Apollo was formed by a group of former Drexel executives, and several are still there.

"Fred really turned things around," one Drexel executive said of the speech.

"We were too close to the edge," one senior Drexel executive involved in many of the firm's recent decisions said yesterday.

"The fall was just a disaster for us," one Drexel executive said.

"People here are just getting whipped," one Drexel executive said.

The numbers may change because some Drexel executives might take more of the securities than the plan requires.

"The door never closes on a possible settlement," a Drexel executive said yesterday.

Government officials have said the Drexel executives should have known that they would not be allowed to use the money.

"Nobody will want to do business with you if they think you're crooks," one Drexel executive said.

A Drexel executive said that the penalty would be even smaller.