The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders by Connie Bruck

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(Paperback)

Average Customer Rating: Customer Rating for this product is 4.5 out of 5 (4 ratings)

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  • Publisher: Penguin Group (USA)
  • Pub. Date: June 1989
  • ISBN-13: 9780140120905
  • Sales Rank: 38,527
  • 399pp
 
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Synopsis

During the 1980s, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King. He invented such things as "the highly confident letter" (I'm highly confident that I can raise the money you need to buy company X) and "the blind pool" (Here's a billion dollars: let us help you buy a company), and he financed the biggest corporate raiders-men like Carl Icahn and Ronald Perelman. And then, on September 7, 1988, things changed... The Securities and Exchange Commission charged Milken and Drexel Burnham Lambert with insider trading and stock fraud. Waiting in the wings was the U.S. District Attorney, who wanted to file criminal and racketeering charges. What motivated Milken in his drive for power and money? Did Drexel Burnham Lambert condone the breaking of laws? The Predator's Ball dramatically captures American business history in the making, uncovering the philosophy of greed that has dominated Wall Street in the 1980s.

Annotation

During the '80s, Michael Milken at Drexel Burnham created the corporate raiders. He was the billionaire Junk Bond King. But, in the corner stood the U.S. District Attorney waiting to file criminal and racketeering charges.

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Customer Reviews

Number of Reviews: 4
Average Rating: Customer Rating for this product is 4.5 out of 5
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Customer Rating for this product is 4 out of 5 A Piece That Has What Others Don't.
Anthony Toupuissant (atoupuissant@puissant-maison.com) , A reviewer, 09/02/2007

Highly regarded as one of the finest pieces of business investigative journalism written, Connie Bruck's groundbreaking work on the subject of junk bonds and corporate financing was written during a time when the business press universally admired Drexel Burnham for their ability to turn junk into gold. You will find this book quite entertaining and comprehensible. A smooth read not filled with too much industry jargon, its nomenclature friendly enough even for the beginner. It highlights the bright sides as well as the dark sides of the critically acclaimed Junk-bond king Michael Milken and allows each of us to have his or her own view on Milken and Drexel Burnham's underlying philosophy. Although the book does lean heavily towards Milken having a me first attitude, it does manage to pin down a few important business lessons underscored by him that cannot be overlooked. You will no doubt waste any time reading this piece. You will definitely be on the winning side by reading this book. This book will definitely generate scores of topics to discuss and debate about the philosophies of American business that dominated Wall Street in the 1980s. A definite must read for those interested in banking, financial history, and especially for business students.

Customer Rating for this product is 5 out of 5 Greatest Wall Street Book Ever Written. Took guts and smarts to write.
Ken Morris (amm1@pacbell.net) , former Wall Street executive, 12/17/2003

Sucked into Drexel Burnham only weeks before the scandals hit, I originally read this book with heightened interest. As an insider who never participated in the thousands of crimes going on at this firm -- yet on several management committees -- I was in a position to understand/evaluate the allegations in this book. Not one word of this book rings false. I'm buying the book tonight, all these years after the fact, to remind me of why I've been a critic of Wall Street for over two decades. In my top ten people I wish to meet in this lifetime, is Connie Bruck. When I first met Mike Milken, he said to me: 'Ken, your only value as a human-being is how much money you make for me, for this firm, and for yourself.' Those words--coming before the scandals--confused me tremendously. Later, after Drexel went bankrupt and Mike went to prison, I understood. He and the firm were, as Preditor's Ball depicted, as out of control as we have recently seen Enron/Tyco/etc. This is a tale for all time. Brilliant.

Also recommended: Man in the Middle and The Deadly Trade (I like these because I wrote them: and they're pretty darn good).

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