Ivan F. Boesky

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Ivan Frederick Boesky (born March 6, 1937 in Detroit , Michigan ) is an American stock market speculator. He was embroiled in one of the biggest economic scandals of the 1980s.

Life

Ascent

The son of Russian-Jewish emigrants and bar owner from Detroit visited in Bloomfield Hills , the Cranbrook School (now Cranbrook Kingswood School ) and graduated at the Mumford High School in Detroit. After studying at Wayne State University , Eastern Michigan University and the University of Michigan, and most recently at Michigan State University's Law College without a bachelor's degree, he worked as an accountant in a law firm. At 29, he became the arbitrageur to Wall Street . His rich father-in-law, who at that time still had to pay the rent for him, used to call him " Ivan the Schnorrer ".

At 49, Boesky was a corporate raider with assets of $ 200 million. He was nicknamed Ivan the Terrible on Wall Street . Boesky's penchant for waste was also legendary. When he went to eat in the most expensive restaurants, he would order several main courses. He then only tasted a bite of each to see what he liked best. He then ate that and left the rest.

Investigations

The investigation into Boesky was initiated by investment banker Dennis Levine , who was arrested by the Securities and Exchange Commission in May 1986 and testified against Boesky. The public prosecutor in this process was Rudolph Giuliani . Boesky was sentenced to three years in prison and a $ 100 million fine in 1986 for illegal insider trading . Allowing one final transaction before the verdict, he sold a large block of shares valued at $ 440 million. This enabled him to pay the fine immediately.

Artistic reception

For the film character " Gordon Gekko " from the Oliver Stone film Wall Street , Boesky was one of the models alongside Carl Icahn . Parts of the “Greed is Good Speech” that Boesky had given to graduates of the Haas School of Business at the University of California, Berkeley on May 18, 1986 , were incorporated into the film. Quote: “It is good to be greedy. In fact, I would argue that it is healthy to be greedy. You can be greedy and feel good about it. "

Newsweek magazine later commented: The strangest thing was not only that Ivan Boesky could say something like this at a graduation ceremony by business graduates, but also that his words were greeted with loud laughter and applause.

Ivan Boesky, Dennis Levine, Carl Icahn and their machinations are in the books “Mr. Diamond ”by Douglas Frantz and“ Club of Thieves ”by James B. Stewart .

Web links

Wikiquote: Ivan Boesky  - Quotes

Individual evidence

  1. ↑ http://www.thejewishweek.com/special_sections/text_context/greed_godly
  2. ↑ https://www.spiegel.de/fotostrecke/boersenkrimis-fotostrecke-108387.html
  3. ↑ Stewart, James B. (1991): Den of Thieves, p. 223.
personal data
SURNAME Boesky, Ivan F.
ALTERNATIVE NAMES Boesky, Ivan Frederick (full name)
BRIEF DESCRIPTION American stock market speculator
DATE OF BIRTH March 6, 1937
PLACE OF BIRTH Detroit , Michigan