❰PDF / Epub❯ ★ Den of Thieves Author James B. Stewart – Motyourdrive.co.uk

Den of Thieves chapter 1 Den of Thieves, meaning Den of Thieves, genre Den of Thieves, book cover Den of Thieves, flies Den of Thieves, Den of Thieves 248ea469bb952 A Number One Bestseller From Coast To Coast, Den Of Thieves Tells, In Masterfully Reported Detail, The Full Story Of The Insider Trading Scandal That Nearly Destroyed Wall Street, The Men Who Pulled It Off, And The Chase That Finally Brought Them To Justice Pulitzer Prize Winner James B Stewart Shows For The First Time How Four Of The Biggest Names On Wall Street Michael Milken, Ivan Boesky, Martin Siegel, And Dennis Levine Created The Greatest Insider Trading Ring In Financial History And Almost Walked Away With Billions, Until A Team Of Downtrodden Detectives Triumphed Over Some Of America S Most Expensive Lawyers To Bring This Powerful Quartet To JusticeBased On Secret Grand Jury Transcripts, Interviews, And Actual Trading Records, And Containing Explosive New Revelations About Michael Milken And Ivan Boesky Written Especially For This Paperback Edition, Den Of Thieves Weaves All The Facts Into An Unforgettable Narrative A Portrait Of Human Nature, Big Business, And Crime Of Unparalleled Proportions


10 thoughts on “Den of Thieves

  1. says:

    A respectable account of the most significant insider trading scandal of all time as well as Michael Milken, the most rapid accumulator of wealth at that time Den of Thieves is doomed to be remembered as a history book, though While the author managed to wring every drop of fun out of this storyline, which was drawn out beyond any bystander s control, it often enters dull and tedious stretches This former New York Times bestseller has been featured on dusty shelves across the country with bookmarks hanging out somewhere around page 206 Reading this book is kind of like visiting a place for the first time after hearing glowing reviews from your friends It s new to you, to a degree, and you feel social pressure to remain upbeat and engaged even as you hit snags of disappointment Den of Thieves is comparable to Barbarians at the Gate in many ways thickness, setting Guinness World Records for number of names contained in a book, subject matter but the story is muddled by litigation and can t be placed on the same plane of greatness.Aside from John Mulheren, the entire supporting cast is totally forgettable by the time you make it to the last three chapters Even Ivan Boesky, who stars prominently early on Don t get me started on the SEC or the law firms of lawyers, lawyers, and lawyers Overall, there is way too much zooming in and out for one to keep track of any of the main players.I highly recommend reading Barbarians at the Gate before this book, so you ll have a thorough background of the subject matter, and saving Fortune s Formula for after, as it reuses some of the most interesting factoids and will cheapen the experience.Visit my blog to find this and other book reviews


  2. says:

    It was interesting to return to this book over twenty years after first reading it For some reason I consumed the many tales of greed that were published at the timeBarbarians at the Gate, Mr Diamond, Liar s Poker A decade later there was the spate of books on Enron, Tyco, ADM A few short years after that it would be the financial crisis that produced written works to explain the collapse of Bear Stearns, Lehman Brothers and others And let s not forget the Madoff saga.Author Stewart asks in his Epilogue, could something similar to the Boesky, Levine, Seigel, and Milken insider trading ever happen again The events mentioned above certainly indicate so History repeats itself because greed always exists Still, it is amazing at the dollar values that were involved back then along with the hubris and shock when these dealings were exposed This is a brilliantly researched and written cautionary tale that many refused to heed.


