Den of Thieves

<body stylesrc="../_private/template_title.htm" topmargin="10" leftmargin="10" bgcolor="#FFFFFF" link="#333366" vlink="#000000" alink="#000000"> <div align="left"> <table border="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" cellpadding="0" id="table2"> <tr> <td width="780"> <div align="center"> <table border="0" cellpadding="5" cellspacing="0" height="206" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="table3"> <tr> <td align="right" height="198" width="1%"> <p align="left"> <img border="0" src="../images/book_stewart_james_1991.gif" width="127" height="200"></td> <td valign="top" align="left" height="198"> <table border="0" cellspacing="1" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" id="table4"> <tr> <td colspan="3" width="0%"> <p class="book_title">Den of Thieves</td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> <img border="0" src="../images/blank_2x2.gif" width="2" height="2"><img border="0" src="../images/blank_2x2.gif" width="2" height="2"></td> <td width="52%" class="book_details_tags" valign="top" height="144" align="left" rowspan="9"> <map name="FPMap2"> <area href="../main/ratings.htm" shape="rect" coords="70, 0, 160, 32"> </map> <img border="0" src="../images_title/stewar21.gif" usemap="#FPMap2" width="194" height="158"></td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" valign="top" height="16" align="left" width="50%"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> <td class="book_details" height="32" align="center" width="50%" rowspan="2"> </td> </tr> <tr> <td width="1%" class="book_details_tags" valign="top" height="16" align="left"> </td> </tr> </table> </td> </tr> </table> </div> <table border="0" cellpadding="5" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="table5"> <tr> <td width="50%" valign="top"> <p align="left" class="body"><strong style="font-weight: 400">The 1980s have come to be known as the "decade of greed." This Pulitzer Prize winning book explains why. </strong></p> <p align="left" class="body"><strong style="font-weight: 400">Wall Street was swept by takeover fever. Fueled by junk bond financings, it seemed anyone could make a target of even the most established corporations. At the center of it all was Michael Milken, the "junk bond king," orchestrating the market from the Beverly Hills offices of investment bank Drexel Burnham. On the fringes, lurking like vultures, were arbitragers—highly capitalized traders looking to make fast profits by amassing positions in takeover stocks. In this market, there were two currencies. One was dollars, and the other was favors—inside information, stock parking deals or other forms of collusion.</strong></p> <p align="left" class="body">Regulators knew securities laws were being flaunted. It was obvious from the way companies' stock prices routinely jumped <i>before</i> takeover announcements. For law enforcement officials, the challenge was finding a way to identify and bring to justice the perpetrators. To them, investigating Wall Street was like investigating the mafia. Everywhere they turned, there was a wall of silence. </p> <p align="left" class="body">In 1985, the government got a break. Reports of suspicious trading by three Merrill Lynch brokers spawned an investigation that lead to a secret Bahamas bank account. That lead to famous arbitrager Ivan Boesky ... and ultimately to Michael Milken himself. Eventually, the investigation would bring down Drexel Burnham and the very junk bond market it had created.</td> <td width="50%" valign="top" class="body"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="table6"> <tr> <td width="100%" bgcolor="#333366"> <p class="header_yellow" align="center">Contents</td> </tr> <tr> <td width="100%" class="explanatory_text"> <table border="1" cellpadding="0" cellspacing="5" style="border-collapse: collapse" bordercolor="#CCCCFF" bgcolor="#CCCCFF" width="100%" id="table7"> <tr> <td class="contents_expanded"> <p class="contents_compressed">Book One: Above the Law<p class="contents_compressed"> Book Two: The Chase<p class="contents_compressed">Epilogue</td> </tr> </table> </td> </tr> </table> <p align="left" class="body">Stewart's book is a meticulously researched account of these events. It is divided into two parts. The first offers the criminals' perspective, detailing the formation of insider trading relationships, arbitragers' activities, and the dramatic rise of Drexel Burnham. The account is personal. The perpetrators come across as flawed, often insecure people—posturing, colluding and trying to get rich. The second half of the book offers the investigators' perspective, starting in mid-1985. Equally personal, it traces their frustrating efforts to track down empty leads and pressure suspects to plea bargain. Slowly, inexorably, they make progress. </p> <p align="left" class="body">This book is great history—but it is also a great story. It reads like a novel. There is a cast of colorful characters—from the most junior clerk, hiding startling secrets, to the most powerful banker, cowering behind a phalanx of lawyers. The writing is engrossing, and the suspense never lets up.