Bad Money
Bad Money
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The Scammer That Ruined Wall Street
Ivan Boesky is the money-loving inside trader whose behavior in the 1980s inspired the famous fictional Wall Street character Gordon Gekko.
He really did say greed is good-and was applauded at a Berkeley business school graduation in 1986.
In just under 25 years, Boesky went from a college failure serving as a law clerk in Detroit to being the man who almost single-handedly killed the Wall Street boom era of the 1980s.
Unlike any other time, the 1980s was the biggest decade in New York’s history and more specifically Wall Street.
It was labeled “the decade of greed”, and while that's every decade on Wall Street, in the 1980s the unapologetic pursuit of money became a sacrament.
At the apex of his renown, before his spectacular fall, he parlayed a 10-year run of bafflingly prescient stock picks (using his wife’s money) into finance superstardom, with laudatory magazine profiles, a book deal, and lecture invitations from the best business schools.
From an early age, Boesky knew he wanted to be rich but struggled to find his way.
He was born in 1937, to middle-class Jewish immigrants from Russia. His father was a Detroit restauranteur who owned delicatessens, restaurants and bars.
Boesky’s origin story was always shrouded in mystery.
But in 1962, his luck took a turn. At the age of 25, he married Seema Silberstein, who came from a wealthy real estate family that owned the Beverly Hills Hotel. And everything changed for him.
By 1975, Boesky opened a stock brokerage, called Ivan F. Boesky & Company, with $700,000 in seed money that mostly came from his wife’s family.
Ivan Boesky was what’s known as an arbitrageur and relaxed financial regulation under Ronald Reagan opened the door for a flood of corporate mergers and acquisitions in the 1980s, creating a fertile ground for traders like Boesky to make bank.
As a result, Boesky became the highest-paid trader on Wall Street in 1985. At the peak of his investment business, Boesky was overseeing an investment fund with over $3 billion in assets and he had a net worth of more than $200 million (more than $475 million in today’s money) and a place on the Forbes 400 list of America’s wealthiest people.
00:00 - Intro
01:00 - The Rise of an Arbitrageur
06:44 - Dark Edge
08:40 - The Financier
10:59 - Party's Over
This Ivan Boesky documentary is based on Den of Thieves book by James B. Stewart and CNBC Empires of New York.
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ความคิดเห็น

  • @GeraldWood-ig9rw
    @GeraldWood-ig9rw วันที่ผ่านมา

    Leno and rosemary were killed because Leno gambler owed money why killed Sharon was killed because it's was Jay's baby

  • @user-hy3nu7vm7v
    @user-hy3nu7vm7v วันที่ผ่านมา

    My uncle worked at GE's Appliance Park in Louisville KY from 1970 until 2001 after serving in Vietnam and he says at the height Appliance Park employed about 8,000 people then jobs began being outsourced under Neutron Jack Welch. When my uncle retired in 2001 he said they had less than 1,000 employees . Haier bought GE's Appliance division but they still make appliances under the GE banner

  • @christopherharmon2433
    @christopherharmon2433 วันที่ผ่านมา

    IIRC this is the same guy that wrote a book called Integrity , then he dumped his wife for the woman who helped him write it. INTEGRITY OK, NEUTRON JACK.

  • @arikkatzenberg582
    @arikkatzenberg582 3 วันที่ผ่านมา

    President Carter was a pig. He porked this economy to death and after Carter , companies had to lean out, and Wall Street became very zero sum. Nobody was making money, and companies could no longer bankroll entire communities.

  • @georgesmith9178
    @georgesmith9178 4 วันที่ผ่านมา

    Great. Just say what his compensation package was. I read about it many years ago and it was jaw dropping. Of course, maximizing profit is always rewarded - after all, we don't care about the people working for us; only about the investors, because they are the only who can fire us.

