related post: [APO] Apollo Charles Schwab is broker that monetizes like a bank. They invest excess cash from brokerage accounts into government securities and keep the difference between what they earn on those securities and what they pay to clients. This worked out all right for a while: clients could earn a bit more by […]

Most distressed investors merely live in the darkness; Apollo was born in it. Following the epic collapse of Drexel Burnham Lambert, the high-flying investment bank that filed for Chapter 11 in 1990 after pleading guilty to securities and mail fraud, a triumvirate of bankers from the defunct firm – Michael Milken protege Leon Black and […]