Drexel Burnham Lambert

Drexel Burnham Lambert was a prominent American investment bank in the 1970s and 1980s, known for its aggressive trading and underwriting of securities. It played a major role in the development of the junk bond market, financing corporate takeovers and restructurings. Led by Michael Milken, the firm became highly profitable but also faced legal challenges for securities law violations. In the late 1980s, a series of revelations led to criminal charges, scandal, and the firm's collapse in 1990. Drexel's story reflects the risks and ethical issues involved in aggressive financial practices during that era.