A Daydream On Wall Street: Freddy's Back

Frederick Joseph, forbidden to run another securities firm following his ill-starred tenure as chief of now-defunct Drexel Burnham Lambert during the Michael Milken years, may soon be back in the Wall Street mainstream. Sources close to Joseph say he is looking at setting up an investment advisory outfit. This comes after talks with Oppenheimer & Co. about an investment- banking job came to naught. Although two sources say there were discussions, the firm and a Joseph spokesman deny that.

In May, the Securities & Exchange Commission barred Joseph for life from running a securities firm and for three years from supervising anyone on Wall Street because he didn't stop Milken's abuses. But Joseph figures he has wiggle room: He can own the advisory outfit and have someone else run it.

Joseph, 56, will need a new job soon. His $325,000-a-year gig as a consultant to the $1.1 billion DBL Liquidating Trust runs out at yearend.

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