Michael Milken
Large amounts of money from the arms sales to Iran were funneled through American banks and held at Drexel Burnham, contributing to Milken's firm's stature and its ability to underwrite huge quantities of junk bonds.
Michael Milken was a prominent stockbroker known for building his junk-bond fortune at the brokerage house Drexel Burnham. His activities intersected with the financial operations of the Iran-Israel Joint Committee's slush fund.
Large amounts of money from the arms sales to Iran were funneled through American banks and held at Drexel Burnham, contributing to Milken's firm's stature and its ability to underwrite huge quantities of junk bonds. These deposits were managed on behalf of Israeli front companies.1
In 1987, the Iran-Israel Joint Committee decided to withdraw its funds from Drexel, a decision that contributed to Milken's growing troubles and ultimately to the fall of Drexel Burnham.1
Sources
- Ben-Menashe, Ari. Profits of War: Inside the Secret U.S.-Israeli Arms Network. TrineDay, 1992. ↩
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