Banking on fraud: drexel, junk bonds, and buyouts
"Banking on Fraud investigates the fraud-facilitated leveraged buyouts engineered by Michael Milken and the firm of Drexel Burnham Lambert, and suggests how such buyouts have multiple and extensive consequences for the organization of business and the economy. The book answers several important...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York u.a.
de Gruyter
1993
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | "Banking on Fraud investigates the fraud-facilitated leveraged buyouts engineered by Michael Milken and the firm of Drexel Burnham Lambert, and suggests how such buyouts have multiple and extensive consequences for the organization of business and the economy. The book answers several important questions. How was the fraud organized and executed? How did Milken gain control of the High-Yield Bond Department? How did internal structural contradictions at Drexel lead to a loss of control of that department and facilitate fraud? How did the High-Yield Bond Department dominate bond issuers and buyers and gain control of the economic, political, and legal environments in which the bond transactions took place?" "In addressing these questions, Zey demonstrates how the ordinary networks developed through the buying and selling of bonds were linked to the extraordinary networks of the Boesky Organizations and Employee Private Partnerships to defraud bond issuers and buyers. Her analysis not only defines the networks as the avenues of power, but also traces the direction of the power relationships between corporations and investment bankers and between investment bankers and the congressmen relevant to banking interests. The book provides evidence that debunks the myth of rational economic organization in the 19805 and establishes broad implications for theories of organizational deviance."--BOOK JACKET. |
| Beschreibung: | XXI, 306 S. |
| ISBN: | 0202304663 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV010561153 | ||
| 003 | DE-604 | ||
| 005 | 20030212 | ||
| 007 | t | ||
| 008 | 960115s1993 |||| 00||| eng d | ||
| 020 | |a 0202304663 |9 0-202-30466-3 | ||
| 035 | |a (OCoLC)27172234 | ||
| 035 | |a (DE-599)BVBBV010561153 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-19 |a DE-12 |a DE-188 | ||
| 050 | 0 | |a HG4928.5 | |
| 082 | 0 | |a 364.1/68 |2 20 | |
| 100 | 1 | |a Zey, Mary |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Banking on fraud |b drexel, junk bonds, and buyouts |c Mary Zey |
| 264 | 1 | |a New York u.a. |b de Gruyter |c 1993 | |
| 300 | |a XXI, 306 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 520 | 1 | |a "Banking on Fraud investigates the fraud-facilitated leveraged buyouts engineered by Michael Milken and the firm of Drexel Burnham Lambert, and suggests how such buyouts have multiple and extensive consequences for the organization of business and the economy. The book answers several important questions. How was the fraud organized and executed? How did Milken gain control of the High-Yield Bond Department? How did internal structural contradictions at Drexel lead to a loss of control of that department and facilitate fraud? How did the High-Yield Bond Department dominate bond issuers and buyers and gain control of the economic, political, and legal environments in which the bond transactions took place?" "In addressing these questions, Zey demonstrates how the ordinary networks developed through the buying and selling of bonds were linked to the extraordinary networks of the Boesky Organizations and Employee Private Partnerships to defraud bond issuers and buyers. Her analysis not only defines the networks as the avenues of power, but also traces the direction of the power relationships between corporations and investment bankers and between investment bankers and the congressmen relevant to banking interests. The book provides evidence that debunks the myth of rational economic organization in the 19805 and establishes broad implications for theories of organizational deviance."--BOOK JACKET. | |
| 600 | 1 | 4 | |a Milken, Michael |
| 610 | 2 | 4 | |a Drexel Burnham Lambert Incorporated |
| 650 | 7 | |a Buy-outs |2 gtt | |
| 650 | 7 | |a Effectenhandel |2 gtt | |
| 650 | 7 | |a Fraude |2 gtt | |
| 650 | 7 | |a Obligaties |2 gtt | |
| 650 | 4 | |a Junk bonds |z United States | |
| 650 | 4 | |a Securities industry |x Corrupt practices |z United States | |
| 650 | 0 | 7 | |a Wirtschaftskriminalität |0 (DE-588)4066464-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Management Buyout |0 (DE-588)4215208-2 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Junk bond |0 (DE-588)4209156-1 |2 gnd |9 rswk-swf |
| 651 | 4 | |a USA | |
