Part 1: Chapter 2, Dr. Feelgood Summary and Analysis

While Milken is forming his relationships with the four customers, a Bostonian named Fred Joseph begins to work at Drexel Burnham in 1974. He becomes Milken's ally and public face in the coming years as Milken prefers to avoid the press and public. Joseph is the one who finds and hires the talent for the company. He is known as the Dr. Feelgood of Drexel.

By 1975, Drexel Burnham had little investment banking business since most of the major customers had fled. They did not have the best of reputations among employees in the Wall Street area and many of their own employees were ones that didn't work out at other firms. This was the Drexel Burnham that Fred Joseph came to and this was the company he said he would turn into a top notch firm...