</p> <p align="left" class="body">If there is such a thing as "cultural literacy" of Wall Street, this is part of it. Don't think twice. Read the book.</p> <p align="center" class="body"> </p> </td> </tr> </table> <div align="left"> <table border="0" cellpadding="10" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" bgcolor="#FFFFCC" id="table8"> <tr> <td width="100%" align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" bgcolor="#FFFFCC" id="table9"> <tr> <td> <p class="body" style="margin-bottom: 6"><b><font color="#333366" size="3">For related books, see sections:</font></b></p> <p class="bullet" style="margin-top: 4; margin-bottom: 4"> <img border="0" src="../images/bullet.gif" width="20" height="10"><a target="_top" href="../link_topic/history_histories.htm">History - Histories</a></p> <p class="bullet" style="margin-top: 4; margin-bottom: 4"> <img border="0" src="../images/bullet.gif" width="20" height="10"><a target="_top" href="../link_topic/history_bubbles_and_blow_ups.htm">History - Bubbles and Blow-Ups</a><p class="bullet" style="margin-top: 4; margin-bottom: 4"> <img border="0" src="../images/bullet.gif" width="20" height="10"><a target="_top" href="../link_topic/history_personal_accounts.htm">History - Personal Accounts</a></td> </tr> </table> </td> </tr> </table> </div> </td> <td>  </td> </tr> </table> </div>  <table border="0" style="border-collapse: collapse" width="100%" cellpadding="0" id="table1" bgcolor="#FFFFFF"> <tr> <td colspan="2" height="12"> <p style="margin-top: 0"> </td> </tr> <tr> <td align="right"> <p align="left" style="margin-bottom: 2px"> <noindex><a target="_top" href="http://www.riskexpertise.com/link/advertising.htm"> <font size="1" color="#000000" face="Arial">Ads by Contingency Analysis.</font></a></noindex></td> <td align="left"> <p align="right" style="margin-bottom: 2px"> <noindex><a target="_top" href="http://www.riskexpertise.com/link/advertising.htm"> <font size="1" color="#000000" face="Arial">Advertise on this site.</font></a></noindex></td> </tr> <tr> <td align="center" colspan="2">  <iframe src="http://servedbyadbutler.com/adserve/;ID=147917;size=300x250;setID=93136;type=iframe" allowtransparency="true" background-color="transparent" style="margin: 0px; padding: 0px; border-width: 0px" width="300" height="250" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"> <![if lt IE 4]> <script src="http://servedbyadbutler.com/adserve/;ID=147917;size=300x250;setID=93136;type=js" type="text/javascript"> </script> <noscript> <noindex><a href="http://servedbyadbutler.com/go2/;ID=147917;size=300x250;setID=93136"> <img src="http://servedbyadbutler.com/adserve/;ID=147917;size=300x250;setID=93136;type=img" border="0" height="250" width="300" alt=""></a></noindex> </noscript><![endif]> </iframe>   </td> </tr> </table> <p align="center" style="margin-top: 20"> <map name="FPMap0_I1"> <area href="http://www.riskbook.com" shape="rect" coords="0, 0, 184, 29" target="_top"></map> <img border="0" src="../images/open_book_riskbook.gif" usemap="#FPMap0_I1" width="185" height="30"></p> <p class="a" align="center"><font face="Arial" size="2"><a href="../main/disclaimer.htm">disclaimer</a></font></p> <p class="a" align="center"><span class="verdana10">website:</span> <noindex><a target="_top" href="http://www.contingencyanalysis.com"> <font size="2" face="Arial">http://www.contingencyanalysis.com</font></a></noindex><br> <span class="verdana10">books direct link:</span> <noindex><a target="_top" href="http://www.riskbook.com"><font size="2" face="Arial">http://www.riskbook.com</font></a></noindex><br> copyright <font face="Times New Roman">©</font> Contingency Analysis, 1996 - current</p> <p class="a" align="center"><map name="FPMap1_I1"> <area target="_top" href="http://www.contingencyanalysis.com" shape="rect" coords="0, 0, 240, 88"> </map><img border="0" src="../images/logo_book_white.gif" usemap="#FPMap1_I1" width="241" height="89"></p>  </body>