| 651 | 7 | |a USA |0 (DE-588)4078704-7 |2 gnd |9 rswk-swf | |
| 689 | 0 | 0 | |a USA |0 (DE-588)4078704-7 |D g |
| 689 | 0 | 1 | |a Junk bond |0 (DE-588)4209156-1 |D s |
| 689 | 0 | 2 | |a Wirtschaftskriminalität |0 (DE-588)4066464-8 |D s |
| 689 | 0 | |5 DE-604 | |
| 689 | 1 | 0 | |a USA |0 (DE-588)4078704-7 |D g |
| 689 | 1 | 1 | |a Management Buyout |0 (DE-588)4215208-2 |D s |
| 689 | 1 | 2 | |a Wirtschaftskriminalität |0 (DE-588)4066464-8 |D s |
| 689 | 1 | |5 DE-604 | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007041227&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-007041227 | ||
Datensatz im Suchindex
| _version_ | 1804125031355121664 |
|---|---|
| adam_text | Contents
Preface xi
Acknowledgments xxi
PARTI
Doing Fraud and Its Consequences
1 An Error and Its Chain Reaction 3
March 21, 1986—Boesky and Mooradian s Errors 3
Milken s Error 4
The Annual Predator s Balls 5
September 17, 1986—Boesky s Surrender 7
The Paradox 7
December 1988—Drexel Pleads Guilty 8
A Collapsing House of Cards 9
March 1990—The Government s Offer to Milken 10
Appendix 10
2 Fraud Networks of Drexel 13
Ordinary Networks 15
Extraordinary Networks 18
The Roles of the Boesky Organization 20
The Roles of Private Partnerships 29
Bond Buyers and the Extraordinary Network 38
Disclosure of the Milken/Boesky Connection 42
Events Leading to Bankruptcy 42
Conclusions 44
vii
viii Contents
3 Consequences of Fraud Facilitated
Leveraged Buyouts 49
Consequences 49
Consequences for Targets 53
Consequences for the Acquiring Firm 55
Consequences for Investment Bankers 58
Consequences for the Junk Bond Department
Employees 59
Consequences for Savings and Loans 60
Consequences for Pension Funds 63
Linking Pension Funds to Insurance Companies 67
Consequences for Insurance Companies 67
Consequences for Milken 71
Consequences for National Employment 72
Consequences for the National Economy 73
Conclusions 74
PART II
Toward Understanding Fraud
4 Structural Contradictions and the Failure of
Corporate Control 77
History of Drexel Burnham Lambert, Inc. 80
Socialization of the Junk Bond King 83
Structural Contradictions and the Failure
of Corporate Control 85
Contradictions of Corporate Control
and Departmental Autonomy 87
Departmental Autonomy through Differentiation 88
Control of the Bond Department: Rationality
and Opportunism 91
Contradictions of Authority and Control 99
The Contradiction of Authority and
Economic Incentive Systems 102
Conclusions 112
Contents ix
5 The Nature of Securities Transactions and
Market Control 117
Characteristics of Transactions at Drexel 117
System Interface Problems 123
Corporations as Mechanisms of Market Control 126
Conclusions 134
PART III
Toward Understanding Fraud as Structurally Embedded
6 Economic Context 139
1980s Transformation of Corporate Control 142
Mergers and Acquisitions as the Avenue to
Growth and Productivity 145
Leveraged Buyouts and Leveraged Takeovers 147
The Role of Drexel in the Creation of the
Bond Market—A Near Monopoly 157
The Transformation of the Capital Structure
and the Production of Corporate Debt 166
Competition Fueled Takeover Movement 167
Capital Supply and the Control of Capital
Markets 168
Conclusions: Toward New Theories of
Economic Organizations 171
Conclusions: A Structural Model 177
7 Political Legal Context 181
Laws 185
Political Action Committees and Lobbies 195
RICO Act 198
Structural/Network Analysis 215
Conclusions of Network Analysis 219
Appendix 222
x Contents
PART IV
Toward Theory
8 Toward Theories of Economic Organizations
and Organizational Crime 229
Markets, Organizations, and Fraud 233
Findings 234
Informing Perspectives 236
The Argument in Support of Structural
Embeddedness as an Alternative to Neoclassical
Economic Models of Organizations 246
Who Controls? 251
Central Actors 267
Glossary 273
References 279
Index 298
|
| any_adam_object | 1 |
| author | Zey, Mary |
| author_facet | Zey, Mary |
| author_role | aut |
| author_sort | Zey, Mary |
| author_variant | m z mz |
| building | Verbundindex |
| bvnumber | BV010561153 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4928 |
| callnumber-raw | HG4928.5 |
| callnumber-search | HG4928.5 |
| callnumber-sort | HG 44928.5 |
| callnumber-subject | HG - Finance |
| ctrlnum | (OCoLC)27172234 (DE-599)BVBBV010561153 |
| dewey-full | 364.1/68 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 364 - Criminology |
| dewey-raw | 364.1/68 |
| dewey-search | 364.1/68 |
| dewey-sort | 3364.1 268 |
| dewey-tens | 360 - Social problems and services; associations |
