Michael Milken launched a revolution in corporate finance, creating and then controlling a new "financial ecosystem" around "junk bonds." Milken's efforts propelled Drexel Burnham Lambert to the forefront of the investment banking world before its excesses brought down the house. In the 1980s - through innovation in financing structures, aggressive sales and marketing skills, and lucrative incentive packages -Michael Milken laid the foundation for highly leveraged corporate balance sheets and the extensive buying power of private equity firms.

Case id: 090329