Leon Black: Wall Street's Dr. No

The ex-Drexelite is waiting for the stock market to tank

When Drexel Burnham Lambert Inc., the high-flying U.S. junk-bond firm, collapsed in 1990 amid admissions of widespread securities fraud, the career prospects of Drexel investment banker Leon D. Black did not seem auspicious. As head of the firm's mergers-and-acquisitions operation, Black worked closely with Michael L. Milken, who went on to serve 22 months in prison.

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