The debate regarding the economic advantages of takeovers continued in the halls of academia since the investment houses walked around the rules of the Fed. Some, like James Grant, the editor of Grant's Interest Rate Observer, thought that Wall Street had gone too far with junk bonds which he felt were concentrated in the hands of a few Milken people. Grant again warned the financial world about junk bonds in the Metromedia Broadcasting Corporation deal in November 1984, about the high level of debt and that resulting company might not be able to pay the debt, in terms of interest and principal. In May 1985, Rupert Murdoch purchased the television states and assumed the debt and the result was a huge increase in value.....
