There were 25 pieces of legislation entered in the Congress of the United States of America to try and outlaw the sale of junk bonds. … So I took several of my guys and went to Washington for the spring and summer of 1985. And I got 25 pieces of legislation withdrawn.
My friend Max Abelson and his colleagues have outdone themselves with a fantastic oral history of Drexel Burnham, as told by the people who were there.
Run, don’t walk, to read this beast – it is, as they say, one of the most emblematic stories of Wall Street and capitalism ever told. Hit the link above.