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---
tags:
- Organization
- Private
- Finance
- USA
---
[[Drexel Burnham]] was a prominent brokerage house where [[Michael Milken]] built his junk-bond fortune. It was involved in the financial operations of the [[Iran-Israel Joint Committee]]'s slush fund, which was used to finance various covert activities and political initiatives.
Large amounts of money from the arms sales to [[Iran]], along with profits from earlier deals, were held at various interest rates by Drexel on behalf of [[Israel|Israeli]] front companies after being funneled through [[USA|American]] banks. These large deposits contributed to Drexel's stature and helped underwrite huge quantities of junk bonds.[^1]
In 1987, the [[Iran-Israel Joint Committee]] decided to withdraw its funds from Drexel and from the control of [[Menachem Schneerson]] (Lubavitcher Rebbe). This decision was influenced by concerns that the funds might be frozen if relations between [[Israel]] and the [[USA|U.S.]] deteriorated, and it contributed to [[Michael Milken|Milken's]] growing troubles and ultimately to the fall of Drexel.[^1]
### Footnotes
[^1]: Ben-Menashe, Ari. *Profits of War: Inside the Secret U.S.-Israeli Arms Network*. TrineDay, 1992. (Hereafter, "Profits of War")