The Predators' Ball
The Inside Story of Drexel Burnham and the Rise of the JunkBond
by:
Connie Bruck
in:
Investing
Summary:
The book provides an in-depth look at the rise of the high-yield junk bond market in the 1980s, focusing on the investment bank Drexel Burnham Lambert and its influential financier Michael Milken. It chronicles the aggressive tactics used to expand the market, the subsequent financial scandals, and the eventual downfall of both the firm and Milken.
Key points:
1. Junk Bonds Rise: The book explains how high-yield "junk" bonds became popular in finance, mainly through Michael Milken at Drexel Burnham Lambert in the '70s and '80s. Despite their risk, Milken sold investors on their high return potential.
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