Timeline

Jim McHugh

1969

One Man’s Junk…

Michael Milken, then a 22-year-old Wharton grad, arrives at Drexel Harriman Ripley, the precursor to Drexel Burnham Lambert. He eventually heads the noninvestment-grade bond department. His pioneering work in junk bonds transforms M&A, making DBL Wall Street’s most profitable bank and giving rise to the leveraged buyout craze. By 1989, he’s jailed for securities fraud.

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