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.