Dangerous Dreamers: The Financial Innovators from Charles Merrill to Michael Milken

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Beard Books, 2000 - 276 páginas
The story of the perpetrators of some of the most dizzing and daring financial machinations.

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DANGEROUS DREAMERS: The Financial Innovators from Charles Merrill to Michael Milken

Crítica de los usuarios  - Kirkus

Informative—if often apologetic and even fawning—attempt by Sobel (Business/Hofstra University; The Life and Times of Dillon, Read, 1991, etc.) to put into ``historical perspective'' the Wall Street ... Leer comentario completo

Dangerous dreamers: the financial innovators from Charles Merrill to Michael Milken

Crítica de los usuarios  - Not Available - Book Verdict

Sobel, an author of several books on Wall Street, here chronicles the tales of four financial innovators who all pioneered some financial wrinkle: Louis Wolfson, in corporate takeovers; Charles ... Leer comentario completo

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Contenido

The Use of Junk in Corporate Creation and Takeovers
128
Rationalizing Takeovers
129
Beatrice and ITT
131
Plums in Petroleum
133
T Boone Pickens and the New Corporate Raiders
136
Boone Goes Hunting
138
The Gulf War
140
Drexel as Predator King
146

The Coming of Peoples Capitalism
29
Charles Wilson and Pension Plan Socialism
32
The Great Bull Market
33
The Growth Mania
34
James Ling and the Conglomerate Era
37
The Birth of LTV
38
Project Redeployment
41
Golfball Goofball and Meatball
42
The Unraveling
46
Endgame
49
Michael MilkenThe Outsider
55
Creativity on Demand
58
Enter Milken
62
The Academic Foundations of Milkenism
64
The Early Years at Drexel
71
Relationship Trading
75
Invading the Market
78
Weaving the Drexel Network
81
Tom Spiegel and Columbia SL
84
Fred Carr and the Revolution in Insurance
86
Doing Deals
90
The Milken Partnerships
93
Drexels Failures
95
The Early Deals
96
The New Breed
100
The Rise of Ethnics on Wall Street
102
Insider Trading
107
The Yuppie Generation
110
The Rebirth of the Hostile Takeover
112
Blackmail
116
Reinventing America
121
Attacking the Mismanagers
123
The Rise of the Trader
125
The Business Roundtable Battles Back
147
Cameomail from Phillips
149
Dont Go Hunting Without It
153
The Counterattack
157
The Contest for Unocal Begins
159
Fred Hartley Goes to Washington
161
Fueling the Regulatory Fires
164
Unocal Beats Back the Raiders
165
The Takeover Debates
169
The Great Debacle
172
Boesky Talks
174
Giuliani and RICO
176
Targeting Milken
178
The War on Drexel
179
Capitulation
182
Congress Piles on Junk
183
The Crusade Continues
186
The Academic Evidence on Junk
187
Milken Predicts the End of the Junk Era
191
Drexels Demise
194
Crime and Punishment
198
What Was Milkens Crime?
199
The Fatico Hearing
204
In the Court of Public Opinion
209
Prison
212
Demonization
213
The Shadow of AntiSemitism
215
The Verdict on Milken
217
Notes
220
Selected Bibliography
239
Index
249
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Página 107 - To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or...
Página 244 - The Cost of Capital, Corporate Finance, and the Theory of Investment.
Página 106 - Greed is all right, by the way. I want you to know that. I think greed is healthy. You can be greedy and still feel good about yourself.
Página 64 - Archilochus: the fox knows many things, but the hedgehog knows one big thing.
Página 172 - goods and services" that the Bill has in mind would certainly include the cost of fuel purchased from a fuel subsidiary. The report of the Subcommittee on Oversight and Investigations of the House Committee on Interstate and Foreign Commerce...
Página 108 - Where an insider has possession of facts that are known to him by virtue of his status and that, if known generally, would tend materially to affect the price of the security, the law requires that the insider disclose these facts to those with whom he deals or forego the transaction.
Página 25 - And so in our case it has long been our policy and our effort to get our clients, not by chasing after them, not by praising our own wares, but by an attempt to establish a reputation which would make clients feel that if they have a problem of a financial nature, Dr. Kuhn, Loeb & Co. is a pretty good doctor to go to.
Página 177 - It shall be unlawful for any person through a pattern of racketeering activity or through collection of an unlawful debt to acquire or maintain, directly or indirectly, any interest in or control of any enterprise which is engaged in, or the activities of which affect, interstate or foreign commerce.
Página 184 - LOS IONS High yield bonds have been good investments in relation to other investments for thrifts during a period of unprecedented peacetime economic expansion. So far, the returns on an actively managed and diversified portfolio of high yield bonds have been higher than returns on alternative investments, after accounting for comparative risk. However, whether this will continue to be the case is uncertain.
Página 48 - It creates nationwide marketing, managerial and financial structures whose enormous physical and psychological resources pose substantial barriers to smaller firms wishing to participate in a competitive market. And, finally, super-concentration creates a "community of interest" which discourages competition among large firms and establishes a tone in the marketplace for more and more mergers.

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Acerca del autor (2000)

Robert Sobel was born in 1931 and died in 1999. He was a prolific historian of American business life, writing or editing more than 50 books and hundreds of articles and corporate profiles. He was a professor of business at Hofstra University for 43 years and held a Ph.D. from New York University. Besides producing books, articles, book reviews, scripts for television and audiotapes, he was a weekly columnist for Newsday from 1972 to 1988. At the time of his death he was a contributing editor to Barron's Magazine.

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