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Article: DREXEL WILL FIRE MILKEN FIRM ALSO HAS AGREED TO WITHHOLD HIS PAY
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- January 26, 1989
- Author:
CopyrightCopyright (null) The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - Drexel Burnham Lambert Inc. will fire embattled
junk-bond chief Michael R. Milken and keep millions of dollars it
owes him as part of a record plea bargain in the nation's largest
securities fraud investigation, court papers revealed yesterday.
The 12-page agreement specifies Drexel not only will dismiss
Milken, who is considered largely responsible for the firm's rapid
rise to prominence in the 1980s, but it also will withhold most of
the expected multimillion-dollar 1988 compensation that is due to
him.
Milken's attorney expressed outrage over terms of the
agreement, which were publicly released a day after the firm signed
it. He condemned Drexel's sanctions against ...