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Title: The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders by Connie Bruck ISBN: 0-14-012090-4 Publisher: Penguin USA (Paper) Pub. Date: June, 1989 Format: Paperback Volumes: 1 List Price(USD): $15.00 |
Average Customer Rating: 3.81 (27 reviews)
Rating: 4
Summary: Good, entertaining reading about finance issues in the 80's
Comment: This book, Liars Poker, Den of Thieves and Barbarians at the Gate are the books that define Wall Street in the 1980's. This book was an outstanding coverage of the age of the junk bond raiders. Junk bonds were the favorite financial tool of corporate raiders everywhere. The junk bond was also used to finance many new businesses (Donald Trump,Atlantic City and MCI are the most memorable to me). This book also covers Michael the driving force behind Drexel Burnham and the King of the junk bond.
The book is focused on the rise and fall of Drexel and the associated personalities of the firm. The author does a very good job of illustrating the power Milken had within Drexel, how his office on the West Coast went from being a backwater to accounting for the bulk of the firms revenue, and how Milken's subsequent removal left Drexel crippled past the point of healing. I felt that the book does a good job of explaining the brilliance of Milken and the high-yield bond market that he created and nurtured, and the catch-22 that led to his criminalization.
At the end of the day I find these kind of books to be financial humor more than anything because 1) these guys worked their butts off (2) made tons of money and then (3) a lot of them lost their shirts, ran into difficulties or (3) ended up in jail. Yes, they are rich by the boat load but it isn't the way I want to make a living.
Rating: 4
Summary: Interesting book about Michael Milken
Comment: Intertesting book about the mega-acquisition wave triggered by the creation of the junk-bond market. It will give you some info about the social-working atmosphere at Drexel and those who along with Milken surfed the biggest financial wave in the 80's. It is an easy-reading novel. Don't expect a thorough analysis about the Junk-Bond Market and its creation.
Rating: 4
Summary: Compelling Stuff that Leaves You Shaking Your Head
Comment: The book is great but it leaves you shaking your head in disbelief. One must conclude that there is no effective control by the SEC over companies on the NYSE and NADAQ.
I found this to be just a riveting book to read. It reminded me of the movie Wall Street although from what I gather Michael Milken at Drexel Burnham was not as good looking as Michael Douglas and he wore a hair piece and drove an older Oldsmobile, not a Ferrari.
Milken while reading the Wall Street Journal and similar material on the bus going to business school in Philadelphia came up with this idea of selling the junk bonds. Once he graduated and was employed he pushed that idea, similar to the way Fred Smith pushed Fed.Ex. - another college idea. It comes clear in the book, just shouting out at you, that he had lots of help. Banks helped him, brokers helped him, other companies helped him, he opened a new office for Drexel in LA and in general just took over that company - all because people knew and appreciated that he was going to make buckets of money. His whole scheme was in fact similar to a pyramid scheme with everyone getting fat fees that were supposed to be re-paid down stream by the successful company. The Predator's Ball did exist as real annual social get together where the bankers, brokers, and the borrowing companies got together for a night of partying. The victims - the shareholders - were not invited.
Like every Ponzi scheme at some point reality had to set in and it failed. That is what this book is about. Sure we can learn but apparently we are immune or unable to learn from history because the market over inflated itself and the Nasdaq went to 5000+ a decade later, and we had World Com and Enron. It is also remarkable that after taking so much money he got off with a light jail sentence and a big fine ($500. million) that Millken could pay.
Entertaining read.
4 stars.
Jack in Toronto
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Title: DEN OF THIEVES by James B. Stewart ISBN: 067179227X Publisher: Simon & Schuster Pub. Date: 01 September, 1992 List Price(USD): $15.00 |
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Title: Liar's Poker: Rising Through the Wreckage on Wall Street by Michael Lewis ISBN: 0140143459 Publisher: Penguin USA (Paper) Pub. Date: October, 1990 List Price(USD): $14.00 |
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Title: When Genius Failed : The Rise and Fall of Long-Term Capital Management by Roger Lowenstein ISBN: 0375758259 Publisher: Random House Trade Paperbacks Pub. Date: 09 October, 2001 List Price(USD): $14.95 |
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Title: Barbarians at the Gate : The Fall of RJR Nabisco by Bryan Burrough, John Helyar ISBN: 0060536357 Publisher: HarperBusiness Pub. Date: 27 May, 2003 List Price(USD): $16.95 |
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Title: Monkey Business : Swinging Through the Wall Street Jungle by John Rolfe, Peter Troob ISBN: 0446676950 Publisher: Warner Books Pub. Date: 01 April, 2001 List Price(USD): $13.95 |
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