The death of Drexel

IN THE end Drexel Burnham Lambert proved as much a creation of Mr Michael Milken as were so many of the former junk-bond king's nouveau riche clients. The once high-flying Drexel is now bust, just over a year after it pleaded guilty to six felonies and paid $650m in fines, and only eight months after Mr Milken resigned when he was served by the federal government with 98 indictments for criminal fraud.