This post is part of a feature in which we wonder whatever happened to some notorious financial felons. See all 17.

Ah, for the simple days of the 1980s. Way back then, the crimes of greedy traders were obvious and unambiguous, and the crooks had the decency to look the part. Few played the role of the greedy financier as well as Ivan Boesky, who went all the way from immigrant's son to millionaire investor to disgraced jailbird. I only wish our current financial crooks played their parts as well.

Ivan Frederick Boesky rose to fame and fortune taking huge positions in companies that were soon to be taken over. He was quite successful during the merger mania that drove the 1980s boom market, and by 1986 he was worth over $200 million, which was real money back before hedge funds took over the world. The only problem was that he was trading on inside information, which while enormously profitable has the distinct disadvantage of being completely illegal.

Boesky was not subtle in his approach, often buying tens of thousands of shares in a company at a premium just days before the company announced a takeover. The share price would jump and Boesky would quickly cash out. The typically somnambulant SEC eventually took notice, and Boesky was caught red-handed in 1986 and charged with stock manipulation and insider trading. He paid a fine of $100 million and spent nearly two years in the (minimum security) slammer. He also sang like a bird to the SEC, providing enough information about crooked dealings on Wall Street to almost single-handedly bring the 1980s boom to an end.

Continue reading Financial Felons: Ivan Boesky

Financial Felons: Ivan Boesky originally appeared on BloggingStocks on Wed, 19 Nov 2008 06:30:00 EST. Please see our terms for use of feeds.

All the drama on Wall Street these days -- from the credit crunch to the housing slump, everything from runs on the bank to rogue traders -- had the Hollywood Reporter wondering recently why Hollywood isn't cashing in on the fun. Given how well most of the serious Iraq War/War on Terror movies have done lately, perhaps moviemakers will be searching for greener pastures. Heck, Gordon Gekko is scheduled to make a reappearance next year in a Wall Street sequel tentatively called Money Never Sleeps.

Until then, with a little help from the Internet Movie Database, here is a list of some of Hollywood's best takes on Wall Street so far.

• American Psycho (2000). Christian Bale stars as a soulless investment banker with a taste for violence and kinky sex. Based on the bestselling book by Bret Easton Ellis.
• The Bank (2001). This award-winning Australian film is set in a corrupt corporate bank, and like Pi features a maverick mathematician who may have found a way to accurately predict stock market fluctuations. Stars Anthony LaPaglia.
• Barbarians at the Gate (1993). This Emmy-winning made-for-television movie is based on the leveraged buyout of RJR Nabisco in the 1980s. James Garner won a Golden Globe for his portrayal of the company's CEO.
• Boiler Room (2000). A college dropout joins a small brokerage house and discovers that his new career isn't all it's cracked up to be. This film has been compared to both Wall Street and Glengarry Glen Ross. Stars Giovanni Ribisi and Ben Affleck.

Continue reading Where's Gordon Gekko gone? Best Wall Street movies

Where's Gordon Gekko gone? Best Wall Street movies originally appeared on BloggingStocks on Sat, 05 Apr 2008 13:40:00 EST. Please see our terms for use of feeds.