CALIFORNIA | LOCAL
February 13, 1997 |
The race for mayor continued to heat up Wednesday as challenger Tom Hayden and Mayor Richard Riordan accused each other of selling their influence to campaign contributors--one to a trash firm, the other to "junk bond kings." Hayden, a Democratic state senator from the Westside, charged that junk bond specialists have given more than $100,000 to Riordan and his charter reform campaign in an effort to buy "the keys to the mayor's office."
August 1, 1994 |
The windows of the proud prewar skyscrapers are black, their lobbies dead as tombs, their "For Sale" and "Will Divide" signs yellow and cracked with age. When another bank or brokerage moves out, it takes the landlord three or four years to find a new tenant. This is Wall Street today. Quietly, almost while no one was looking, it became more adjective than noun, more of a state of mind than a place. There are still "Wall Street analysts" and "Wall Street profits," but no Wall Street, at least not as it used to be known.
April 14, 1994 |
At 87 years of age, U.S. District Judge Milton Pollack has seen his share of financial disasters. His career as a securities lawyer started two weeks before the 1929 stock market crash. Sixty years later that experience helped him clean up a multibillion-dollar mess stemming from the fall of Michael Milken and Drexel Burnham Lambert Inc., once one of Wall Street's most powerful investment banks, which collapsed into bankruptcy.
July 22, 1992 |
Michael Milken began testifying as a defense witness Tuesday in the criminal trial of a former Fidelity Investments mutual fund manager accused of taking payoffs from Drexel Burnham Lambert's junk bond department. Milken, the imprisoned former head of Drexel's junk bond operations, testified that he had never known the former fund manager, Patricia Ostrander, to ask for any type of bribe.
May 1, 1992 |
Drexel Burnham Lambert, once one of the most powerful investment banking firms on Wall Street, ceased to exist Thursday and was succeeded by a small company that will manage its remaining junk bonds. Trustees overseeing the liquidation of Drexel's assets said the brokerage's Chapter 11 bankruptcy plan of reorganization was consummated. The trust is expected to make an initial cash payment of about $639 million to creditors in the next few days. New Street Capital Corp.