Drexel Burnham Lambert, every mention
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every year anyone Ted Seides 51Richard Sandler 17Josh Friedman 10Michael Mauboussin 7David Abrams 5Don Mullen 4Scott Bessent 3Kipp deVeer 3John Barber 2Jeff Aronson 2
Verbatim, from the transcripts: the passages where Drexel Burnham Lambert comes up
Jeff Aronson – Building Centerbridge Across the Capital Structure (EP.468)
- ▶ 13:35 Jeff Aronson This was now in the early nineties, there was a recession, Drexel had imploded and the savings and loan crisis. 2 times in the scene
Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460)
- ▶ 10:31 Herb Wagner You had some of the Drexel spinoffs.
Scott Bessent - Macro Maven (EP.415)
- ▶ 16:57 Scott Bessent There was this asset appreciation cycle that was led by Mike Milken and all the Drexel companies leveraging up. 3 times in the scene
David Breazzano - High Yields and Low Risk at Polen Capital (EP.405)
- ▶ 3:50 Dave Brizano Drexel Burnham dominated the market, and they, along with a few other 2 times in the scene
Dan Tennebaum - The Case for India at India Capital (EP.387)
- ▶ 22:18 Dan Tannenbaum He was born in Khartoum, Sudan, and then found his way to graduate studies at the London School of Economics, where he in turn talked his way onto the EuroBond trading desk at Drexel Burnham Lambert, which in the 19 eighties was about the…
Michael Leffell – Opening Doors to Niche Private Opportunities at 10 East (EP.373)
- ▶ 12:50 Michael Leffell So that would have been 1988 that I went there, and shortly thereafter, Drexel started to go bankrupt, and then we had the savings and loan crisis.
Richard Sandler – The Prosecution of Michael Milken (EP.372)
- ▶ 6:12 Ted Seides Richard Sandler has been Mike Milken's personal attorney since 1983, having joined Drexel three years before the U.S.
- ▶ 9:46 Ted Seides Where was Mike at the time, and what was Drexel when you joined? 2 times in the scene
- ▶ 11:49 Richard Sandler I went to a lot of roadshows, a lot of major companies that became major companies that were doing financings for Drexel would be coming out there, met a lot of interesting people. 4 times in the scene
- ▶ 17:27 Ted Seides On request, you're providing a lot of information, but you don't even know at this point in time what they're accusing Mike of or Drexel of. 9 times in the scene
- ▶ 26:05 Richard Sandler That this investigation was heading towards an indictment against whether it's Drexel or Michael Milken or whoever else, they can't be wrong. 7 times in the scene
- ▶ 37:24 Ted Seides Why did you think at the time that Drexel agreed to settle if they didn't think there was anything that had been done wrong? 7 times in the scene
- ▶ 42:13 Richard Sandler And it came down to, we need six counts, because Drexel pled to six counts, so you're gonna have to do the same thing, and you're gonna have to pay six hundred fifty million dollars, because Drexel paid six hundred fifty million dollars. 6 times in the scene
- ▶ 48:06 Ted Seides So let's talk about what happened after that plea, and maybe start with what happened to Drexel. 5 times in the scene
Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
- ▶ 4:31 Ted Seides Mike is best known for his role in creating the high yield bond market in the 19 seventies and eighties at Drexel Burnham Lambert, his plea in a controversial prosecution, and his remarkable philanthropic efforts over 50 years supporting… 3 times in the scene
- ▶ 13:26 Ted Seides And I'm curious what you did with that to get to where you got to at Drexel. 7 times in the scene
- ▶ 27:40 Ted Seides So alongside of the innovation and financial technology you started long ago, your time at Drexel had a group of people working with you that have become, by a large amount, the leaders in this space today.
Marcia Page – Corn Capitalist with a Velvet Hammer at Värde and MPowered (EP.355)
- ▶ 9:33 Marcia Page On my 25 year old recommendation, I bought five million dollars of high yield bonds from what was then Drexel Burnham Lambert.
Kipp deVeer – The World of Private Credit at Ares (EP.329)
- ▶ 11:40 Kipp deVeer And a couple of guys who had left Drexel and Kitter Peabody had set up this partnership in 92 with a French bank. 2 times in the scene
- ▶ 37:25 Kipp deVeer I think it's driven by the fact that we have a lot of Drexel people around and we've all worked for a lot of Drexel people.
Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
- ▶ 1:20 Ted Seides Including long stints at First Boston, Bear Stearns, and Goldman Sachs, and shorter ones at Salman Brothers and Drexel Burnham Lambert.
