Tuesday, April 21, 2015

What It Was Like Working with the Junk Bond King

Mark Attanasio: The day started at 5, not 5:01. …You got in between 4:30 and 5 and got yourself situated. … Often clients would show up early to man up and show Mike, “Hey, I’m here, too.”

G. Chris Andersen: We financed Ted Turner. We financed John Malone.

Mark Attanasio: Within a year I was in front of guys like Ron Perelman and Steve Ross at Warner Brothers.

Lorraine Spurge: And then, at some point, we met a gentleman named Steve Wynn.

Ken Moelis: Steve came to me in 1986. And he says, “Look, I got this idea. We’re going to build this casino for $800 million, and it’s going to have a volcano that goes off every 15 minutes.”

—from “Renegades of Junk: The Rise and Fall of the Drexel Empire”, an oral history by Bloomberg News reporters Max Abelson, Jason Kelly, and David Carey. Interviews trace the trajectory of former investment bank Drexel Burnham Lambert, where Michael Milken helped popularize junk bonds before the firm filed for bankruptcy 25 years ago.

Read the story


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