  • @sandrakenney567
    @sandrakenney567 4 วันที่ผ่านมา

    Hearing his so called friend when he died and some of his family where only interested in his fortunes its discusting i hope they have bad luck.only the good side of his family hopefully have the luck.his style of painting looked so easy when watching him with his pocket🐿🐿🐿🐿A godbless him.he was a nature of heart .Rest in peace Bob.your beauty of painting (BEAUTIFUL) Rest in Peace Bob GodBless You Amen.your art of beauty lives on.🖼🎨🖼🎨🖼🎨🖼🎨🐿🐿🦉🐼🐻🦔🦉🦔🐰🦋🕊🕊🕊❤🦉🐬❤🙏

  • @jonnovember2136
    @jonnovember2136 5 วันที่ผ่านมา

    If the banks are regulated by the government🤡 than they don't have room to falter🤔... 5:55 I am not feeling the FOMO💰... Where is my latinum #TDBank💳?🌎💘💰

  • @asanaswithari
    @asanaswithari 5 วันที่ผ่านมา

    The suppression of this video is wild 😂TH-cam won’t let this man be exposed .

    • @bad_money
      @bad_money 5 วันที่ผ่านมา

      @@asanaswithari for real lmao

  • @punkynicoplays4080
    @punkynicoplays4080 5 วันที่ผ่านมา

    Quit kink shaming. Im here for it Armie! 😅

  • @jamesonross3552
    @jamesonross3552 6 วันที่ผ่านมา

    There's no there there. The legally blind repair shop owner couldn't even testify that Biden was the person who brought it to his shop. It was an egregious violation of privacy that has remained front & center and will continue to do so as long individuals such as yourself can capitalize on exhuming the issue yet again

  • @vcab6875
    @vcab6875 7 วันที่ผ่านมา

    He was a world class Clown who turned colleagues into competitors Destroyed GE

  • @DigSamurai
    @DigSamurai 7 วันที่ผ่านมา

    As an entrepreneur in the '90s, I like many thought Jack Welch was a rockstar. I bought his book. But after Trump was president and I heard Welsh gushing about Trump's, gutting the epa, and cutting all kinds of regulations, I knew what kind of capitalist he was and I threw out his book.

  • @stanrix
    @stanrix 9 วันที่ผ่านมา

    I have worked for 2 American companies. And yeah, I recognise that style of management. Not pleasant to be judged, micromanaged and bullied at work.

  • @uhlijohn
    @uhlijohn 9 วันที่ผ่านมา

    One of Welch's proteges at GE is the dope who is the CEO of Boeing! Welch ran GE into the ground and now his protege has run Boeing into the ground! This is what happens when you allow hedge fund operators to gain control of corporations. They loot them, destroy them, then sell them off for pennies on the dollar. Welch and of proteges and fellow rent-seekers should all be in jail. GE was once a premier American manufacturing giant but Welch turned GE into a financial gambling outfit and got rid of it manufacturing side.

  • @observermanj8904
    @observermanj8904 10 วันที่ผ่านมา

    Great taste in women to be fair… very edible jkjk

  • @mikepaulus4766
    @mikepaulus4766 10 วันที่ผ่านมา

    I owned a bunch of GE stock in the 90s. I sold it all in 2005.

  • @phyarth8082
    @phyarth8082 11 วันที่ผ่านมา

    Article in Bloomberg "GE Doesn't Want to Be a Big Bank Anymore". That is Thatcher and Reagan neo-liberalism reduce manufacturing level to 10% (Britain have 11%) USA (12%) and increase financial industry sector to the max. Joke is that after 2008 crisis Financial sector was inflated 6 times, money on paper and chicks for free. When Britain needed high-capacity sewage pump 3 manufacturing companies capable to produce such machinery in Britain been closed (bankrupted because they been inefficient according to Thatcher) they bough pumps made in Germany. Water supply, sewage system, heating system, all metro carriage. England land of train invention all metro subway carriages are made in Germany, Genesis album "Selling England by the Pound 1973". Financial sector is very clean no science needed, no inventions, innovation no manufacturing and every manufacturing have waste management issue. Are only tow binary choices civilization or savage life style no choice in between.

