Ivan Boesky was a prominent figure in the 1980s financial scene, renowned for his role in several major takeovers. He was infamous for his insider trading scandal which eventually led to his downfall. Identified as one of the inspirations for the character Gordon Gekko from the movie ‘Wall Street’, Boesky’s life and career were marked by extreme highs and lows.
Born in 1937, Boesky climbed up the financial ladder to become a highly successful arbitrager. However, his unethical business practices, which involved obtaining non-public information to make decisions on stock trades, led to a major scandal. In 1986, he was charged with insider trading and paid a penalty of $100 million. He was later barred from the securities business and served time in prison.
Boesky’s actions and their consequences highlighted greed and corruption within the finance industry and served as a cautionary tale for years to come. His life inspired characters in both literature and film, most notably the character of Gordon Gekko played by Michael Douglas in the 1987 film ‘Wall Street’. The character’s famous line “Greed, for lack of a better word, is good” is often associated with Boesky.
Boesky passed away at the age of 87. His life will continue to serve as a significant chapter in the history of Wall Street; a stark reminder of the consequences of unethical business practices.
Ivan Boesky, inspiration for ‘Wall Street’ villain Gordon Gekko, dead at 87
Ivan Boesky was a prominent figure in the 1980s financial scene, renowned for his role in several major takeovers. He was infamous for his insider trading scandal which eventually led to his downfall. Identified as one of the inspirations for the character Gordon Gekko from the movie ‘Wall Street’, Boesky’s life and career were marked by extreme highs and lows.
Born in 1937, Boesky climbed up the financial ladder to become a highly successful arbitrager. However, his unethical business practices, which involved obtaining non-public information to make decisions on stock trades, led to a major scandal. In 1986, he was charged with insider trading and paid a penalty of $100 million. He was later barred from the securities business and served time in prison.
Boesky’s actions and their consequences highlighted greed and corruption within the finance industry and served as a cautionary tale for years to come. His life inspired characters in both literature and film, most notably the character of Gordon Gekko played by Michael Douglas in the 1987 film ‘Wall Street’. The character’s famous line “Greed, for lack of a better word, is good” is often associated with Boesky.
Boesky passed away at the age of 87. His life will continue to serve as a significant chapter in the history of Wall Street; a stark reminder of the consequences of unethical business practices.
