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  • lemonyelow1 lemonyelow1 Aug 22, 2003 6:57 AM Flag

    Please tell me more about Mr.Joseph

    This from something called the Wall St. Reporter; it doesn't look like a hatchet job ... or the more common "puff piece...." I would like to put it (in your mind) next to a recent "editorial" from James Cramer that wondered out loud why neither the top man at Enron or the one at Worldcom (Ebbers) have been indicted -- my point is that not having been incarcerated is *NOT* an indication of non-criminality given our bipartisan! system that feeds on money like pigs do on slop!!!
    "Joseph, of course, is the former chief executive officer of Drexel Burnham Lambert who was banned for life from running a securities firm because he failed to supervise former junk bond king Michael Milken, who himself was banned for life from the securities industry.
    The only difference between the two lifetime exiles is that Joseph has been permitted to return to Wall Street in a significant role while Milken, who had hoped outgoing President Bill Clinton would pardon him, is still trying to get his sentence commuted.

    Joseph was the CEO of Drexel when the firm staged its phenomenal rise and precipitous fall thanks mostly to the high-yield market and its architect, Milken.

    In 1989, the Securities and Exchange Commission brought criminal charges against Milken, and in 1990 he pleaded guilty to five counts of securities fraud. Milken served 22 months in prison and paid a fine of $200 million. He was also banned for life from the securities industry. [Note form LY -- "Mike" has done some incredibly righteous things since then, although he's been accused of violating the spirit of his settlement -- the courts basically said he couldn't be trusted within miles of other people's money; alas, he just can't help himself; he refuses to keep a respectable distance ...]

    Joseph pleaded guilty to six felony counts and the firm paid a fine of $650 million. In 1993, the SEC barred Joseph from becoming a top officer of a securities firm for failure to supervise Milken�s activities.

    While he still can�t be CEO or chairman, in May 2002 the agency and the National Association of Securities Dealers granted Joseph permission to serve in a supervisory capacity in the industry. So, today Joseph is the co-head of investment banking at Morgan Joseph & Co., a New York City investment-banking boutique.

    Meanwhile, Morgan Joseph�s president and CEO just happens to be John F. Sorte, who served as CEO and President of Drexel from 1990 to 1992 and Executive Vice President and co-head of Corporate Finance for Drexel from 1989 to 1990.

    Joseph won�t speak about his infamous, sordid past, preferring to dwell on the current details of Morgan Joseph�s strategy: Secure financing for its middle market clients through high-yield and convertible bond deals, reminiscent of Drexel�s early days. Morgan Joseph is staking its claim on middle market companies, particularly in the general industrial sector. As financing and underwriting activity has dried up for small- and large-cap companies, boutique investment firms and some full-service shops now have the middle market in their sights,
    [full text at w3-dot-wallstreetreporter-dot-com/features/Drexel.html

    [careful about above -- YHOO FLAW!! at work!]

    This is not "guilt by association," just wondering (REALLY) what it says about MTRX.

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