  3. says:

    Part of the disgust with Washington and big business stems from the slew of mergers and acquisitions that began during the seventies and eighties and which resulted in many people losing their jobs as the larger entities pulled cash out of the acquisitions, cut jobs, and moved much of the business overseas for cheaper labor costs In part, what drove the acquisitions mania was the tax code that taxed dividends and profits from a business or stocks and made interest costs fully deductible It paid therefore to borrow any amount to purchase a company driving the stock price up and then reselling the same company to someone else The brokers in the middle as well as the managers of those companies became insanely rich from the shell game.One surprising tidbit that surprised me was how Milliken and others manipulated the press to achieve movement in stock prices and to get what they wanted By carefully planting stories they could build momentum for mergers and speculation that would otherwise have gone unnoticed The stock price would move in whatever direction they wanted.It was shameful how Ivan Boesky was hailed by business magazines and university departments as some kind of business genius His speeches were lauded and yet he achieved what he did purely by cheating.It s instructive given today s PR strategies by the White House to see how Wall Street and the business community responded to SEC investigations and indictments Once the information about Boesky s crimes and his indictment was released, the attacks on the SEC began They discovered that the SEC had permitted Boesky to sell 400,000,000 of his position for a couple of reasons the SEC wanted to make sure he would have money to pay the 100,000,000 fine he had agreed to in his plea, and they were worried that if news got out prematurely the market would tank and many investors would get hurt As it was, his investors made a lot of money and the fine was paid But that knowledge was used against the SEC by the business media and others who had been guilty of the same insider trading as a way to focus attention away from themselves and to make the SEC look bad, paving the way for future emasculation of the agency, already underfunded The charge was that the SEC was letting Boesky get away with millions, an untruth Boesky today lives in California and as a result of his 1991 divorce settlement, his wife paid him 23 million and 180,000 per years Not too shabby.Millkin and others involved made literally billions, some served prison terms, almost all came out of it quite comfortably My own feeling is the deck is stacked against the average investor and that the whole idea of leveraged buyouts hurts everyone except those who orchestrate the deals and collect the fees Then again, my pension relies on a healthy and growing stock market, so perhaps my complaints should be muted.


  4. says:

