* Sources: New York Times and https://covid19tracker.health.ny.gov/views/NYS-COVID19-Tracker/NYSDOHCOVID-19Tracker-Map?%3Aembed=yes&%3Atoolbar=no&%3Atabs=n ...
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Daniel Grundei
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We mourn the passing of our former partner Ray Minella, a great banker and a true friend.
Merrill Lynch & Co., envious of the profits Drexel Burnham Lambert Inc. was extracting from the 1980s junk-bond boom, assigned Ray Minella to grab a bigger slice of that action. He did, but then lost his role at Merrill when junk-bond prices plunged in 1990. Led by Michael Milken, Drexel built up a vast market for high-yield, high-risk bonds starting in the late 1970s. They fueled a frenzy i...