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Michael Robert Milken is an American financier. He is known for his role in the development of the market for high-yield bonds, and his conviction and sentence following a guilty plea on felony charges for violating U.S. securities laws. Milken's compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $1 billion over a four-year period, a record for U.S. income at that time. With a net worth of US$6 billion as of 2022, he is among the richest people in the world.
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CIBC Capital Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm operates as an investment bank both in Canadian and global equity and debt capital markets. The firm provides a variety of financial services including equity and debt capital market products, mergers and acquisitions, global markets, merchant banking, and other investment banking advisory services.
Drexel Burnham Lambert Inc. was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States.
Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. According to the Florida Insurance Commissioner:
[GSLIC] was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest. The fraud at Guaranteed Security was a carefully orchestrated bank robbery. But the thieves disguised themselves with the help of accountants and brokers and lawyers rather than wearing silk-stocking masks.
The "highly confident letter" was a financing tool created by investment bankers at Drexel Burnham Lambert, dominated by Michael Milken, in the 1980s. Its objective was to enable corporate raiders to launch leveraged buyout (LBO) offers without the debt component of their financing package fully in place.
Victor Posner was an American businessman. He was one of the highest-paid business executives of his generation. He was a pioneer of the leveraged buyout and became notorious for asset stripping.
Peter Ackerman was an American businessman, the founder and former chairman of Americans Elect, and the founding chair of the International Center on Nonviolent Conflict. Ackerman was the managing director of Rockport Capital, Inc and served as a member of IREX's Global Advisory Council.
Convertible Hedge Associates (CHA) was an early alternative investment management company founded by Edward O. Thorp and a partner, Jay Regan, in November 1969. Based in Long Beach, California, CHA was said by Thorp to have been the first market-neutral hedge fund. In 1974 it was renamed as Princeton/Newport Partners.
Private equity in the 1990s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital, experienced growth along parallel although interrelated tracks.
Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. The firm has approximately $40 billion of assets under management and has made investments in over 190 companies since its inception as well as expanded into the European market with operations based in London.
Robert D. Beyer is an American investor and executive. He is currently Chairman of Chaparal Investments LLC, a private investment firm and diversified holding company with interests in both financial and operating assets. Previously, he was Executive Chairman of Crescent Acquisition Corp, a publicly traded blank check company that merged with LiveVox Holdings, Inc. in 2021. He was Chief Executive Officer and a director of TCW Group from 2005 until 2009, a diversified investment management firm with assets in excess of $150 billion; he previously served as president and Chief Investment Officer from 2000 until 2005.
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Lowell Jay Milken is an American businessman, philanthropist, and the co-founder and chairman of the Milken Family Foundation. He is also the founder of the National Institute for Excellence in Teaching, TAP System for Teacher and Student Advancement as well as co-founder of Knowledge Universe, the world’s largest provider of early childhood education from 2005 until 2016. He is known for his advocacy and nonprofit leadership focused on K-12 American education reform. In 2017, he was the recipient of the James Bryant Conant Award for exceptional contributions to American Education. Lowell Milken has founded several more nonprofit organizations, including the Lowell Milken Family Foundation and the Lowell Milken Center for Unsung Heroes. In 2000, he was named one of America's most generous philanthropists by Worth magazine and has been listed for the past 7 years in the Los Angeles Business Journal’s LA500 list of the most influential and impactful executives in Los Angeles.
The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders, by Wall Street Journal writer Connie Bruck, largely recounts the rise of Michael Milken, his firm Drexel Burnham Lambert, and the leveraged buyout boom they helped to fuel in the 1980s.
Frederick H. Joseph was the former president and chief executive officer of the investment bank Drexel Burnham Lambert during the 1980s.
Mitchell R. Julis is an American businessman and co-founding partner of Los Angeles hedge fund Canyon Capital Advisors.
Antony P. Ressler is an American billionaire businessman. He co-founded the private equity firms Apollo Global Management in 1990, and Ares Management in 1997. As of May 2024, his net worth was estimated by Forbes at $11.3 billion.
Harriman, Ripley and Company was an investment bank created by the partners of Brown Brothers Harriman after the passage of the Glass Steagall Act mandated firewalls between commercial banks and investment banks. Brown Brothers Harriman positioned itself into a private bank while Harriman Ripley engaged in the marketing and underwriting of securities. Employees were recruited primarily from Brown Brothers Harriman, and also from the National City Bank.
Terren Scott Peizer is an American businessperson. On June 21, 2024, he was found guilty by a California federal jury of three counts of insider trading and securities fraud, following a nine-day trial. Peizer faces a maximum penalty of 65 years in prison.
References
- ↑ "Los Angeles Times". December 21, 1986. Archived from the original on October 24, 2012. Retrieved July 6, 2017.
- ↑ THE JOURNAL RECORD Article date:November 22, 1986
- ↑ Business; Putting 'Hostile' Back Into Takeover By ANDREW ROSS SORKIN February 25, 2001
- ↑ "Milken Aide Called Before Grand Jury" he Washington Post Article date: October 6, 1988 Author:Steve Coll; David A. Vise .
- ↑ Den of Thieves. Stewart, J. B. New York: Simon & Schuster, 1991. ISBN 0-671-63802-5.