Insider-trading

The 1980's were known as the "Greed Decade" but, for many, the true excesses of that greed were never fully known or are now only a distant memory. James Stewart's book, "Den of Thieves" provides a comprehensive, fascinating and readable look at the insider trading scandals of the 1980's which brought words like
arbitrageur and LBO into the mainstream and people like Boesky and Milken household names.

Stewart begins by looking at the rise of some of Wall Street's highest fliers and, in many cases, providing exhaustive details of how the prevailing mantra of "greed is good" led them to orchestrate their own downfall. The audacity of many of these people is almost breathtaking, as is the wealth they accumulated. Stewart moves on to detail the process by which the government, in the form of the SEC and then-US Attorney Rudy Giuliani, brought this house of cards tumbling down. The various players in the game are portrayed with varying degrees of sympathy. However, the government authorities are not necessarily portrayed in the most flattering light and Stewart raises a number of questions about the overall handling of the investigations.

One word of caution - readers should not get too bogged down in the details of the story. The insider trading scandal involved
hundreds of players and transactions and schemes that were unbelievably complex. It is almost impossible to assimilate the entire story without getting somewhat confused. Nevertheless, the book is at its most effective when you take a step back and look at the grand scheme of the insider trades, the methods by which the perpetrators were brought to justice and the punishment they suffered from their crimes. In many ways, the book was published before the story reached a final conclusion and it would be worthwhile for a revised edition to be published, updating the status of the actors involved and the fallout of the revelations which the investigations brought.

Overall, this is a fascinating and well written book which raises fundamental questions about the way business was, and is, conducted and the way in which the justice system operates. I would highly recommend it as the definitive account of the insider trading scandals of the 1980s.

In Den of Thieves, James Stewart gives us a gripping account of the insider trading ring that almost brought down Wall Street.

As a student studying finance, I was told to read this book by my cousin who worked in the financial world. After I finished, I had a more realistic view of the intensity of Wall Street. This intense competition and desire for money drove some people over the edge. Such was the case for Michael Milken, Ivan Boesky, Terry Mulheren, and their cohorts. To a certain extent, these men were driven to cheat and steal by insatiable greed.

You do not have to know much about the financial world to enjoy this fast paced thriller. The joy in this book is in the hunt. Once the SEC became aware of Milken's activities, they had to find a way to prove it and then had to take Milken down. Once Milken was taken out of his office in handcuffs and Rudy Guliani began to build his case, Milken's "associates" began to sing like canaries in the hope of cutting a deal with the government.

I love reading books about criminals who get what is coming to them. Michael Milken and friends deserved every bit of jail time they got. This definitely a book about criminals getting what they deserved. James Stewart draws you in within the first 20 pages, from there I hope you have some spare time because you will not be able to put it down.

This was one book that I could not put down. The book is broken into large sections, each dealing with a particular criminal and his corresponding activities. In-depth descriptions of what was going on behind the scenes at some of the most respected financial firms of the time--absolutely fascinating. If you were around in the 80's, and you work/participate in the investment industry, this should be required historical reading.

It's been a few years since I read and first reviewed this book. In that time I have come to appreciate the details quite a bit more.
Kidder Peabody was a trading operation, just like Enron. If we had taken Mr.Jett seriously, perhaps a few people would still have their 401k's at the Houston company. For those who say Jett is a liar, compare his situation to what brought down Enron. Read June's issue of L.A. magazine, there's a story of a young Enron trader who couldn't quite figure out how his company made either.
If by now you still don't believe Mr. Jett, I've got some swampland......

I had forgotten about the Kidder Peabody debacle until I saw Jett recently on C-SPAN. He is quite a speaker. I found his comments on business, corporate politics, and the failings of the black church to be dead on. Jett realized that power and politics matter more than race and it is very refreshing that someone has the courage to admit it.

I bought the book the following day and read it straight through. I manage a racially diverse professional workforce and have dealt with complaints of perceived discrimination for the last two years. After reading Jett's book I was able to have a heart to heart with a black direct report. He had not read the book so I lent him my copy. Somethings were simple: I no longer ask him or any minority to high-five me in greeting and he no longer says that being tardy is a black thing that I just don't understand. Otherthings will take longer. But the book was a real eyeopener for me and I believe 40% of my workforce has now read it.

I have sent it to my son, a business major at Duke and told him to bring it to the attention of his professors and classmates.

If you have any doubts about purchasing this book, first read some of the 49 reviews (thus far). Immediately, you'll notice a trend. Overwhelmingly, readers are convinced of Joseph Jett's account of the facts. On the other end of the spectrum, you'll read a few accounts of individuals who claim to have worked with Mr. Jett or have somehow come to the conclusion that Mr. Jett is lying. I put my faith in most people's ability to discern the truth by using a modicum of critical thinking. I actually laughed out loud when I read comments by those who stated, "I am the wife of an ex-Kidder employee" or "I worked at Kidder and lost my job." Their comments make no mention of the legalities of the case or ridiculous control GE had over the media and the legal system. If the "superiors" at Kidder had "no clue" (according to their inept recollection), why would a wife or ex-employee know whether or not Joseph Jett had "taken down" Kidder Peabody? Executives at Kidder said they had no idea what was going on, I doubt a lower-level employee or wife (who no doubt was biased about her husband's loss of a job) would have ingenious insight.

This book was absolutely fascinating!!! After reading this book, I gave it (or recommended it) to my brother, mother, father, sisters, husband, brother-in-laws and countless friends who all came to the same conclusion, "innocent," without any prompting by me.

BY FAR, THIS WAS THE BEST BOOK I READ ALL YEAR!!!(which says a lot--our family reads tons). The technical aspects of the book require more dedicated attention as you read, however, even if you have troubles with this section, it's clear that Joseph Jett was wrongfully accused of single-handedly taking down Kidder Peabody. The reader does not (and probably should not) come to this conclusion based on one account of a Wall Street employee, but on the countless other books and accounts with similar tones--BIG MONEY (I.E. GE C0RPORATION) PRECLUDE THE FAIR OUTCOME OF ALMOST ANY TRAIL. Why are we shocked at the outcome?

I was extremely saddened at the end of the book. It it disturbing that both the Justice Department and the National Association of Securities Dealers exonerated him of any wrong-doing, while the SEC judge (who does not have a finance understanding and was working her first case) said he was innocent of securities fraud but had the intent to fraud the company, although Jett was abiding by the firm's own bookkeeping rules. There were just too many inconcistencies in her ruling.

By the way, our family consists of Latino, White, and African Americans members, all of whom have B.A.'s, Master's, MBA's, and PhD's. All reached the same conclusion--Joseph Jett is innocent.

In the end, this book not only does an excellent job of portraying Jett's case, but it also re-awakens our consciousness about the unfair control that weathly corporations have in America which, in the end, dictate what happens in our court-rooms, what we see on television and what we read in the papers. This is why reading a variety of perspectives is so critical--don't rely on TV to give you the truth!!