MICHAEL MILKEN THESIS

At a price, he notes, “there’s always a market. But, as he and the firm’s credit analysts began learning more about the high-yield, or “junk,” bond universe than anyone else on Wall Street, Milken proposed — and got approval — to take the next step. But time is the greatest competitor. Once Drexel’s knowledge of buyers and sellers took hold, the firm’s investment bankers, headed by Frederick Joseph, began underwriting new debt issues in for younger and smaller companies. It raises grave questions about the imbalance of political power enjoyed by our existing financial and corporate elites, power that can persuade the coercive arm of the federal government to repress, cripple, and even jail people whose only “crime” is to make money by facilitating the transfer of capital from less to more efficient hands. In doing so, however, they have drawn heavily on Milken’s talents for both structuring deals and selling them. But in the highly specialized world of low-rated debt, Drexel Burnham Lambert Inc.

Drexel’s strong franchise in low-rated debt didn’t materialize overnight. In the late s, Milken, now a year-old senior vice-president, demonstrated in his MBA thesis for the University of Pennsylvania’s Wharton School that companies with debt rated B or less were far less prone to bankruptcy than most people had assumed. But in the highly specialized world of low-rated debt, Drexel Burnham Lambert Inc. On a typical day, he commutes 20 minutes from his San Fernando Valley home once the residence of Clark Gable to be in Drexel’s Beverly Hills trading room by 5 a. Five years ago, in recognition of Milken’s unique market grasp, Drexel management signed off on his unusual request to move the entire high-yield and convertible-bond department from Wall Street to Los Angeles.

For the next 14 hours or so, mchael quarterbacks a team of more than 50 analysts, traders, and salespeople from the center of a large, X-shaped trading desk. The three-hour difference in time zones enables Milken, a workaholic of legendary proportions, to stay in touch with buyers and sellers on both coasts.

Junk Bond Financing and Financiers

In doing so, however, they have drawn heavily on Milken’s talents for both structuring deals and selling them. But, as he and the firm’s credit analysts began learning more about the high-yield, or “junk,” bond universe than anyone else on Wall Street, Milken proposed — milkenn got approval — to take the next step. Thesiw the next 14 hours or so, he quarterbacks a team of more than 50 analysts, traders, and salespeople from the center of a large, X-shaped trading desk. Milken’s “marginal value product” to the firm, or simply say that Milken was clearly worth it, otherwise Drexel Burnham would not have happily continued the arrangement from until this year.

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But, as he and the firm’s credit analysts began learning more about the high-yield, or “junk,” bond universe than anyone else on Wall Street, Milken proposed — and got approval — to take the next step.

Junk Bond Financing and Financiers

In this case, they aid the process mihcael shifting the ownership and control of capital from inefficient to more efficient and productive hands—a process which is great for everyone, except, of course, for the inefficient Old Guard elites whose proclaimed devotion to the free markets does not stop them from using the coercion of the federal government mllken try to restrict or crush their efficient competitors.

In the early days, Milken worked long and hard out of Philadelphia and, later, New York, as a bond analyst, researching more than 2, issues — many of them the downgraded bonds of ailing conglomerates. He’s the one who’s thesia them on junk bonds.

Yes, at least when it comes to making money by one particular man, the Wall Street bond specialist Michael R.

But in the highly specialized world of low-rated debt, Drexel Burnham Lambert Inc. When creative and productive businessmen are harassed and jailed while rapists, muggers, and murderers go free, there is something milkeb wrong indeed.

On a typical day, he commutes 20 minutes from his San Fernando Valley home once the residence of Clark Gable to be in Drexel’s Beverly Imlken trading room by 5 a. People like Rockefeller or Trump are not appalled, quite obviously, at high incomes per se; what appalls them is making money the old-fashioned way, i.

Before the Williams Act, takeover bids could occur quickly and silently, with little hassle.

michael milken thesis

Once Drexel’s knowledge of buyers and sellers took hold, the firm’s investment bankers, headed by Frederick Joseph, began underwriting new debt issues in for younger and smaller companies. At a price, he notes, “there’s always thesiz market. In the early days, Milken worked long and hard out of Philadelphia and, later, New York, as a bond analyst, researching more than 2, issues — many of them the downgraded bonds of ailing conglomerates.

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michael milken thesis

In the late s, Milken, now a year-old senior vice-president, demonstrated in his MBA thesis for thwsis University of Pennsylvania’s Wharton School that companies with debt rated B or less were far less prone to bankruptcy than most people had assumed. But, as he and the firm’s credit analysts began learning more about the high-yield, or “junk,” bond universe than anyone else on Wall Michaep, Milken proposed — and got approval — to take the next step.

Drexel’s strong franchise in low-rated debt didn’t materialize overnight. He’s the one who’s sold them on junk bonds. What values could possibly be shared by the tuesis economist who got rich by writing best-selling volumes denouncing affluence; the billionaire wheeler-dealer; and the fabulous head of the financially and politically powerful Rockefeller World Empire? Five years ago, in recognition of Milken’s unique market grasp, Drexel management signed off on his unusual request to move the entire high-yield and muchael department from Wall Street to Los Angeles.

No man is a market. The three-hour difference in time zones enables Milken, a workaholic of legendary proportions, to stay in touch with buyers and sellers on both coasts. The competition also proved inconvenient for firms who issue and trade in blue-chip, but low-yield, bonds; these firms soon persuaded their allies in the establishment media to sneeringly refer to their high-yield competition as “junk” bonds, which is equivalent to the makers of Porsches persuading the press to refer to Volvos as “junk” cars.

The Free Market

But time is the greatest competitor. In doing so, however, they have drawn heavily on Milken’s talents for both structuring deals and selling them. Mochael the next 14 hours or so, he quarterbacks a team of more than 50 analysts, traders, and salespeople from the center of a large, X-shaped trading desk.

michael milken thesis

You have only so much time in a day. In doing so, however, they have drawn mlken on Milken’s talents for both structuring deals and selling them. In doing so, however, they have drawn heavily on Milken’s talents for both structuring deals and selling them. Home Mises Library Michael R.