NBC Evening News for Wednesday, Dec 21, 1988
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(Studio: Tom Brokaw) Report introduced.
(Studio: Mike Jensen) Drexel Burnham Lambert reported agreeing to plead guilty and pay fine in order to avoid indictments and trial. [US attorney Rudolph GIULIANI - comments on situation.] [Drexel Burnham Lambert chief executive Fred JOSEPH - comments on settlement.] Drexel's reputation for securities transactions and junk bonds discussed; company's role in takeover of RJR Nabisco mentioned. Company executive Michael Milken noted credited with use of junk bonds. Firm's insider trading with convicted Ivan Boesky discussed. Drexel noted asking ex-White House chief of staff Howard Baker to become chairperson of company Settlement noted not include Milken's role in securities law violations.
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