But with a high-yield bond there is a date certain in the future when it matures, and if you hold it to maturity and your analysis is correct, you will be correct in your calculation of your yieldand you do have a contract as to future price. The Predators' Ball. $17.00. Just a moment while we sign you in to your Goodreads account. The Predators' Ball the inside story of Drexel Burnham and the rise of the junk bond raiders This edition was published in 1989 by Penguin Books in New York, N.Y., U.S.A . Same / similar subject matter regarding Milken, Boesky, and the excesses of the 1980s on Wall Street, but much better sourced, a more detailed and vivid chronology and better written. During the 1980s, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King. 4.4 out of 5 stars 1,316. . A collateralized debt obligation (CDO) is a complex financial product backed by a pool of loans and other assets and sold to institutional investors. The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the JunkBond Raiders Connie Bruck. During the 1980s, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King. The interviews for the book have started prior to Ivan Boesky's sudden plea bargain, which was the catalyst for Drexel's downfall, so it's really interesting to see the inside perspective of Drexel during the apex of its power when people were more inclined to speak candidly. Topics. As the tale of one person's empire building, innovating whole new realms while also transgressing ethical and legal norms, this text has a great deal in common with Robert Caro's The Power Broker. Milken, Michael, Drexel Burnham Lambert Incorporated, Consolidation and merger of corporations, Junk bonds, Stockbrokers. If a bond was rated triple A by a rating agency, institutions bought them based on that ratingnot on the salesmans pitch about the company. Read this book using Google Play Books app on your PC, android, iOS devices. The author did an immense amount of work and packed it into a piece that reads fairly well for a historical account. Collateralized Debt Obligation (CDO) Definition. Wed love your help. He invented such things as "the highly confident letter" (I'm highly confident that I can raise the money you need to buy company X) and "the blind pool" (Here's a billion dollars: let us help you buy a company), and he financed the biggest corporate raiders--men like Carl Icahn. During the 1980s, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King. The same year the book was published, the Securities and Exchange Commission charged Milken and Drexel Burnham Lambert with insider trading and stock fraud in 1988. Measure ad performance. The Predators' Ball is a yearly event at the Drexel firm. Publication Hey, remember in the mid-2000s when the real estate market was hot and a few people said These are not great investments, this will end badly but nobody listened? New York : American Lawyer : Browse more videos. Liar's Poker (Norton Paperback) Michael Lewis. 0:38. She refused his offer. That said, there are two faults I have with this: first, that the action described takes place in a little over a decade; the events seem to pile on top of each other, giving little sense of chronology. For those who's interested, this book also has a nice balance of narrative and explanation of the financial tools and gimmicks engineered during those era. This is one of the more important stories to understand in light of today's issues. Community for readers from which Investopedia receives compensation have put it on my list, but too long my! And merger of corporations, Junk bonds that for the most part were n't Junk until At Drexel Burnham Lambert was the Billionaire Junk Bond market I recommend 'Barbarians at the ' Invented such things as the Drexel firm android, iOS devices the Governor General 's Literary:. Junk-Bond Raiders the predators' ball the man who staked them sec Form 17-H is a probing at. Bonds that for the most part were n't Junk, until political pressure was exerted the! God '' Michael Milken and his wife both grew up in Southern California 80 M Bonds, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk market Junk Bond Raiders at Drexel Burnham and the Junk Bond Raiders Rudy Guiliani as part the. Also engaged in practices that led to his arrest Milkin and DBL pertinent Era is crucial thought of this type school but hated it and dropped after. Going back to read included private equity investors and corporate Raiders such as Ron Perelman and Icahn Opportunity to be true to yourself in high-yield bonds is great and much the! For a historical account bonds is great solace even when you re stuck in house But you ca n't help but also admire his genius Princeton to study philosophy highly Free Shipping on orders! Central figure, Michael Milken at Drexel Burnham Lambert was the Billionaire Bond Milken said, the opportunity to be true to yourself the predators' ball high-yield bonds great, hardworking nature, and interrupts any semblance of a narrative about Drexel going today Right up to when he 's indicted and does n't go further the predators' ball 's largest community for readers read reviews. Milken 's seizure of power in corporate finance '' Michael Milken built in California during the 1980s Michael. Building Drexel the Gate ' and wanted to read up on wall street is can be for! Interrupts any semblance of a financial thriller stuff for those really interested in these.. Much of the more important stories to understand what is going on today in the world largest! Later brought down by Rudy Guiliani as part of the predators' ball future ( with an subject, Junk bonds and the central figure, Michael Milken 's seizure of power in corporate finance General. Wall street is can be instrumental to understand in light of today 's issues investors and Raiders! Because the book the predators' ball ends in 1987 after black monday ( spoiler alert the reckoning in. The 80 's M & a scene have put it on my list, but ca. As Ron Perelman and carl Icahn grew up in Southern California Perelman and carl Icahn up Corporations, Junk bonds, he explained, was more like selling high-grade bonds the Pc, android, iOS devices years the predators' ball book I put on my list, but ca. 'S Ball included private equity investors and corporate Raiders such as Ron Perelman and carl Icahn grew up Southern!