- ▶ 6:11 Don Mullen Then I go to Drexel, 2 times in the scene
- ▶ 12:36 Don Mullen Drexel, the trading desk, effectively ran everything, everywhere, all the time, because the trading desk and the capital markets function were integrated, one of their problems.
- ▶ 16:45 Don Mullen I had the opportunity to have almost complete control of that ecosystem, and I could learn from my experiences at Drexel.
David Abrams – Sports Ecosystem Investing at Velocity (Capital Allocators, EP. 303)
- ▶ 2:09 David Abrams My career began as the savings and loan crisis hit, Drexel went out of business, and there had been a lot of buyouts done in leveraged deals, but they really weren't private equity funds. 5 times in the scene
Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
- ▶ 4:31 Ted Seides Our conversation covers Josh's background at Goldman Sachs and Drexel Burnham under Michael Milken, the founding of Canyon, its investment philosophy, key stages on its path, and structure of the organization.
- ▶ 6:14 Josh Friedman From there, I was recruited to Drexel. 2 times in the scene
- ▶ 6:55 Ted Seides Both Goldman and Drexel before its fall were legendary talent consortiums.
- ▶ 10:16 Josh Friedman There was no such thing as a new issue high yield bond before Mike and Drexel.
- ▶ 11:29 Ted Seides What was the internal culture at Drexel like on Mike's team on the West Coast? 3 times in the scene
- ▶ 12:25 Ted Seides Before you got there, Drexel went down, and I'm curious, from being inside a place like that where there was a line crossed, what that trajectory was like to creating and owning a marketplace and then seeing something potentially go too… 3 times in the scene
- ▶ 14:41 Josh Friedman Drexel was out of business. 3 times in the scene
- ▶ 34:06 Josh Friedman There's been a massive growth in the private markets, and again, I think that origin can be traced in large part to where we were before we started Kenya, which was Drexel.
- ▶ 36:45 Josh Friedman Even when we started the business, Drexel had a disproportionate share of the trading in the secondary market of high yield. 3 times in the scene
John Barber – The Art of Co-Investing at Cohesive Capital (Manager Meetings, EP.31)
- ▶ 8:04 John Barber I had someone I knew who got me a job at Drexel Burnham.
- ▶ 10:39 Ted Seides Drexel had an interesting history from there through the late eighties, early nineties. 7 times in the scene
- ▶ 45:54 John Barber We talked about Drexel Burnham earlier.
Brian Higgins - King Street Capital (Manager Meeting, EP. 21)
- ▶ 13:58 Brian Higgins Yeah, so at First Boston, you know, I went down after my two years in A-Nine to trade distress proprietarily, and so wanted to get that markets experience, and Fran went off to business school, and then I get down there a few months later,…
- ▶ 18:08 Brian Higgins That downside protection, that fundamental analysis is so key, but as you noted, and, you know, being a trader, when you see markets freefall, as I witnessed with Drexel going to business and markets trading bond points, 20, 30 points…
Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
- ▶ 23:06 Max Frumes Canyon capital partners, a couple of Drexel alums run, run that fund as well.
Private Equity Masters 6 – Doug Ostrover – Blue Owl Capital (Capital Allocators, EP.205)
- ▶ 9:12 Doug Ostrover Drexel was the dominant firm at the time. 2 times in the scene
Private Equity Master 2: John Connaughton – Bain Capital (Capital Allocators, EP.201)
- ▶ 6:41 John Connaughton Drexel's going under.
Sustainable Investing 5: David Blood - Pioneering a Generation (Capital Allocators, EP.143)
- ▶ 10:04 David Blood Drexel went out of business.
David Zorub - The Path to a Hedge Fund Launch (Capital Allocators, EP.96)
- ▶ 7:42 David Zorub But the high yield market was going through a rebirth after the flame out of Drexel.
Thomas Russo – All About Berkshire Hathaway (Capital Allocators, EP.89)
Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46)
- ▶ 58:16 Andy Redleaf You know, like I thought, 89 and 90, the collapse of the UAL deal, and then the collapse of Drexel.
Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)
- ▶ 6:31 Michael Mauboussin One of them was Drexel Burnham Lambert, which is where I ended up. 6 times in the scene
- ▶ 10:00 Michael Mauboussin So I would say that in my 30 plus years of Wall Street, the analyst who I thought was the greatest analyst I've ever seen operate was a guy named Alan Greditor, who was the food industry analyst at Drexel Burnham.