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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 Twelve

THE FLAW IN THE PERFECT MACHINE

MILKENS SPECTACULAR EMERGENCE was the deus ex machina that Chicago needed to counter the poison pill. Milken swung the advantage back to offense. He defibrillated the Chicago dream of takeovers as a cleansing process of arbitrage back to life. The fact that Milken was a one-man market for junk bonds, which was hardly the way efficient free markets worked, was conveniently overlooked, at first through lack of knowledge of how Drexel operated, then, for true believers, more deliberately, and long after Allan Sloan in Forbes, Connie Bruck in Predator’s Ball, James Stewart in Den of Thieves, and various federal investigations had produced detailed views of Milken’s machinery. But in 1985 Milken not ...

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