Ivan Boesky, Convicted in 1980s Insider-Trading Scandals, Dies at 87

[SouthBayDem]

Source: Wall Street Journal (gift link)

Ivan Boesky, who went to prison and paid a record $100 million fine for a sprawling insider-trading scandal, becoming a symbol of extravagance and corruption on Wall Street, has died at the age of 87.

His daughter Marianne Boesky confirmed his passing.

Boesky’s 1986 guilty plea and his cooperation with federal authorities led to the collapse of Michael Milken’s junk-bond empire and the end of the frenzied debt-fueled takeovers of the era that upended many industries. Boesky’s dramatic rise and fall marked a decade that became synonymous with unbridled ambition and even greed.

For much of the 1980s, Boesky was among America’s wealthiest and best-known financiers. He earned a fortune from successful bets on the shares of takeover candidates, both rumored and real, usually before the transactions took place. His downfall was both abrupt and shocking, revealing to the public how pervasive insider trading was in the financial world, especially among some of the most prominent and wealthy investors.

Read more: https://www.wsj.com/finance/regulation/ivan-boesky-convicted-in-1980s-insider-trading-scandals-dies-0f324945?st=3jsz0wp2rgwj4xe&reflink=desktopwebshare_permalink

[PufPuf23]

1. Ivan Boesky, famed trader in 1980s insider trading scandal, dies at 87

Ivan Boesky, famed trader in 1980s insider trading scandal, dies at 87

Krystal Hur, CNN; Mon, May 20, 2024

Ivan Boesky, the infamous insider trader whose name became synonymous with financial greed and helped inspire the fictional character Gordon Gekko in the 1987 film “Wall Street,” has died at his home in the La Jolla neighborhood of San Diego. He was 87.

His daughter, Marianne Boesky, confirmed to CNN on Monday that he died in his sleep.

“A dedicated and loving father above all else. A beautiful soul who inspired me to work hard, care harder, and always remain curious,” read a caption on a Monday Instagram post by the account associated with Marianne Boesky’s art gallery.

Boesky famously said in a 1986 commencement speech at the Haas School of Business at the University of California, Berkeley, that “greed is healthy,” inspiring in part to Gekko’s “greed is good” speech.

more at CNN link
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I was at the 1986 Haas commencement (as 1st year MBA) at the Greek Theatre and graduated Haas MBA in 1987. Boesky first spoke to Haas students in Fall 1985 in 155 Dwinelle Hall where he specifically said, "Greed is Good". Boesky also said similar on The Johnny Carson Show.

Boesky, Boyd Jefferies, and Mike Milken went to prison and were barred for life from the securities industry and are also examples of how white collar crime pays in our society and courts if you are wealthy and well-connected.

[LeftInTX]

2. Haven't heard that name in years. Completely forgot he existed.

[PufPuf23]

4. Had a hard time finding a source about Boesky as Haas commencement speaker.

Same with Mike Milken. Looks like Cal / Haas B-School did a good internet scrub job.

Mike Milken was a Haas graduate and the junk bond king, at one time an esteemed alumnus. Drexel Burnham Lambert that with his insight rose to prominence was disbanded by bankruptcy and crimes. There are active DBL leaders (for example Leon Black) that were not punished and are still active in finance.

[JoseBalow]

3. Boesky ratted out Milken, they both wound up doing 2 yrs in a Federal Camp

drumpf pardoned Milken, but not Boesky

[NBachers]

5. In a previous life, I did time with Ivan at FCI Lompoc. I'm the only person you know who can say he showered with Boesky

He had his small group of acolytes in the inmate population. I was good friends with one of them; he was another financial crime prisoner. Others in the inmate population were a bit disdainful of Boesky.

Boesky grew his beard out and his hair long while he was doing his time. Some people did this so they would be less recognizable until they finished their time and cleaned back up. He was assigned to janitor duty in the chapel and visitor center. I think they did this so he'd be on display emptying wastebaskets during visiting hours. I pointed him out to family members; emptying wastebaskets and cleaning up while they visited me.