Reagan appointee John Shad replaced Stanley Sporkin as SEC chairman
in 1981. Shad believed that a healthy economy required deregulation. By
the time he left in 1987, the junk bond raiders and inside traders had
created numerous scandals, and the crash of 1987 was just around the corner.
"My only regret," Shad said at his farewell party, "is that I will be a
distant observer of the exciting events that are unfolding before this
great institution." Shad went on to become the chairman of Drexel 1989,
but the job lasted only ten months (which meant that he earned a mere
$3.175 million). He lost this job because this was the firm where Michael
Milken had done so much damage. By 1990 Drexel had used up all of its
privileged treatment and special favors, and declared bankruptcy.
ISBN 0-684-19314-0
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