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商品の説明
内容説明
During the '80s, Michael Milken at Drexel Burnham created the corporate raiders. He was the billionaire Junk Bond King. But, in the corner stood the U.S. District Attorney waiting to file criminal and racketeering charges.
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最も参考になったカスタマーレビュー
1 人中、1人の方が、｢このレビューが参考になった｣と投票しています。
形式:ペーパーバック|Amazonが確認した購入
八十年代、「ジャンクボンドの帝王」と呼ばれたマイケル・ミルケンについての本。
ミルケンは格付け機関を信用しなかった。「投資適格債」のお墨付きが貰えず(よってジャンク債。現在は「高利回り債」というのかな)資金調達に苦労する弱小企業の中にも宝石はある。俺がその宝石を見つける、つまり「格付けは俺がする！」である。
顧客開拓力はスーパーセールスマン並み。ジャンク債となると企業分析が必要だが、それも自分でやる。後年、ミルケンが資金を組み立てた企業の多くが順調に成長したのだから、アナリストとしても超一流だったのだろう。自分が作り上げたジャンクボンド市場を守り抜き、他行がトンズラしても一人でマーケットメイクをした。客の絶大な信頼と子飼いの部下の崇拝を集め、強力なネットワークを築き上げ、ミルケンはそこに君臨する。八十年代に入ると、ミルケン・ネットワークはM＆A界を席捲する。
ミルケンに支えられた企業乗っ取り屋たちの姿は、あたかも室町の京の婆娑羅大名のよう。コーポレイト貴族に切り込む下克上集団は階級闘争の理念を口にするが、むんむんの金銭欲と権力欲に辟易とする。
やがてミルケンはインサイダー取引で獄に下る。当時のミルケン包囲網が何だったかのかはよく分からないが、ともあれ、己の王国に二十年君臨した男は、初めて王国の外の空気に晒されることになる。
馬上の世界精神、ならぬトレーディングフロアのアメリカ精神、だろうか。ミルケンはかなりの変わり者だったらしいが、変わり者の憂愁に耽るかわりに、世界を自分に沿わせる方を選んだ訳だ。ちなみに出所後の彼はいまや全米屈指の慈善事業家である。自分が変えた世界を彼はどう見るのだろう。アメリカ人だから何かポジティブな感慨を述べそうだが、「もうどうでもいい」とか言ったらカッコイイと思う(絶対言わないだろう。アメリカ人だから)。長生きして自叙伝をしたためて頂きたいものです。
ミルケンは格付け機関を信用しなかった。「投資適格債」のお墨付きが貰えず(よってジャンク債。現在は「高利回り債」というのかな)資金調達に苦労する弱小企業の中にも宝石はある。俺がその宝石を見つける、つまり「格付けは俺がする！」である。
顧客開拓力はスーパーセールスマン並み。ジャンク債となると企業分析が必要だが、それも自分でやる。後年、ミルケンが資金を組み立てた企業の多くが順調に成長したのだから、アナリストとしても超一流だったのだろう。自分が作り上げたジャンクボンド市場を守り抜き、他行がトンズラしても一人でマーケットメイクをした。客の絶大な信頼と子飼いの部下の崇拝を集め、強力なネットワークを築き上げ、ミルケンはそこに君臨する。八十年代に入ると、ミルケン・ネットワークはM＆A界を席捲する。
ミルケンに支えられた企業乗っ取り屋たちの姿は、あたかも室町の京の婆娑羅大名のよう。コーポレイト貴族に切り込む下克上集団は階級闘争の理念を口にするが、むんむんの金銭欲と権力欲に辟易とする。
やがてミルケンはインサイダー取引で獄に下る。当時のミルケン包囲網が何だったかのかはよく分からないが、ともあれ、己の王国に二十年君臨した男は、初めて王国の外の空気に晒されることになる。
馬上の世界精神、ならぬトレーディングフロアのアメリカ精神、だろうか。ミルケンはかなりの変わり者だったらしいが、変わり者の憂愁に耽るかわりに、世界を自分に沿わせる方を選んだ訳だ。ちなみに出所後の彼はいまや全米屈指の慈善事業家である。自分が変えた世界を彼はどう見るのだろう。アメリカ人だから何かポジティブな感慨を述べそうだが、「もうどうでもいい」とか言ったらカッコイイと思う(絶対言わないだろう。アメリカ人だから)。長生きして自叙伝をしたためて頂きたいものです。
Amazon.com で最も参考になったカスタマーレビュー (beta)
Amazon.com:
47件のカスタマーレビュー
83 人中、74人の方が、｢このレビューが参考になった｣と投票しています。
A Classic Look at the Inside of Milken's World
2000/12/7
形式:ペーパーバック
This book, "Barbarians at the Gate" by Burrough and Helvar, and "Den of Thieves" by Stewart fully depict the defining events of Wall Street in the 1980's. Of this triumvirate, Ms. Connie Bruck's book is the only one that is more read than reported (both "Barbarians" and "Thieves" were written by WSJ reporters), and it really delves into the personal lives and backgrounds of the major players at Drexel. In reading this text you are provided with a full description and understanding of Milken and the driving forces behind the firm, above all, you understand the trap he worked himself into through his own success and how he wound up victimized by the financial system that he worked within.