    I recently finished reading Den Of Thieves by Pulitzer Price Winner, James B Stewart.Below are key excerpts from the book that I found to be particularly insightful Even now it is hard to grasp the magnitude and the scope of the crime that unfolded, beginning in the mid 1970s, in the nation s markets and financial institutions It dwarfs any comparable financial crime, from the Great Train Robbery to the stock manipulation schemes that gave rise to the nation s securities laws in the first place The magnitude of the illegal gains was so large as to be incomprehensible to most laymen Nor were these isolated incidents Only in its scale and potential impact did the Milken led conspiracy dwarf others Financial crime was commonplace on Wall Street in the eighties A common refrain among nearly every defendant charged in the scandal was that it was unfair to single out one individual for prosecution when so many others were guilty of the same offenses, yet weren t charged The code of silence that allowed crime to take root and flourish on Wall Street, even within some of the richest and most respected institutions, continues to protect many of the guilty To dwell on the ill gotten gains of individuals, however, is to risk missing the big picture During this crime wave, the ownership of entire corporations changed hands, often forcibly, at a clip never before witnessed Household names Carnation, Beatrice, General Foods, Diamond Shamrock vanished in takeovers that spawned criminal activity and violations of the securities laws Nor should the financial implications of these crimes, massive though they are, obscure the challenge they posed to the nation s law enforcement capabilities, its judicial system, and ultimately, to the sense of justice and fair play that is a foundation of civilized society If ever there were people who believed themselves to be so rich and powerful as to be above the law They were to be found in and around Wall Street in the mid eighties If money could buy justice in America, Milken and Drexel were prepared to spend it, and spend it they did They hired the most expensive, sophisticated, and powerful lawyers and public relations advisors, and they succeeded to a frightening degree at turning the public debate into a trial of government lawyers and prosecutors rather than of those accused of crimes But they failed, thanks to the sometimes heroic efforts of underpaid, overworked government lawyers who devoted much of their careers to uncovering the scandal, especially Charles Carberry and Bruce Baird, in the Manhattan U.S attorney s office, and Gary Lynch, the head of enforcement at the Securities and Exchange Lynch, the head of enforcement at the securities and exchange ness of crime on Wall Street after a decade of lax enforcement sometimes overwhelmed their resources Not everyone who should have been prosecuted has been, and mistakes were made Yet their overriding success in prosecuting the major culprits and reinvigorating the securities laws is a tribute to the American system of justice For Levine, the experience only reinforced his view that without extraordinary measures, he was never going to realize his grand ambitions Not that he was particular surprised As he told Wilkis constantly, he was convinced that everyone was using inside information to get ahead the game was rigged The causes of the boom were probably as much psychological as financial, though many economic explanations have been offered to explain the sudden, almost frenzied effort to buy existing companies rather than create new ones Throughout the 1970s, investors had focused on company earnings, and the corresponding price earnings ratios, as a measure of value With an economy ravaged by post Vietnam War and OPEC induced inflation, high tax rates, and soaring interest rates, profits had been meager So stock prices Stayed low even as inflation pushed the value of income producing assets ever higher Coupled with low priced assets was the tax code s very generous treatment of interest payments on debt Corporate dividends paid on stock aren t deductible interest payments on debt are fully deductible Buying assets with borrowed funds meant shifting much of the cost to the federal government The election of Ronald Reagan in 1980 sent a powerful anything goes message to the financial markets One of the first official acts of the Reagan Justice Department was to drop the government s massive ten year antitrust case against IBM Bigness apparently wasn t going to be a problem in the new era of unbridled capitalism Suddenly, economies of scale could be realized in already oligopolistic industries such as oil, where mergers wouldn t even have been considered in the Carter years Yet history offers little comfort The famed English jurist Sir Edward Coke wrote as early as 1602 that fraud and deceit abound in these days than in former times Wall Street has shown itself peculiarly susceptible to the notion, refined by Milken and Boesky and their allies, that reward need not be accompanied by risk Perhaps no one will ever again dominate the financial world like Milken with his junk bonds But surely a pied piper will emerge in some other sector Over time, the financial markets have shown remarkable e resilience and an ability to curb their own excesses Yet they are surprisingly vulnerable to corruption from within If nothing else, the scandals of the 1980s underscore the importance and wisdom of the securities laws and their vigorous enforcement The Wall Street criminals were consummate evaluators of risk and the equation as they saw it suggested little likelihood of getting caught.A highly recommended read in the area of finance.


  5. says:

    If all it took was a major Wall Street scandal to bring down the center of United States financial institutions, it would have ended with the insider trading scandal covered in James Stewart s Den of Thieves But as we re all too painfully aware, particularly in today s economy, greed and avarice continues to run amok among the investment banks, traders and law firms that make their bread on Wall Street.As far as Wall Street crimes go, the insider trading scandal of the 1980s was not much different than the ones that have occurred since Investment banks and other Wall Street institutions, highly leveraged against political influence, hold the keys to the house as the downtrodden, resource strapped and powerless regulators can t stand tall enough to look over the fence But as detailed through Stewart s impeccable reporting and research, the difference with the scandal that took place among the corporate takeover craze of the 1980s was the perpetrators got caught and their feet were held to the fire At least to some degree.Stewart, a reporter and editor at the Wall Street Journal while Ivan Boesky and Michael Milken and company plundered millions from junk bonds and selling secrets of financial transactions during the Decade of Greed this is just limited to the 1980s Painstakingly assembled from trading records, interviews, SEC documents and deposition transcripts, Stewart weaves a well reported tale of this important time in America s financial history While Stewart assumes some level of business and financial sophistication from the reader, the story is readable and even engaging as he explores the personalities of eventual convicts like Ivan Boesky, Marty Siegel and Dennis Levine.With the benefit of than 20 years of subsequent history, the importance of Stewart s story is somewhat diminished Wall Street recklessness continues unabated today, and the major players of the scandal are out of jail following all too short prison terms, given the magnitude of their crimes Michael Milken, the biggest catch in the sea of piranhas in Stewart s book, has managed to rebuild his character through money infused and heavy handed public relations tactics not unlike those he forged during his years as the Junk Bond King But Den of Thieves still emerges as an important read for the present day observer wondering what s wrong with the culture on Wall Street.


