Michael Milken's first job out of Wharton: What was it?
I'm just kinda curious. What was his first job at Drexel?
Ben Stein's book basically says he doesn't know and there are varying reports, ranging from IT work to operations to risk management. None of the above sound right.
Somewhere else I read that he started in operations and clawed his way onto the trading floor.
And wikipedia says that he started out as "assistant to the chairman" at Drexel in 1969.
Oh. Well, I just looked at his own official site, and I guess this is the answer:
"Starting in Drexel's fixed-income research department, Mike eventually came to lead the High Yield and Convertible Bond Department..."
The progression of Milkin's career is mapped in either Den of Thieves or Predator's Ball, I forget which.
Milkin had read a book in college regarding fallen angels and the misconception that junk bonds were always riskier than investment grade, specifically when pooled together. I believe he wrote a paper about it in school. When he joined DBL, he requested to be put in FI research, where he lobbied relentlessly to create a HY underwriting desk.
Predator's ball does a great job a depicting michael milken for who he is and what he has done
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