By James B. Stewart
A number 1 bestseller from coast to coast, Den of Thieves tells the entire tale of the insider-trading scandal that just about destroyed Wall highway, the lads who pulled it off, and the chase that at last introduced them to justice.
Pulitzer Prize–winner James B. Stewart indicates for the 1st time how 4 of the eighties’ largest names on Wall Street—Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine —created the best insider-trading ring in monetary heritage and nearly walked away with billions, until eventually a crew of downtrodden detectives triumphed over a few of America’s costliest attorneys to carry this robust quartet to justice.
in keeping with mystery grand jury transcripts, interviews, and genuine buying and selling files, and containing explosive new revelations approximately Michael Milken and Ivan Boesky written in particular for this paperback variation, Den of Thieves weaves the entire proof into an unforgettable narrative—a portrait of human nature, gigantic enterprise, and crime of unheard of proportions.
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Extra resources for Den of Thieves
He used to be livid after his review. He vowed to “show” them by means of making companion in 1984, after a trifling 5 years as an affiliate. He plunged into his paintings much more vigorously, seething with resentment. He was once additionally having problems in his marriage, and used to be considering divorce. Levine, as he had with Wilkis, drew Reich additional into his orbit by means of sharing his personal marital woes and underscoring his thought that Wachtell, Lipton didn’t savour him and wouldn’t present him. It wasn’t demanding for Levine to trap “Wally” again into the fold as a full-fledged player within the online game. That spring and summer time, Reich proved a gold mine of knowledge, tipping Levine, who in flip tipped Wilkis, to 6 coming near near offers, together with a proposed transaction concerning G. D. Searle, on which Levine reaped over $600,000 in unlawful gains. yet via some distance the main exciting coup for Levine and Wilkis used to be a bid via American shops for Jewel businesses, a wide Chicago-area foodstuff chain. In March, now not lengthy after their dating revived, Reich had tipped Levine to the truth that American shops used to be getting ready a bid for Jewel in the community of $75 a percentage. Wachtell, Lipton was once representing American shops, so Reich had entry to info of the making plans. Levine plunged into one in every of his greatest gambles, making an investment good over $3 million to shop for a major stake of 75,000 Jewel stocks. Then not anything occurred. regardless of reassurance from Reich, Levine’s nervousness fixed. He’d by no means risked quite a bit on a unmarried transaction. He started to speak up the potential of a bid for Jewel along with his arbitrage contacts, hoping surge in cost and buying and selling quantity may positioned a few strain on American shops to make a press release, yet nobody taking the bait. The inventory used to be listless. So Levine and Wilkis hatched a scheme to get information of a potential bid into the press—a conventional tactic utilized by funding bankers to attempt to get businesses “in play. ” They felt certain they can use the click as a catalyst for speculative buying and selling in Jewel inventory. they selected the Chicago Tribune as their motor vehicle; any information mentioned in its well-read company part could speedy be picked up via the remainder of the monetary press. Chicago used to be faraway from Wall road; there has been little chance of any energetic inquiry into the leaks. So Wilkis known as the Tribune, and requested to talk with an M&A reporter. with no revealing his identification, he handed at the tip that Jewel was once in negotiations to be received via American shops. The Tribune reporter in a timely fashion looked at the top with Jewel’s chairman, who scoffed on the suggestion of a merger. not anything seemed within the paper. a couple of days later, Wilkis known as with extra particular info that the reporter may possibly try out: the chairmen of the 2 businesses had had a mystery assembly to debate the proposed deal at a Denver resort. The reporter was once capable of make certain the data, and the Tribune suggested that the talks had taken position and that American shops used to be ready to make an unfriendly bid for Jewel, then buying and selling at approximately $44 a percentage, at as excessive as $75 a proportion.