21 lines
1.3 KiB
Markdown
21 lines
1.3 KiB
Markdown
---
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category: "Business & Finance"
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tags:
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- Person
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- IranContra
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- CIA
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- Israel
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summary: "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."
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born: 1946-07-04
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location: "Encino, California, USA"
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---
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[[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.
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Ben-Menashe wrote that large amounts of money from the arms sales to [[Iran]] were funneled through [[United States|American]] 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|Israeli]] front companies.[^1]
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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]
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### Footnotes
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[^1]: Ben-Menashe, Ari. *Profits of War: Inside the Secret U.S.-Israeli Arms Network*. Sheridan Square Press, 1992 (TrineDay reprint, 2015).
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