| discipline | Rechtswissenschaft |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03401nam a2200553 c 4500</leader><controlfield tag="001">BV010561153</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20030212 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">960115s1993 |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0202304663</subfield><subfield code="9">0-202-30466-3</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)27172234</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV010561153</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-19</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-188</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG4928.5</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">364.1/68</subfield><subfield code="2">20</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Zey, Mary</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Banking on fraud</subfield><subfield code="b">drexel, junk bonds, and buyouts</subfield><subfield code="c">Mary Zey</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">New York u.a.</subfield><subfield code="b">de Gruyter</subfield><subfield code="c">1993</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XXI, 306 S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1="1" ind2=" "><subfield code="a">"Banking on Fraud investigates the fraud-facilitated leveraged buyouts engineered by Michael Milken and the firm of Drexel Burnham Lambert, and suggests how such buyouts have multiple and extensive consequences for the organization of business and the economy. The book answers several important questions. How was the fraud organized and executed? How did Milken gain control of the High-Yield Bond Department? How did internal structural contradictions at Drexel lead to a loss of control of that department and facilitate fraud? How did the High-Yield Bond Department dominate bond issuers and buyers and gain control of the economic, political, and legal environments in which the bond transactions took place?" "In addressing these questions, Zey demonstrates how the ordinary networks developed through the buying and selling of bonds were linked to the extraordinary networks of the Boesky Organizations and Employee Private Partnerships to defraud bond issuers and buyers. Her analysis not only defines the networks as the avenues of power, but also traces the direction of the power relationships between corporations and investment bankers and between investment bankers and the congressmen relevant to banking interests. The book provides evidence that debunks the myth of rational economic organization in the 19805 and establishes broad implications for theories of organizational deviance."--BOOK JACKET.</subfield></datafield><datafield tag="600" ind1="1" ind2="4"><subfield code="a">Milken, Michael</subfield></datafield><datafield tag="610" ind1="2" ind2="4"><subfield code="a">Drexel Burnham Lambert Incorporated</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Buy-outs</subfield><subfield code="2">gtt</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Effectenhandel</subfield><subfield code="2">gtt</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Fraude</subfield><subfield code="2">gtt</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Obligaties</subfield><subfield code="2">gtt</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Junk bonds</subfield><subfield code="z">United States</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Securities industry</subfield><subfield code="x">Corrupt practices</subfield><subfield code="z">United States</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Wirtschaftskriminalität</subfield><subfield code="0">(DE-588)4066464-8</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Management Buyout</subfield><subfield code="0">(DE-588)4215208-2</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Junk bond</subfield><subfield code="0">(DE-588)4209156-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">USA</subfield></datafield><datafield tag="651" ind1=" " ind2="7"><subfield code="a">USA</subfield><subfield code="0">(DE-588)4078704-7</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">USA</subfield><subfield code="0">(DE-588)4078704-7</subfield><subfield code="D">g</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Junk bond</subfield><subfield code="0">(DE-588)4209156-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Wirtschaftskriminalität</subfield><subfield code="0">(DE-588)4066464-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="1" ind2="0"><subfield code="a">USA</subfield><subfield code="0">(DE-588)4078704-7</subfield><subfield code="D">g</subfield></datafield><datafield tag="689" ind1="1" ind2="1"><subfield code="a">Management Buyout</subfield><subfield code="0">(DE-588)4215208-2</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="2"><subfield code="a">Wirtschaftskriminalität</subfield><subfield code="0">(DE-588)4066464-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007041227&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-007041227</subfield></datafield></record></collection> |
