Predator's Fall: Drexel Burnham Lambert

Are the vultures still out there?

"Are the vultures still out there?"

-- Drexel staffer, sneering at reporters as she walked out the door

"Vultures? Look who's talking."

-- Security guard

The final plunge of the most powerful and dreaded firm on Wall Street in the Roaring Eighties came with astonishing speed. Like the abrupt fall of the Berlin Wall thousands of miles away, the collapse suddenly confirmed what everyone in the financial world could already feel in the wind: a new era had arrived. After a desperate three-day search for cash in which it was spurned by its bankers, Drexel Burnham Lambert Group filed bankruptcy papers...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!