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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 Eighteen

THE END OF HISTORY (IN THE BEST OF ALL POSSIBLE WORLDS)

AND SO AN uneasy peace fell over the land, courtesy of recession and scandal. Takeovers and LBOs crashed in 1990, though they never approached the low norms of the now-remote 1970s. And by 1992, as the economy revived, M&A deals began to pile up again, setting new records. The politics of takeovers remained polarized. Hostile deals, layoffs, restructurings still occurred. But the aggression and outrage had ebbed away. Despite widespread pronouncements that junk was dead, it quickly bounced back, as bankruptcies eased and Wall Street firms grabbed Drexel’s high-yield talent. Nearly all of Milken’s raiders still operated, though without the self-righteous zeal and the nearly ...

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