junk bonds

Here is an interesting bit of trivia I found today. The last major investment bank to file for bankruptcy protection was Drexel Burnham Lambert in 1990. Probably too long ago for most of you to remember, but Drexel was a POWERHOUSE when Milken was swinging the bat. Ahhh, the good old days.

While we're on the subject of junk bonds (nice segue, right?), WaMu got clobbered by S&P today in a thoroughly predictable downgrade. Welcome to the junk pile.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aCbDcNYTh_cI&refer=w...