“When you’re traveling at twice the speed of light, can you miss a stop sign?”

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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 And I got 25 pieces of legislation withdrawn.

Renegades of Junk: The Rise and Fall of the Drexel Empire (Bloomberg)

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.

 

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