Ivan Boesky, disgraced financier dies at 87 - SEO Optimization: Ivan Boesky, 'greed is good' mantra, financier, dies

Wall Street insider Ivan Boesky, inspiration for Gordon Gekko, dies at 87. Scandalous life marked by greed, betrayal, and downfall.

Ivan Boesky, the infamous financier known for popularizing the "greed is good" mantra, has passed away at the age of 87 in his San Diego home. His daughter, Marianne Boesky, confirmed that he died peacefully in his sleep.

Boesky's rise to prominence was marked by his aggressive approach to arbitrage, where he amassed unprecedented stock positions in companies poised for takeovers. By the mid-1980s, he had accumulated a net worth of $280 million and a trading portfolio valued at $3 billion, much of it leveraged with borrowed funds. His opulent lifestyle included multiple properties around the world and ownership in prestigious establishments like the Beverly Hills Hotel.

However, Boesky's success came crashing down in 1986 when he pleaded guilty to insider trading, resulting in a $100 million penalty and cooperation with US investigators that led to the downfall of investment bank Drexel Burnham Lambert and its key figure, Michael Milken. This event marked the end of a decade characterized by frenzied takeover activities and excessive wealth celebration on Wall Street.

Despite his fall from grace, Boesky's legacy lives on through his portrayal as the inspiration for Gordon Gekko in the movie "Wall Street." His infamous quote, "Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself," became emblematic of the era's ethos.

After serving a three-year prison sentence, Boesky faced personal turmoil with a divorce and financial struggles. He eventually settled in La Jolla, where he lived a quiet life with his second wife and children. His passing leaves behind a complex legacy, reminding us of the dangers of unchecked ambition and the consequences of unethical practices in the financial world.

Share With Others