April Fools: An Insider's Account of the Rise and Collapse of Drexel Burnham [Paperback]

Dan G. Stone (Author)

Editorial Reviews

From Publishers Weekly

Stone, a former divisional vice-president at Drexel Burnham, offers an accessible and authoritative, if subjective recapitulation of the brokerage and investment company's spectacular rise in the mid-1980s--largely on the basis of Michael Milken's inventive junk bond activity. The author depicts the firm's subsequent bankruptcy and demise as a Greek tragedy; top Drexel management and 10,000 employees were dragged down by Wall Street villains Dennis Levine, Ivan Boesky, Carl Icahn and others. Milken and Drexel Burnham itself were indicted on charges of racketeering, insider trading, fraud and/or stock "parking" and manipulation. Stone describes charged staff meetings, tense NYC-West Coast conference calls moving millions of dollars from buyers to sellers, the October '87 market crash and general fear and dismay as Congress, the SEC and U.S. Attorney Rudolf Giuliani slowly closed their investigative nets. This best-yet untangling of the infamous financial imbroglio will instruct lay and informed reader alike. 50,000 first printing.
Copyright 1990 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Library Journal

Despite Connie Bruck's The Predator's Ball: The Junk-Bond Raiders & the Man Who Staked Them (S. & S., 1988), this book is the first and only inside look at the Drexel Burnham debacle. Stone, a former vice president, brings a sober and dispassionate view to the "go-go" years of junk bonds and accumulated vast personal fortunes. He uses his personal experience to shed light not only on Michael Milken, the financial whiz, but also on the man. Never dull, this account offers anecdotes on the major Wall Street players of the 1980s: Drexel CEO Fred Joseph, wheeler-dealer Ivan Boesky, and federal prosecutor Rudolph Giuliani. Sure to be of value to business collections, this will also be a nontechnical, readable option for general readers interested in the infamous scandal.
- David M. Turkalo, Social Law Lib., Boston
Copyright 1990 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

Product Details

• Paperback: 279 pages
• Publisher: Warner Books (October 1991)
• Language: English
• ISBN-10: 0446393444
• ISBN-13: 978-0446393447
• Product Dimensions: 7.9 x 5.3 x 1 inches
• Shipping Weight: 10.4 ounces
• Average Customer Review: 3.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #278,014 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

5.0 out of 5 stars Love the Reading!!, May 7, 2008

By 

D. Mokhtar "DBM" (New York) - See all my reviews
(REAL NAME)   

This review is from: April Fools: An Insider's Account of the Rise and Collapse of Drexel Burnham (Paperback)

I just had a really enjoyable time reading this book. Love the author's humor and style. Always giving both sides to the argument and both fun to read as a novel and educational to read about the junk bond market and the inner workings of "the system" -- both of wall street and of the office of district attorneys.

2.0 out of 5 stars There Are Better, April 14, 2002

By 

John G. Hilliard (Toronto Canada) - See all my reviews
(REAL NAME)   

This review is from: April Fools: An Insider's Account of the Rise and Collapse of Drexel Burnham (Paperback)

This book was a little run of the mill. The story sounded like it would be full of interesting stories, but it really did not rise to the occasion. This book is a review if the problems DBL had after their Junk Bond department ran into trouble with the SEC. The book covers the collapse as an overall review with not much new info that has not been shared in other books. The best part of the book was when the authors took to describing all the financial players involved, their egos, and ways of life and doing business. The excesses of some of the companies detailed are really something. If you are interested in this topic then I would suggest you also read "Den of Thieves" and "Predator's Ball", both of which cover the 80's M&A and Junk Bond world. To get a better understanding of KKR, I would suggest "Masters of Debit". They are much better books then this one.