Drexel Burnham Lambert

Drexel Burnham Lambert was a prominent American investment bank that rose to prominence in the 1980s, primarily known for its dominance in the high-yield 'junk bond' market. Led by Michael Milken, the firm played a pivotal role in the leveraged buyout boom of that era, financing numerous corporate takeovers. Notably, the firm was an early and significant financier for the emerging biotechnology industry, including managing the initial public offering for Amgen in 1983. Despite its success, the firm collapsed following a massive insider trading investigation and pleaded guilty to six counts of felony securities fraud. Drexel Burnham Lambert filed for Chapter 11 bankruptcy protection in February 1990, leading to its eventual liquidation.