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Type of bind: Paperback
Dewey Decimal Number: 364.168
EAN num: 9780671792275
ISBN number: 067179227X
Label: Touchstone Books
Manufacturer: Touchstone Books
Quantity: 1
Page Count: 592
Printing Date: September 01, 1992
Publishing house: Touchstone Books
Sale Popularity Level: 8408
Studio: Touchstone Books
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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 very 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.
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Rated by buyers -
An analysis of corruption at the most disgusting level. Every player in this expose got what they deserved. A good book.
Rated by buyers 
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James B. Stewart's magnificent book recounts a wide conspiracy by Wall Street investment bankers, who were already some of the most highly-paid individuals in the world, to use inside information to generate instant profits for themselves at tremendous cost to ordinary shareholders, American taxpayer, and the health and credibility of the American financial system. Such a book about such greedy malicious individuals can easily degenerate into a polemic but it is a credit to the author's brilliant research skills and clear nuanced writing as well as the challenging complexities of life that "Den of Thieves" is, more than financial journalism of the best kind and more than non-fiction at its most life-like, above all a tragic epic.
"Den of Thieves" is divided into two parts. The very first part recounts the rise of this conspiracy, and the second the government effort to prosecute the conspirators. It is no fault of the author's that the very first part is infinitely more interesting and compelling than the second part. In the very first part Mr. Stewat meticulously documents how pride and arrogance more than greed and ambition drove these conspirators to commit some of the gravest financial crimes in American history -- in short it captures the spirit of the very best Shakespearean and Greek tragedies. By comparison, the second part is a lawyer's brief, an exactingly precise recounting of the long and tired government case against Michael Milken, who was the very heart of the conspiracy.
Indeed, Michael Milken dominated the American financial world in the eighties. It was his control of the junk bond market that would finance corporate America's merger mania, which would lead to the boom in the stock market and the U.S. economy in general. Like all great men Milken was not driven by money although he made a lot of it (Milken was one of America's richest man in the eighties, and certainly the richest self-made man). He was driven by power and control: he used his reputation, junk bonds, and inside information to manipulate corporations into merging with each other, in the process generating tremendous revenues for his firm Drexel and himself. By his own admission he came to such awesome power not through brilliance but through hard work and determination: he was in his office by 4am, and pushed himself and his staff to extremes and rewarded them accordingly -- a severity and a fairness that earned him the respect and loyalty of his staff.
Even though there is no denying Michael Milken's greatness Mr. Stewart's brilliant eye knows that there isn't much of a story in him. That's why the very first part is dominated by two poignant and ultimately pathetic individuals -- the cold malicious arbitrageur Ivan Boesky and the lowly unctuous Dennis Levine -- who could be seen as doppelgangers of each other, and who combined was the basis for Michael Douglas's character in Oliver Stone's "Wall Street." Even though one was considered a titan of American finance and the other a slimy upstart both were not very smart, not terribly talented individuals who nevertheless demanded the world, and who when threatend were too quick to betray their closest friends.
Ivan Boesky was fortunate enough to marry rich, and though he was certainly a psychopath like Michael Milken Boesky lacked Milken's vision and courage: when he had accumulated enough capital to be a major financier like the Rothschilds Boesky instead became risk-averse and sat on his wealth. Dennis Levine would never accumulate the wealth that Boesky did but he did accumulate a lot by breaking into legal and investment banking offices, and corrupting those around him. Even when he had enough wealth to stop Levine continued, because for him inside trading was "fun" and, more important, he was really good at it. And not only did he not stop but he blatantly flaunted his wealth.
No surprise then that the very first person for the government to catch was Levine, who quickly and easily turned stool pigeon. Boesky was next, and the government was shocked to learn that this supposedly awesome financier was in fact Milken's pawn: Boesky bought and sold shares as Milken ordered, and was genuinely afraid of Milken. So it was Levine and Boesky, the two most dastardly but ultimately pathetic individuals in this whole saga, who would unwittingly work together to bring down Milken when men of higher caliber initially and recalcitrantly stood behind their God.
And ultimately it would be Levine and Boesky who would be the losers. After a long bitter legal battle Milken would go to prison, and emerged from prison one of America's richest individuals, still championed by a hardcore group of loyalists who thought his use of junk bonds had revolutionized and rejuvenated American finance. Levine and Boesky -- because they did the unthinkable in the Wall Street fraternity, and squealed -- became outcasts, and now roam the world aimlessly. ... Read More
Rated by buyers -
I read this after enjoying Stewart's later book, Disney War. This one was more thrilling as it involved real crime but still written very well as if the author was in the room. The characters include bad guys, good guys that gave in to the dark side and a few good guys that felt strong about following the law. It was the beginning of dishing out real punishment for white collar crime although one can argue they were let off easy compared to today's convictions.
Rated by buyers 
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James Stewart has done an excellent job of gathering information about the insider-trading scandal of the 1980s, so if you're looking for all the details of these events, you'll find them in this book, which is clearly-written and well-organized. What you won't find, though, is great storytelling. Stewart is content to recount one fact after another, rarely putting them in context or using them to build narrative suspense or to reveal character. As a result--and despite the inherent drama of the events it lists--the book is a rather dull read, especially for readers who have no familiarity with the world of high finance. If you want to read a masterpiece of writing about business, try David Halberstam's "The Reckoning."
Rated by buyers -
'Den of Thieves' was sewn together by James Stewart from numerous Wall Street Journal articles he wrote on the M&A scandals during he 80s -- and it shows. The story is very difficult to follow, not only because the fraud was so complex, but also there were numerous players; Stewart doesn't do himself any favors by jumping around a lot. Still, it was very interesting and the second half of the book, marked by Boesky's surrender to federal agents in September 1986, is nothing short of riveting! If you enjoy Kurt Eichenwald ('Conspiracy of Fools') or Bethany McLean ('Smartest Guys in the Room') you will like 'Den of Thieves' -- although probably not as much.
Next release I suggest Stewart lay out all the Drexel, Peabody, and Boesky deals in chronological order at the beginning. The cast of players at the front was helpful, but not enough for me to keep up with some of it. Enjoy!
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