In 1988, Merrill Lynch, once scorned as plebeian, led domestic unde...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
In 1988, Merrill Lynch, once scorned as plebeian, led domestic underwriters for the first time as Morgan Stanley slumped to sixth place. Morgan mostly pursued junk bonds, now the most profitable form of underwriting and an indispensable adjunct to takeover work. When Drexel Burnham lost ground with the investigation into junk bond king Michael Milken, Morgan Stanley briefly emerged as the top junk bond firm in America!
chapter: 36. Skyscraper