1.3 KiB
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| Business & Finance |
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According to Ari Ben-Menashe, money from the arms sales to Iran was held at Drexel Burnham, adding to Milken's firm's ability to underwrite junk bonds. | 1946-07-04 | Encino, California, USA |
Michael Milken was a prominent stockbroker known for building his junk-bond fortune at the brokerage house Drexel Burnham. According to Ari Ben-Menashe, his activities intersected with the financial operations of the Iran-Israel Joint Committee's slush fund.
Ben-Menashe wrote that large amounts of money from the arms sales to Iran were funneled through United States banks and held at Drexel Burnham, contributing to Milken's firm's stature and its ability to underwrite huge quantities of junk bonds, and that these deposits were managed on behalf of Israel front companies.1
He wrote that in 1987 the Iran-Israel Joint Committee decided to withdraw its funds from Drexel, a decision that contributed to Milken's growing troubles and ultimately to the fall of Drexel Burnham.1
Footnotes
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Ben-Menashe, Ari. Profits of War: Inside the Secret U.S.-Israeli Arms Network. Sheridan Square Press, 1992 (TrineDay reprint, 2015). ↩︎