Drexel Burnham Lambert
also referred to as: drexel · drexel burnham
16 statements across 9 episodes · 7 bullish · 2 bearish · 9 people on the record · first statement Jan 8, 2018 by Michael Mauboussin · said 120 times in 23 episodes since 2018 · across every show →
Mentions by year
brought up most by Ted Seides (51), Richard Sandler (17), Josh Friedman (10), Michael Mauboussin (7), David Abrams (5), Don Mullen (4), Scott Bessent (3), Kipp deVeer (3)
tap a year for its mentions
2025 3 mentions in 2 episodes 2 per episode
2024 59 mentions in 6 episodes 10 per episode
- Richard Sandler – The Prosecution of Michael Milken (EP.372)
- Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
- Scott Bessent - Macro Maven (EP.415)
- David Breazzano - High Yields and Low Risk at Polen Capital (EP.405)
- Dan Tennebaum - The Case for India at India Capital (EP.387)
- Michael Leffell – Opening Doors to Niche Private Opportunities at 10 East (EP.373)
- every mention in 2024, scene by scene →
2023 14 mentions in 4 episodes 4 per episode
- Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
- David Abrams – Sports Ecosystem Investing at Velocity (Capital Allocators, EP. 303)
- Kipp deVeer – The World of Private Credit at Ares (EP.329)
- Marcia Page – Corn Capitalist with a Velvet Hammer at Värde and MPowered (EP.355)
- every mention in 2023, scene by scene →
2022 27 mentions in 2 episodes 14 per episode
2021 6 mentions in 4 episodes 2 per episode
- Brian Higgins - King Street Capital (Manager Meeting, EP. 21)
- Private Equity Masters 6 – Doug Ostrover – Blue Owl Capital (Capital Allocators, EP.205)
- Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
- Private Equity Master 2: John Connaughton – Bain Capital (Capital Allocators, EP.201)
- every mention in 2021, scene by scene →
2020 1 mention in 1 episode
2019 2 mentions in 2 episodes 1 per episode
Everything said about Drexel Burnham Lambert, oldest first
Jan 8, 2018 positive
Jun 22, 2020 negative
Blood: Major financial firm bankruptcies stem mostly from cultural failures
“Turns out that since I've been in finance now 35 years, there have been, I think, probably 10, 15 major organizations that have gone bankrupt, and they've mostly gone out of business for failures of culture and business principles”
Nov 24, 2021
May 19, 2022 positive
Barber: Every Drexel Burnham lender and equity holder recovered all their money
“And one of the things most people don't know is not only did every lender to Drexel Burnham get all their money back. We, as equity holders got all our money back at the end of the day, it was a short term downturn in the high yield market with too much concen…”
Jul 25, 2022 positive
Jul 25, 2022 positive
Friedman: Drexel's 1980s high-yield market fueled massive private equity expansion
“The first three years that I was there, from 1984 to 1987, were a period of exponential growth, exponential creativity. Explosion in the size of the market that we were creating and the characteristics of it, and explosion in the private equity market because …”
Jul 25, 2022 bullish
Friedman: 1990s bond prices collapsed despite an expanding US economy
“The prices get absurdly low on pretty good credits, and it's also a time when the US economy was recovering from a recession in the late eighties, so you had an economy pointed up and bond prices going down, and it made no sense.”
Jul 25, 2022 positive
Friedman: Drexel Under Milken Taught How to Buy Businesses Without Capital
“I worked in the magical world of Mike Milken in 1984 to 1990, which was just an unbelievable place. It was a great place to learn how to buy a business if you didn't have any money, because we were financing people buying businesses who didn't have that much m…”
Mar 23, 2023
Dec 11, 2023
Feb 26, 2024
Feb 26, 2024 positive
Milken: Financial firms must make research, not sales, their foundation
“And so my view as the foundation of the firm was research, and we needed to invert the pyramid where research is the foundation of financial investing and advising, then trading, and then if you can trade it and buy it, you can work on selling it.”
Mar 4, 2024 neutral
Sandler: Drexel settled federal charges for $650 million in penalties and disgorgement
“They paid a very large fine. I think they paid six hundred and fifty million dollars out. Part of that went as a criminal penalty, and part of that went to as an SEC disgorgement fund, because they settled with both the SEC and the U.S. Attorney”
Mar 4, 2024 neutral
Sandler: Ivan Boesky did very little trading with Drexel Burnham Lambert
“Ivan Boski was probably the most revered and respected risk arbitrageur on Wall Street. He had accounts with every firm. In fact, he did very little trading with Drexel. He was probably the largest equity buyer of securities of stocks at the time for any firm …”
Mar 4, 2024 negative
Sandler: Drexel collapsed after funding unsold inventory with commercial paper
“What had happened is, to prove they could still get deals done, they were taking a lot of securities that they couldn't sell into inventory, and they were financing it by issuing commercial paper in the commercial paper market. So in financial parlance, they w…”
Mar 4, 2024 neutral
Sandler: Princeton Newport collapsed before trial under RICO before winning on appeal
“The firm was out of business before the first witness was called in the trial, because under RICO, you could create a freezing of assets, and as a financial institution, that's very, very difficult. So, even though Princeton Newport case was reversed on appeal…”