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on bonds that had been issued too readily in the go-go years and new regulations that forced troubled savings-and-loans to unload their high-yield holdings all conspired to drive junk-bond prices down. As famous actors and directors file into the marble-lined entrance to strike lucrative film contracts, even more serious money is being made upstairs. Get our daily newsletter, upgrade your inbox and get our Daily Dispatch and Editor's Picks. If competitors issued lots of junk bonds, that would undermine Mr Milken's sense of who held what bonds and make control of the market harder. Mr Handler is now Jefferies's chief executive but the bank has long outgrown its Los Angeles and high-yield roots.

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Expected delivery for international orders, takes anywhere from code promo 1ere commande cdiscount 2 weeks to 8 weeks. Drexel's third legacy is in the mark it left on the finance industry, particularly in Los Angeles. That liquidity attracted mutual funds into the junk arena. The setting is very casual with low wooden seating and bare brick walls which give a very rustic appearance to the entire place. These entrepreneurs saw the growth potential in their respective industries. The firm's ability swiftly to raise vast sums for LBOs struck fear into the heart of corporate America. Descendants of Drexel, with Mr Milken at its centre, Drexel's Beverly Hills operation became a magnet for the best business-school graduates in the late 1980s. Drexel has left three enduring legacies: a junk-bond market that has grown at least sevenfold since the firm's demise; the firms and industries, from gambling to cable television, that owed their rapid expansion to the investment bank's junk bonds; and the influence of the Drexel. Rich Handler, a junk-bond trader in Drexel's Los Angeles office, moved with 35 or so colleagues to Jefferies, a local investment bank; they took their knowledge of high-yield bonds and investors with them. It comprised fallen angels, the securities of former investment-grade companies that had fallen on hard times, which changed hands infrequently and at big discounts to face value. Drexel's ability quickly to raise hundreds of millions of dollars in mezzanine debt (so called because it ranks between secure bank loans and at-risk equity in the capital structure) made the threat of buy-outs credible and forced many big companies to slim costs and increase. Another alumnus is Leon Black, founder of Apollo, a corporate-credit firm with 55 billion under management.

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