In 2001, the firm and Morgan's broker-dealer license, was bought by the newly established MLGA Holdings.[14] Morgan, along with Fred Joseph (1937—2009), the former president and chief executive officer of the investment bank Drexel Burnham Lambert during the 1980s, co-founded the new entity, which became known as Morgan Joseph LLC in 2002,[15] sought to create a high-yield business for mid-size companies and take advantage of investment bankers who were laid off during the technology stock bubble of 2000.[16] After the new firm was established, Morgan served as Chairman of the Board of Directors of Morgan Lewis.[14][17]