Product Description

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 justice.

Based 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.

Product Details

• Amazon Sales Rank: #20515 in Books
• Published on: 1992-09-01
• Original language: English
• Number of items: 1
• Binding: Paperback
• 587 pages

Features

• ISBN13: 9780671792275
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
• Click here to view our Condition Guide and Shipping Prices

From Publishers Weekly
This 29-week PW bestseller, a QPB main selection, tells of the rise and fall during the 1980s of the biggest insider trading ring in Wall Street history. Updated in paperback. Photos.
Copyright 1992 Reed Business Information, Inc.

From Library Journal
Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine will long be remembered for the Wall Street insider trading scandals of the 1980s. Stewart, a Pulitzer Prize-winning Wall Street Jour nal reporter who covered the various scandals, has used his reportage as well as an exhaustive culling of court documents, testimony, and interviews with all of the participants to fashion an authoritative account of what happened. Stewart has done a thorough job in assembling the facts and has made connections that may surprise some readers. For example, Milken, the Drexel Burnham Lambert junk bond king who convinced many savings institutions and insurance companies to buy these bonds in large quantities, may have indirectly contributed not only to the bailout of various thrifts but also to the insolvency of some insurance companies. While this is a well-researched and highly readable work, there is such an abundance of financial details that a glossary of terms and related Wall Street jargon would have been helpful. This minor caveat aside, Stewart's contemporary morality tale is recommended for all business collections in public, special, and academic libraries. (Index not seen.) Previewed in Prepub Alert, LJ 5/15/91.
- Richard Drezen, Merrill Lynch Lib. , New York
Copyright 1991 Reed Business Information, Inc.

From Kirkus Reviews
A damningly detailed rundown on the predatory conspirators whose willful violations of securities law and ethical standards gave Wall Street a deservedly bad name during the takeover frenzy of the 1980's. Wall Street Journal editor Stewart (The Partners, The Prosecutors) was a beat reporter for much of the dirty decade. As one result, he has firsthand knowledge of the carriage-trade criminals who made a mockery of free enterprise during one of the century's greatest bull markets. Focusing on four major culprits- -Ivan Boesky, Dennis Levine, Michael Milken, and Martin Siegel--the Pulitzer-winning reporter offers unsparing accounts of the havoc they wreaked on their own as well as in concert with wide-ranging rings of accomplices. Nor, it seems, was the performance of the SEC and US Justice Department particularly praiseworthy. Indeed, the author leaves little doubt that regulatory authorities and enforcement officials were usually overmatched and outmaneuvered. Stewart nonetheless devotes most of his attention to the villains of the piece, who participated in and organized the era's antisocial daisy chains. Levine, for example, latched on to Boesky, who, in need of inside information to reduce the risk of his high- stakes arbitrage trading, had lured investment banker Siegel into the game. In turn, Boesky became a pawn of Milken's, a control freak whose financial acumen was exceeded only by his talent for plotting and organizing illicit buy/sell networks. The author puts paid to any lingering notion the junk-bond king was unjustly hounded by vengeful agents of the federal government. In addition, he makes clear that, but for stubborn pride and hubris, the man who leveraged corporate American could have cut a favorable deal that greatly reduced his ten-year prison sentence. A sorry and cautionary tale of world-class scofflaws, brilliantly reported by a savvy journalist with a sure sense of right and wrong. -- Copyright ©1991, Kirkus Associates, LP. All rights reserved.

Customer Reviews

Unbelievable story told with skill.
Den of Thieves is a snapshot of human nature showing its seemy side. Stewart's book has a cast of characters you couldn't believe if it were a work of fiction. The most brilliant thing about "Den of Thieves" is the range of villians in the book; no two come to their law-breaking in the same manner or embrace it to the same degree. All of them find temptation (usually in the form of large heaps of easy money) too hard to resist.

Stewart avoids the temptation to paint all of his law-breakers with the same brush and just focus in on the nuts and bolts of the story's timeline. Instead, he allows you to meet each individual and see how they became embroiled in Wall Street's worst scandal since the 1930s. You see some of the simple unrepentant scumbags you'd expect (Levine most closely fits the bill), but mostly you see more complex people. Milken comes off as a truly broken person who was never completely connected to reality in the same way most of us are. Most of the players come off as ordinary people who, on their own, would have cruised through their careers in uneventful fashion if not presented with a tempting, lawless option by a more proactive criminal. Each of the perpetrators has their own level of comfort with their involvement in the insider trading scheme. Some are so uncomfortable that they get out of the scheme on their own, some cry over the money they can't bring themselves to stop taking, and of course some just think they are God's gift to the financial world.

You also get to see how law enforcement can work in a situation like this - sometimes it isn't very pretty. You come to realize that regulators and public prosecutors are imperfect people in imperfect situations, subject to their own set of desires, temptations and problems. Rudy Guliani's office prosecutes this case in the public eye while he positions himself to run for Mayor of NYC. The SEC unwittingly committs a huge insider trade of its own by allowing Ivan Boesky to unload his portfolio before the public announcement of his arrest and cooperation with authorities - so he can pay them his $100 million fine. (It seems temptation's not quite as far away as the authorities think).

Great story. Great character development. Great lessons. Highly recommended.

A fascinating look at a complex and amazing scandal.
The 1980's were known as the "Greed Decade" but, for many, the true excesses of that greed were never fully known or are now only a distant memory. James Stewart's book, "Den of Thieves" provides a comprehensive, fascinating and readable look at the insider trading scandals of the 1980's which brought words like
arbitrageur and LBO into the mainstream and people like Boesky and Milken household names.

Stewart begins by looking at the rise of some of Wall Street's highest fliers and, in many cases, providing exhaustive details of how the prevailing mantra of "greed is good" led them to orchestrate their own downfall. The audacity of many of these people is almost breathtaking, as is the wealth they accumulated. Stewart moves on to detail the process by which the government, in the form of the SEC and then-US Attorney Rudy Giuliani, brought this house of cards tumbling down. The various players in the game are portrayed with varying degrees of sympathy. However, the government authorities are not necessarily portrayed in the most flattering light and Stewart raises a number of questions about the overall handling of the investigations.

One word of caution - readers should not get too bogged down in the details of the story. The insider trading scandal involved
hundreds of players and transactions and schemes that were unbelievably complex. It is almost impossible to assimilate the entire story without getting somewhat confused. Nevertheless, the book is at its most effective when you take a step back and look at the grand scheme of the insider trades, the methods by which the perpetrators were brought to justice and the punishment they suffered from their crimes. In many ways, the book was published before the story reached a final conclusion and it would be worthwhile for a revised edition to be published, updating the status of the actors involved and the fallout of the revelations which the investigations brought.

Overall, this is a fascinating and well written book which raises fundamental questions about the way business was, and is, conducted and the way in which the justice system operates. I would highly recommend it as the definitive account of the insider trading scandals of the 1980s.

Excelent reading for those interested in investment Banking
This book was really well writen and covers the breadth of what goes on in the investment banking world. I like the introductions on how the major investment houses started, and the roles of the Investment bankers, traders, lawyers, arbitragers etc. The central figure is Michael milken, who the book suggests is greedy and foul. The book is obviously on the side of US law enforcement, who some argue were biased and sought to destroy Milken for other motives. On the whole, I think it is a great book and it really helps one understand the whole finance game, and what happens (or used to happen) in wall street. Being from an Engineering and computing background, but with interest in M&A myself, I feel this book was really cool. I however reserve my judgements on Michael Milken till I read another book that is pro Milken. Taking away the crime aspects, I think Michael Milken is a genius.