| geographic | USA USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV010561153 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:55:05Z |
| institution | BVB |
| isbn | 0202304663 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007041227 |
| oclc_num | 27172234 |
| open_access_boolean | |
| owner | DE-19 DE-BY-UBM DE-12 DE-188 |
| owner_facet | DE-19 DE-BY-UBM DE-12 DE-188 |
| physical | XXI, 306 S. |
| publishDate | 1993 |
| publishDateSearch | 1993 |
| publishDateSort | 1993 |
| publisher | de Gruyter |
| record_format | marc |
| spelling | Zey, Mary Verfasser aut Banking on fraud drexel, junk bonds, and buyouts Mary Zey New York u.a. de Gruyter 1993 XXI, 306 S. txt rdacontent n rdamedia nc rdacarrier "Banking on Fraud investigates the fraud-facilitated leveraged buyouts engineered by Michael Milken and the firm of Drexel Burnham Lambert, and suggests how such buyouts have multiple and extensive consequences for the organization of business and the economy. The book answers several important questions. How was the fraud organized and executed? How did Milken gain control of the High-Yield Bond Department? How did internal structural contradictions at Drexel lead to a loss of control of that department and facilitate fraud? How did the High-Yield Bond Department dominate bond issuers and buyers and gain control of the economic, political, and legal environments in which the bond transactions took place?" "In addressing these questions, Zey demonstrates how the ordinary networks developed through the buying and selling of bonds were linked to the extraordinary networks of the Boesky Organizations and Employee Private Partnerships to defraud bond issuers and buyers. Her analysis not only defines the networks as the avenues of power, but also traces the direction of the power relationships between corporations and investment bankers and between investment bankers and the congressmen relevant to banking interests. The book provides evidence that debunks the myth of rational economic organization in the 19805 and establishes broad implications for theories of organizational deviance."--BOOK JACKET. Milken, Michael Drexel Burnham Lambert Incorporated Buy-outs gtt Effectenhandel gtt Fraude gtt Obligaties gtt Junk bonds United States Securities industry Corrupt practices United States Wirtschaftskriminalität (DE-588)4066464-8 gnd rswk-swf Management Buyout (DE-588)4215208-2 gnd rswk-swf Junk bond (DE-588)4209156-1 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Junk bond (DE-588)4209156-1 s Wirtschaftskriminalität (DE-588)4066464-8 s DE-604 Management Buyout (DE-588)4215208-2 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007041227&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Zey, Mary Banking on fraud drexel, junk bonds, and buyouts Milken, Michael Drexel Burnham Lambert Incorporated Buy-outs gtt Effectenhandel gtt Fraude gtt Obligaties gtt Junk bonds United States Securities industry Corrupt practices United States Wirtschaftskriminalität (DE-588)4066464-8 gnd Management Buyout (DE-588)4215208-2 gnd Junk bond (DE-588)4209156-1 gnd |
| subject_GND | (DE-588)4066464-8 (DE-588)4215208-2 (DE-588)4209156-1 (DE-588)4078704-7 |
| title | Banking on fraud drexel, junk bonds, and buyouts |
| title_auth | Banking on fraud drexel, junk bonds, and buyouts |
| title_exact_search | Banking on fraud drexel, junk bonds, and buyouts |
| title_full | Banking on fraud drexel, junk bonds, and buyouts Mary Zey |
| title_fullStr | Banking on fraud drexel, junk bonds, and buyouts Mary Zey |
| title_full_unstemmed | Banking on fraud drexel, junk bonds, and buyouts Mary Zey |
| title_short | Banking on fraud |
| title_sort | banking on fraud drexel junk bonds and buyouts |
| title_sub | drexel, junk bonds, and buyouts |
| topic | Milken, Michael Drexel Burnham Lambert Incorporated Buy-outs gtt Effectenhandel gtt Fraude gtt Obligaties gtt Junk bonds United States Securities industry Corrupt practices United States Wirtschaftskriminalität (DE-588)4066464-8 gnd Management Buyout (DE-588)4215208-2 gnd Junk bond (DE-588)4209156-1 gnd |
| topic_facet | Milken, Michael Drexel Burnham Lambert Incorporated Buy-outs Effectenhandel Fraude Obligaties Junk bonds United States Securities industry Corrupt practices United States Wirtschaftskriminalität Management Buyout Junk bond USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007041227&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT zeymary bankingonfrauddrexeljunkbondsandbuyouts |