Wall Street: Give Back The Loot!

Give Back The Loot!

No event on Wall Street in the '80s was more artfully avaricious than the payout of over $250 million in employee bonuses shortly before the collapse of Drexel Burnham Lambert. The bonus bonanza -- which totaled more than twice the amount of the debt on which Drexel defaulted -- helped push the firm over the edge, as it struggled with mounting lawsuits over the dealings of its junk- bond division. Now the reorganized company is suing the recipients of its largesse to recover the loot.

The suits reveal who made off with the most. Topping the list is Leon Black, former...

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!