Drexel Burnham Lambert Inc.

…of Milken and his firm, Drexel Burnham Lambert. Both Drexel and Milken later entered guilty pleas to securities-law violations.

…Company to form what became Drexel Burnham Lambert Inc., a major investment banking company. In 1971 Milken became head of Drexel Burnham’s bond-trading department. He saw great potential in the neglected area of “junk bonds”—i.e., non-investment-grade bonds that were typically issued by smaller, newer companies or by established firms whose…