 Argosy's three major principals had worked on some of the biggest junk bond deals of the 1980s while at Drexel Burnham Lambert.The 52 Argosy employees that CIBC acquired would constitute the core of what would become CIBC's High Yield Group and the CIBC Argosy Merchant Banking funds that were responsible for, among other things, the $2 billion windfall that CIBC would earn from its early investments in Global Crossing.The Argosy principals also managed two collateralized debt obligation vehicles known as Caravelle Funds I and II.