The Drexel Debacle's `Teflon Guy'

For all practical purposes, the five-year investigation of Drexel Burnham Lambert Inc. and its principals will end in mid-July with a hearing in federal court in New York. A surfeit of losers frustrates any attempt at determining who was hurt worst by the House of Junk's catastrophic fall. But there's little doubt about who is set to emerge the big winner: Peter Ackerman.

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