Den of Thieves

by James B. Stewart

Book Overview

A #1 bestseller from coast to coast, Den of Thieves tells 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... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 067179227X
• Release Date: September 1992
• Publisher: Touchstone
• Length: 587 Pages
• Weight: 1.25 lbs.
• Dimensions: 8.4" x 1.5" x 5.5"

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.

Gripping and Accurate

Having re-read this book last week, it took me back to a time and a place I really didn't want to visit but found I should. Having been lured to Drexel, Burnham as a senior executive (from Morgan, Stanley in 1986) only weeks before the scandals hit -- and having witnessed the lava-roast at that firm -- it amazes me how Mr. Stewart was able to re-create events. Along with Predators' Ball, this book serves as an example of the power of quality investigative journalism. Filled with my own stories of similar dealings, I understand fully that his observations hit dead-center at the bullseye of the truth of that decade.One comment in the Epilogue struck me as almost sad. Mr. Stewart says, in the wake of these scandals: "Wall Street has given every sign of being severely chastened." Too bad that wasn't the case.Now myself a writer with somewhat less courage, perhaps, than Mr. Stewart (I've written about abuses/dangers on Wall Street, but write them as financial thrillers and opinion pieces -- it's safer, I think), I can only hope that with each scandal we get a little more honest, a little more chastened. Too bad I don't see that happening. Not yet, at least.

James B. Stewart, great journalist, suberb story teller!

An absolutely outstanding look at the '80s Wall Street culture and the inside operations of Michael R. Milken, Dennis B. Levine, Ivan F. Boesky, Martin Siegel... and many, many other players on Wall Street, including U.S. Attorney Rudolph Giuliani & the SEC investigations. Wall Street--Economic History worthy of reading. Other great, outstanding books on the subject: "A Licence to Steal: The untold story of Michael Milken and the conspiracy to bilk the nation." by Benjamin J. Stein; and also: "Ther Predators's Ball" by Connie Bruck.And because James B. Stewart is such an outstanding writer, I also read, which was a great book as well, written in story book fashion again: "Blood Sport: The President and his Adversaries" by James B. Stewart, a #1 New York Times Bestseller.

Ingenuity, greed, profiteering- This book has it all.

This book lays out all of the insider trading securities laws violations that were so prevalent in the 1980's. Stewart writes in a way that is simple without being simplistic. Den Of Thieves is a fast-paced documentary that anyone will find enjoyable to read.

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.