Outliers: The Story of Success · chapter 5 · id outliers-c5-05-the-hostile-takeover-wave-of-t
“The hostile takeover wave of the 1970s-80s was driven by financial deregulation, junk bond financing, and market internationalization -- structural economic changes that happened to reward the expertise Jewish lawyers had developed through decades of being excluded from elite corporate work.”
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Wikipedia: Joseph Flomsource alive
In the 1970s, borrowing money became easier and markets became internationalized; federal regulations relaxed, and corporate takeovers increased dramatically. Jewish lawyers who had been forced into this work found their skills suddenly enormously profitable.
Boston Globe: Joseph Flom obituary (2011)source alive
Flom pioneered the legal practice of hostile corporate takeovers, turning what was once considered disreputable work into the most profitable area of corporate law.
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