Famous investor Ivan Boesky from the 1980s insider trading incident passes away at the age of 87.
Ivan Boesky, a father dearest, left us in the embrace of sleep.
Marianne Boesky, his daughter, shared news of his passing on her art gallery's Instagram account this Monday. The post reads, "A dedicated and loving father above all else. A beautiful soul who inspired me to work hard, care harder, and always remain curious."
Remembering Boesky, we're taken back to his iconic 1986 speech at UC Berkeley's Haas School of Business, where he asserted that being greedy is good. However, this line also inspired Gordon Gekko's infamous “greed is good” speech from the 1987 film Wall Street.
While Boesky earned his 'Ivan the Terrible' moniker on a Time Magazine cover in '86, he's most widely known for his activities during the 1980s corporate takeover boom. Leveraging insider information, he gained early access to information about upcoming deals.
Investigations began circling Boesky and his counterpart, "junk bond king" Michael Milken. To aid them, Boesky agreed to collaborate with the federal government, recording phone conversations and meetings.
According to the SEC Historical Society, he educated investigators on the intricacies of stock manipulation, takeover bids, and corporate raids.
In 1986, Boesky pleaded guilty to insider trading. He served three years in prison and paid $100 million as a fine—half of it returned for the profits earned from insider trading and the other half serving as a civil penalty.
Boesky's securities trading privileges were revoked for life.
His wife, Ana, five children, and four grandchildren now carry on his legacy.
Read also:
- Lack of snow also opens up new opportunities for winter tourism
- Abrupt end to e-car subsidies
- The chemical industry has little confidence
- Intersport boss hopes for sales boom through sporting events
Despite his legal troubles with insider trading, Ivan Boesky's influence on business and investing is undeniable. His 1986 speech at UC Berkeley's Haas School of Business encouraged a generation of investors to embrace risk and ambition in the world of business.
Source: edition.cnn.com