  • @donniemoder1466
    @donniemoder1466 12 วันที่ผ่านมา

    He liked to fudge the numbers to make the quarterly numbers look good. The federal government had to bail out his company in 2008.

  • @joealbert1136
    @joealbert1136 12 วันที่ผ่านมา

    Screwed everything up

  • @andrewdonnelly9342
    @andrewdonnelly9342 13 วันที่ผ่านมา

    When did take off with his girlfriend? Phoney.

  • @pennygeno5629
    @pennygeno5629 13 วันที่ผ่านมา

    Former WeWork Lawyer is not sure if its true that she got equity? WOW, maybe you should change job, as you sure don't seem to qualify as a lawyer!

  • @pennygeno5629
    @pennygeno5629 13 วันที่ผ่านมา

    WeWork, was basically that Softbank's CEO's dream of hooking up with white hippie girls. But unfortunately for him that costed him billions

  • @Sawyer-vh6wd
    @Sawyer-vh6wd 13 วันที่ผ่านมา

    dang the nets can go under the bottom of the bucket they can go under the sea.

  • @stephenfwadsworth9565
    @stephenfwadsworth9565 13 วันที่ผ่านมา

    Never have so many, given so much to so few. On the premise, we would all be better off. Great these guys, can create fraud and be rewarded for it, in excessive amounts. Perhaps, the Great Reset, needs to re-occur? Starting here, would certainly redistribute a lot of wealth, very quickly. If a worker was to perform/commit these actions. They would be dismissed. :(

  • @barnacles62
    @barnacles62 14 วันที่ผ่านมา

    Bob Ross (basically his legacy and son) basically had the same thing happen to him as he did to Bill Alexander. All the "Happy little clouds" and "Let's give the tree a friend" were literally a stolen personality of Bill Alexander, a German artist that had the same type of painting show as Bob Ross and was where and who Ross learned wet on wet painting. He actually took the same technique and Bill Alexander actually hands him the brush over to Bob Ross, thinking it would promote them both. Alexander had a very thick German accent, was aggressive while painting, even yelled at times, but was actually a lot better painter than Ross. Ross got better toward the end, but the whole thing was to get people interested in trying to paint, and sell lessons, how to books and tapes and the art supplies, everything from the brushes to paints to knives to easels. What Ross did was used a very suave approach, I once read he said that he used an almost sexual nature to teach it, which made him very gentle, and it worked. When Alexander got mad, was when the Bb Ross Inc. made sound as though they had invented the wet-on-wet technique (which was used even by the masters) and then the man heard Ross even stealing his own personality, by saying happy little clouds etc. But people loved it better because of how he said it. Then after he died, which I did feel was a loss in a big way, his half of the company ended up in the Kowalskis hands. Main reason is his second wife which had a share as well had died before Bob, so once he died it went to them. His son made a lot of noise over it, but Bob had tried to get him into it as another painter, and he wouldn't. I had unofficially heard he was a booze and drug addict at the time, and thought he was going to get revenue from Bobs part without working, but the Kowalskis fooled him. They funded Bob to get started anyway and were straight right from the get-go it was business, so yes, they took his part because his son had not worked for it. I'd heard he did have a stake in it, but Bob never trusted Steve, so he left it to his brother. His brother had no interest in any of it and didn't care and ended up signing it over to the Kowalskis to keep the Bob Ross Inc. going strong. The show was a facade, Bob Ross was never what you could call a master, he was a speed painter and was basically just trying to make a happy little dollar as he used to say. But if you are going to put down the Kowalskis do your homework first, go back and watch some episodes of Bill Alexander, and though the difference is like night and day between him and Ross, they basically are saying the same things, only Bill was the true author of it. I think Ross did love to paint, I do think he found peace in it, and wanted to share it with others. I think he became the rock star of painting shows, but I don't think he was without sin. I think the one that got screwed the most was Bill Alexander.....