  6. says:

    Great background from the 1980s for what is going on today 2011 in the financial markets A wise professor has said that the needs of the financial markets to operate and profit now rival if not surpass our inclination to and institutions of democratic self government Witness the Greek government yesterday 3 Nov 2011 backing away from a referendum of the people regarding their austerity measures imposed by financial powers in France and Germany in favor of not upsetting the financial markets who predictably like to be repaid with incredible interest on principal This book shows us just how we fell into this web of necessity Communism hasn t triumphed, but money is trying to One can see in Den of Thieves that the Drexel company culture of what s in it for me triumphed over sacrifice for the good of the company The same choice is now being played out on a much larger scale in Europe as the social safety net is being reduced toward elimination for the good of the financial markets they want their money, even though the amount of money paid already could easily have paid off the principal with interest to spare In contrast, Iceland did not destroy its citizen conscious socially responsible society when it was decimated by the international financial misdeeds of 2008 or thereabouts And Iceland s society today in 2011 is thriving from all accounts But Europe and soon the United States are heading in the opposite direction, where financial markets falsely persuade customers that s us, the people that financial needs and solutions are the only possible solutions to society s financially induced problems Read this book and weep for the future of our world It is not behind us, it is us and it is now.


  7. says:

    With all the scandal tarnishing the financial system I have always wondered if there is an inherently corrupting force in anything which can lavishly reward the most extreme personal greed or if it is a question of the regulators catching up with the financiers In his account of the Milken and Boesky insider trading scandal that bookmarked the 80s, Stewart gives credence to both Stewart painstakingly lays out the principal actors, the actions they took, sins committed and what the consequences were of the junk bond scandal In his hands this is actually pretty riveting stuff and best of all is the access you get into the mind sets of those who committed these crimes What I found most striking was the arrogance of the principals, the steadfast self justification not only would they refute any wrongdoing in their minds they were heroes, and finally how the criminal behaviour was so richly rewarded even post persecution.


  8. says:

    Not ashamed to say this tale of Michael Milken s 1980s junk bond shenanigans was one of the entertaining books I have ever read 500 pages but it flies by The kind of detail Stewart has extracted from the records is pretty amazing Milken unsurprisingly comes off as a grandiose, power and wealth hungry egomaniac but still the extent of his achievement is pretty impressive Highly recommended for a good summer read.


  9. says:

    It was so bad at the time and so shocking Reading this book a bit late and after the financial crisis, I feel like yeah, whatever It feels much worse now and it s hardly even litigated by the SEC any But it s still a great story of how this sort of crime becomes so tempting, so easy to commit, and so hard to root out.


  10. says:

    This was a struggle If you re a reader who only feels right when they can leave a book at a chapter mark, you will too A seriously in depth and well constructed analysis of the Wall Street shenanigans of the late 80 s, it s easy to be completely floored by the sheer amount of funds being thrown around on every page Stewart has clearly done his homework and compiled an excellent inside story of greed, arrogance and ignorance.I was enthralled as the house of cards was built higher and higher than it was every designed to go, and it was exhilarating to watch the cards near the bottom removed one by one before the whole thing came tumbling down.The books main narrative largely covers an even exciting one for this reader the tension and relationships between the criminals and those charged with ensuring they pay for the damage they ve caused The line can so easily be blurred or forgotten when any party prioritises its own gains above the others While you can understand the rationale for some decisions, they were ominously close to the outcome of the actions by the people under investigation.To paraphrase George Shaw If you try to wrestle with a pig, you re going to get dirty.This would have attracted five stars if the chapters were half the length.


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