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Bloodsport: When Ruthless Dealmakers, Shrewd Ideologues, and Brawling Lawyers Toppled the Corporate Establishment by Robert Teitelman

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Chapter Eleven

MICHAEL MILKEN, SURPRISED BY SIN

THE POLITICAL SIGNIFICANCE of Michael Milken’s junk-bond insurrection was not obvious to the world outside Wilshire Boulevard, Beverly Hills, where his Drexel Burnham Lambert high-yield—that is, junk-bond—department operated, until he decided to take over M&A. That was in the mid-’80s. Throughout the ’70s and into the ’80s, Milken built his sales and trading operation with intense, monomaniacal energy and, for the most part, did it outside the public eye. Like Jensen, he saw no need for the press. If Rohatyn was a Name, Milken was still a Nobody. He was, to an extraordinary extent, a furtive creature of the markets, not a public figure. He was not a habitué at Elaine’s or 21 or the Regency for ...

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