Ivan F. Boesky, the flamboyant stock trader whose cooperation with the government cracked open one of the largest insider trading scandals on Wall Street, has died at the age of 87. The son of a Detroit delicatessen owner, Boesky was once considered one of the richest and most influential risk-takers on Wall Street. The line was memorably echoed by Michael Douglas in his Oscar-winning portrayal of Gordon Gekko in Oliver Stone's 1987 film "Wall Street." The reversals bolstered the arguments of free-traders who argued that Wall Street had been victimized by a publicity-seeking federal prosecutor using racketeering statutes usually reserved to combat organized crime. The government had previously done little to police insider trading, and some said it should be legalized.

Source: Forbes May 20, 2024 17:40 UTC