Insider Trading Kingpin Ivan Boesky Dies At Age 87

The New York Times reports:

Ivan F. Boesky, the brash financier who came to symbolize Wall Street greed as a central figure of the 1980s insider trading scandals, and who went to prison for his misdeeds, died on Monday. He was 87.

An inspiration for the character Gordon Gekko in Oliver Stone’s movie “Wall Street” and its sequel, Mr. Boesky made a fortune betting on stock tips, often passed to him illegally in exchange for suitcases of cash. His guilty plea to insider trading in November 1986 and his $100 million penalty, a record at the time, sent shock waves through Wall Street and set off a cascade of events that marked the end of a decade of frenzied takeover activity and the celebration of conspicuous wealth.

As federal investigators closed in on Mr. Boesky, he agreed to cooperate, providing information that led to the downfall of the investment bank Drexel Burnham Lambert and its junk bond king, Michael Milken.

Read the full article. Of note, Trump pardoned Milken in the final days of his term. The linked obituary is quite the wild ride through the corruption on Wall Street during the so-called “go-go 80s.” Gift link here.

Breaking News: Ivan Boesky, the brash financier who symbolized Wall Street greed in the 1980s insider trading scandals, has died at 87. https://t.co/cZVkRQXenN

— The New York Times (@nytimes) May 20, 2024

Ivan Boesky, a high-flying Wall Street arbitrager in the 1980s who was then exposed as a cheat in the insider-trading scandal that defined the era, has died. He was 87 https://t.co/01WbzV0D5a

— Bloomberg (@business) May 20, 2024