out’ where management of a company borrows money at a high rate to take over the company Milken’s activities changed the corporate landscape in the 80’s but all that power led to an organization that closely resembled the mafia than an investment firm Funny what can happen Rudy Giuliani’s investigation into Drexel and Michael Milken led to the firms downfall in 1988 In 2020 Donald Trump pardoned Milken after years of White House lobbying by Milken’s powerful friends including Ted Turner

SUMMARY Ô PDF, DOC, TXT or eBook ´ Connie Bruck

The Predators' Ball The Inside Story of Drexel Burnham and the Rise of the Junk Bond RaidersDuring the 1980s Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King He invented such things as the highly confident letter I'm highly confident that I can raise the money you need to buy company X and the blind pool Here's a billion dollars let us help you buy a company and he fi. Of all the financial industry tell alls of the 1980s this has to be the most detailed and comprehensive While writers like Bryan Burroughs in books like Barbarians at the Gate focused on personalities and relationships Connie Bruck peaked inside the intricate system of junk bond financing that Michael Miliken pioneered at Drexel Burnham Lambert and explained how such subtle innovations as refinancing bonds and private placements led him to become the most richly rewarded man in the world and then of course a convicted felonBruck presents an admirably balanced picture of Milken as both a driven genius and an occasionally underhanded dealer At first one cannot read the book without admiring Milken's intelligence Taking the research of W Braddock Hickman from the 1940s Milken showed his bosses how buying large diversified portfolios of low uality corporate bonds ie junk bonds would allow them to outperform the competition Even if a few defaulted he argued the high interest on the whole would be greater than supposedly safe triple A bonds More than that Milken son of a Los Angeles accountant had an uncanny ability to divine good companies from their balance sheets and statements and very few of his supposedly junk bonds defaulted This made him and Drexel the fastest growing financiers in the country After building up a dedicated cadre of thrift institutions wealthy individuals and mutual fund clients all of whom would buy any bonds Milken offered on pure faith Milken then transformed that vast reservoir of cash a into a tool to raise money for hostile takeovers These junk bond financed raids allowed such previous nobodies as Nelson Peltz of Triangle Industries to take over National Can Company or Ronald Perelman and his Pantry Pride supermarket chain to take over Revlon As the section is titled pawns captured kings Soon Milken became the center of a vast web of money and companies that funded takeovers purchased stocks and distributed vast funds across the nation He also became a walking conflict of interest who accumulated loads of insider information from his diffuse clients Then a US Attorney named Rudolph Guiliani and a crusading SEC finally put him in prison for two years fined him billions and pushed Drexel into bankruptcyBruck is best in the weeds She relates how Milken's stripping of stock warrants originally reuested as kickers to help sell supposedly bad bonds from bond offerings and the placing of such warrants and stocks with close friends who were at his beck and call allowed him to accumulate large positions in companies before filing an SEC 13D form admitting to at least 5% ownership and thus gave him the nebulous power to potentially threaten almost any CEO in the country Few knew how much potential stock he controlled Bruck also shows how Milken's 3a9 deals that is private placements of bonds that did not have to register with the SEC but contrary to Milken's actual practice which were not supposed to be uickly traded allowed him to create sudden streams of funds to use against takeover targets Also Bruck points out how Milken's highly confident letters stating merely that his firm strongly believed it could raise say 100 million in a few weeks were enough to make many corporate chieftains uake in their loafers and then to make them offer him large payouts to stay away from their companies Although he didn't originate such greenmail he made it ubiuitousAll this legerdomain had wider conseuences since it was part of a vast assault on the corporate establis