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@ebitdaddy90 (2)The “Drexel Daisy Chain” was simply you buy my parent junk debt with your regulated subsidiary, and I’ll do the same when you issue parent debt. When it all collapsed in 1989-91 due to multiple defaults that spread through the “daisy chain”, a new firm arose from the distress. @ebitdaddy90 (3) That distressed debt firm, which bought portfolio holdings from insolvent First Executive Corp (a Beverly Hills insurance holding company) at huge discounts, was…Apollo! Which was started by a number of Drexel bankers (Leon Black, etc) that sold the paper to begin with.