Anatomy of the Fall

Abstract

The fall of Michael Milken, Drexel Burnham and Lambert, and the junk bond market has a familiar ring. In his book Money, John Kenneth Galbraith introduces us to banking with the following sobering thoughts: “As banking developed from the seventeenth century on, so, with the support of circumstance, did the cycles of euphoria and panic. Their length came to accord roughly with the time it took people to forget the last disaster—for the financial geniuses of one generation to die in disrepute and be replaced by new craftsmen who the gullible and the gulled could believe had, this time but truly, the Midas touch.”

Citation

Davidson, K.M. (1990), "Anatomy of the Fall", Journal of Business Strategy, Vol. 11 No. 5, pp. 48-50. https://doi.org/10.1108/eb060087