this after it was learned that ivan boesky was talking, and then some. >> this is like arresting therivate book of clients. >> this guy takes a fall and all over wall street they're practically jumping out windows. it comes out he's been taping his phone calls and maybe private talks for three months. and wall street big shots began wetting their -- well, you get the idea. >> of course, he was guilty. there was going to be more defense. all he had was bargaining power. >> levine was a fish, boesky was a shark. who is the whale they're going to catch? >> i don't know. >> in the middle of all this is drexel. it shot to the top of the high stakes world by specializing in so-called junk bonds. >> the commission says drexel and the head of his junk bond department made a secret deal with ivan boesky to make millions illegally. >> california company wics was planning a takeover. he bought the stock, made profit but milken betrayed his client and earned $6.5 million more at the client's expense. >> authorities are worried that further disclosures resulting from the affair may weaken public