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.

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