Word: burnham
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...kind of free-enterpriser the Soviet Union might single out in a blast against capitalism's excesses. Yet Milken now fancies the Soviet Union as a potential client for his fast-lane financial advice. So far, Milken, 41, a centimillionaire and resident wunderkind at the investment firm Drexel Burnham Lambert, has got little further than meeting Mikhail Gorbachev in a crowded room, when the Soviet leader visited Washington and talked with a group of U.S. business executives. But Milken, still pursuing a deal, disclosed two of his proposals last week. In one scheme, Drexel Burnham would help finance U.S.-Soviet...
Still at the center of the investigation, by all accounts, are Drexel Burnham Lambert and Michael Milken, head of the investment firm's junk-bond operation. Since junk bonds, which are high-yield, high-risk securities, are often used to finance takeovers, Milken and other Drexel Burnham employees have had advance knowledge of many big deals and could have passed information to speculators like Boesky. Drexel Burnham admits that in 1986 it received a $5.3 million payment from Boesky for "advisory services." After news of the payment broke, the firm's chief executive, Frederick Joseph, steadfastly ! maintained that internal company...
...adverse publicity has been rough on Drexel Burnham. For a while after the investigation started, some other investment banks suspended trading with the company, and commercial banks cut back lines of credit. But Joseph insists that business is now as good as ever. Says he: "The investigation made life more difficult for us, but we are stronger for it today." Joseph cannot speak with any assurance, though, until the outcome of Giuliani's probing is known -- one way or the other...
...crucial question is how many raiders have weathered the market's tempests with enough cash to bankroll new deals. Several prominent players claim to have pulled out of stocks before the crash, and may still have sizable cash reserves. At Drexel Burnham Lambert, which last year financed more takeovers than any other Wall Street firm, Chief Executive Frederick Joseph contends that "there is still a lot of capital out there." If that is true, the takeover game could soon become as fast paced as it was in pre-crash days...
...plunge made Wall Street veterans grab for their rip cords. "I've never seen a stock fall that far, that fast," said Barry Bryant, a retail analyst at Drexel Burnham Lambert. "This is a decline that leaves you gasping." Only a month ago Gap Inc., owner of the Gap, GapKids and the Banana Republic clothing chains, had been one of the stock market's highest flyers. But from an August peak of 77 7/8, the stock sank to 37 early last week, down 52%. That included a 10 1/4-point drop last Monday alone...