My version of the text is labeled on the front cover as, "The Book Wall Street Couldn't Stop," in reference to attempts to prevent its publishing. I believe that those persons that wanted to do so are now content with their failure, as the book does a good job of explaining the brilliance of Milken, the market that he created and nurtured, and the catch-22 that led to his criminilization. As someone who works in banking, it is awe-inspiring to read the descriptions of Milken's deal-making capabilities and strategies, and at the same point disappointing to see how he slipped from operating in shades of grey to areas of wanting morals. The author does a very good job of illustrating the power Milken had within Drexel, how his office on the West Coast went from being a backwater to accounting for the bulk of the firms revenue, and how Milken's subsequent removal left Drexel crippled past the point of healing. The inter-office dynamics that Ms. Bruck writes on are present everywhere, but it is difficult to imagine anywhere that they are seen in such extremes.
I highly recommend this book.
29 人中、28人の方が、｢このレビューが参考になった｣と投票しています。
A groundbreaking book in its day. One that is still great
2003/2/15
形式:ペーパーバック|Amazonが確認した購入
This book was the first real insight into the world of junk bonds, Drexel Burham Lambert and what an important role they played in the business world. Written at a time when Drexel was at its peak, it was a groundbreaking, highly acclaimed book.
Connie Bruck ranks along with Joe Nocera as one of the world's best business writers. This book is tremendously readable and gives a balanced but insightful look at Michael Milken.
I came away from the book with the idea that Milken was a genius who earned his great fortune with 18 hour work days. and I still believe he had a tremendous and positive contribution to the world.
the Some of my friends came away from the book with the idea that Milken was a horrible human being who was ruining the country. The beauty of the book is that it you can read it and draw your own conclusions rather than a writer's preconceived ideas.
Buy it and read it again. It is worth always owning.
Don McNay...
8 人中、8人の方が、｢このレビューが参考になった｣と投票しています。
The Junk Bond King When Much of Corporate America Was His Fiefdom.
2006/1/29
形式:ペーパーバック
"Predator's Ball" follows the rise of the junk bond market, from Michael Milken's ambitions in the 1970s through Drexel Burnham's dominance of the market under Milken's leadership in the 1980s, including Drexel's controversial financing of high-profile hostile takeovers, to the beginning of legal trouble for Drexel in 1986. Author Connie Bruck interviewed hundreds of people over a 2 -year period, including Drexel employees and Drexel clients, to learn what went on inside "the Department", Drexel's mythic Beverly Hills junk bond offices. Bruck becomes increasingly critical of Michael Milken's tactics as the book progresses, but it is worth noting that she did not set out to write an exposé. Bruck approached the project with sympathies "more toward Milken and his band of renegades than toward the corporate establishment they were attacking", but years of peering inside the Department changed her mind. Regardless of where your sympathies lie, there is a lot of admirable research and fascinating detail in "The Predator's Ball".
The story of the junk bond market is the story of Michael Milken's single-minded rise to power. Milken WAS the market, as they say. Accordingly, most of "The Predator's Ball" is dedicated to Milken's ambition to fund a new generation of businesses with high-yield low-rated bonds ("junk bonds"), his creation of a department at Drexel that embodied his unique views of productivity and capitalism, and the ways and means to Drexel's utter domination of the junk bond market in the 1980s. Milken's larger than life presence is nearly absent, however, from the book's three longest chapters, which detail successful hostile raids financed by Drexel: Nelson Peltz and Peter May's buyout of National Can, Carl Icahn takes TWA, and Ron Perelman's acquisition of Revlon. These chapters are something of a digression in the Milken story, as he was not front and center in the drama, but they provide blow-by-blow accounts of exactly how these leveraged buyouts worked and insight into the realities of LBOs. Michael Milken created a market for junk bonds where there was almost none, sought 100% market share for Drexel, and used that market to change the face of corporate America. He did it by astutely and commendably flouting convention, but did he flout ethics and law as well? Judge for yourself.
The story of the junk bond market is the story of Michael Milken's single-minded rise to power. Milken WAS the market, as they say. Accordingly, most of "The Predator's Ball" is dedicated to Milken's ambition to fund a new generation of businesses with high-yield low-rated bonds ("junk bonds"), his creation of a department at Drexel that embodied his unique views of productivity and capitalism, and the ways and means to Drexel's utter domination of the junk bond market in the 1980s. Milken's larger than life presence is nearly absent, however, from the book's three longest chapters, which detail successful hostile raids financed by Drexel: Nelson Peltz and Peter May's buyout of National Can, Carl Icahn takes TWA, and Ron Perelman's acquisition of Revlon. These chapters are something of a digression in the Milken story, as he was not front and center in the drama, but they provide blow-by-blow accounts of exactly how these leveraged buyouts worked and insight into the realities of LBOs. Michael Milken created a market for junk bonds where there was almost none, sought 100% market share for Drexel, and used that market to change the face of corporate America. He did it by astutely and commendably flouting convention, but did he flout ethics and law as well? Judge for yourself.
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