Ivan Boesky, the infamous financier who inspired the character Gordon Gekko in the movie “Wall Street,” has passed away at the age of 87. Boesky was a prominent figure on Wall Street, known for his risk arbitrage skills and his mantra that “greed is good.”
Boesky’s rise to fame was marked by his success in speculating on takeover stocks, amassing a wealth estimated at $280 million. However, his downfall came swiftly when he was indicted for insider trading, leading to his disgrace, near-bankruptcy, and eventual imprisonment.
Despite his claims that he only bought stocks after formal takeover bids were announced, the Securities and Exchange Commission uncovered evidence that Boesky obtained illegal tips from investment bankers. In exchange for leniency, Boesky cooperated with the government’s investigation of insider trading rings, including testifying against Michael Milken, the junk bond king.
Boesky’s career was marked by highs and lows, from being a legend in the arbitrage business to becoming a pariah in the financial community. After serving his prison sentence, Boesky kept a low profile, reportedly enrolling in rabbinical studies and getting involved in projects to help the homeless.
His daughter, Marianne Boesky, confirmed his passing to the New York Times. Boesky’s legacy will forever be intertwined with the excesses and scandals of Wall Street in the 1980s, a cautionary tale of the dangers of unchecked greed in the world of finance.