Drexel Burnham Lambert was an American investment bank founded in 1935, known for its significant role in the development of the high-yield bond market during the 1980s. The firm became a major player in corporate finance and mergers and acquisitions, attracting attention for its innovative financial strategies. However, Drexel Burnham Lambert faced legal troubles in the early 1990s due to insider trading scandals involving its former head, Michael Milken. The firm declared bankruptcy in 1990, marking the end of its influence in the financial industry and serving as a cautionary tale about the risks of aggressive financial practices.