  • @hansbleuer3346
    @hansbleuer3346 14 วันที่ผ่านมา

    He was not a real capitalist. He was a parasit and opportunist. A shareholdervalue destroyer. He is now in hell. Many will follow.

  • @diegomagellan
    @diegomagellan 14 วันที่ผ่านมา

    The name of the game is *discipline*

  • @You_are_Right_
    @You_are_Right_ 14 วันที่ผ่านมา

    Milton Friedman is by far the best economist to ever live. Hands down

  • @tylerfoss3346
    @tylerfoss3346 14 วันที่ผ่านมา

    Neutron Jack.

  • @donaldharlan3981
    @donaldharlan3981 14 วันที่ผ่านมา

    😃 everything in that media article is untrue. Everything they said about Mafia running Hollywood is total shit. And so are those Photoshop pictures. You must realize that people didn't have televisions in their houses until the 1950s. Whoever dreamed up that fake history is a total liar and fraud.

  • @LeonardCooperman
    @LeonardCooperman 14 วันที่ผ่านมา

    Jack Welch made China rich at the expense of the American people and factories.

  • @akear
    @akear 15 วันที่ผ่านมา

    Jack Welch has gone from hero to zero. Pundits would now list him among the ten worse CEOs of all time.

  • @JohnMinehan-lx9ts
    @JohnMinehan-lx9ts 15 วันที่ผ่านมา

    Gee, lower evaluations if you SUCK at your job, who would have thought that would happen. Yay Amazon!

  • @JohnMinehan-lx9ts
    @JohnMinehan-lx9ts 15 วันที่ผ่านมา

    G-d bless, Welch. he is probably why the US economy did not become totally dysfunctional in the 1980s. "Control your destiny or someone else will."

  • @Bruh-cg2fk
    @Bruh-cg2fk 15 วันที่ผ่านมา

    lol

  • @irwinsaltzman979
    @irwinsaltzman979 15 วันที่ผ่านมา

    The final few years he took money from the insurance company to show a steady profit rise each quarter, raising stock price. . Eventually it collapsed. But he got all his bonuses.

  • @roxannebrown3061
    @roxannebrown3061 15 วันที่ผ่านมา

    The rise of the CEO sociopath

  • @sanjaybhatikar
    @sanjaybhatikar 15 วันที่ผ่านมา

    The Jack Welch way turned the company into a feudal state.

  • @OffGridInvestor
    @OffGridInvestor 16 วันที่ผ่านมา

    What I find the worst is how Jeff Imam was left WITH A SHELL made to look powerful and if you come across any former GE CORPORATE types, the blame Jeff and PRAISE Jack. It takes you about 30 seconds of reading to realise what vain slimy type of people these former corporate guys are. The type completely disconnected and indifferent from guys on the ground floor.

  • @jackcurvin9769
    @jackcurvin9769 16 วันที่ผ่านมา

    Thanks to Jack Welch corporate America's mission statement was reversed instead of first being devoted to your workers and your community Prophet came first and the formula they used was simple when your age plus the number of years you were with the company equal a certain level you will let go

  • @cane6074
    @cane6074 16 วันที่ผ่านมา

    This guy did not just help ruin manufacturing in America, he made bullshting into an art form for corporate executives, which resulting corporate executives putting greater emphasis on theoretical value then tangible value in order to juice the stock value without putting any accompanying tangible value in order to make themselves look good for investors so they can get they're stock options and bonuses. It just not made the corporate America more greedy, it turned into the dysfunctional awful hellscape that is today.

  • @janinejansevanvuuren7954
    @janinejansevanvuuren7954 16 วันที่ผ่านมา

    Worked for a CEO like this. Ultimately a very destructive person. He was a CA. Knew nothing about the business and was only interested in the little profitability strategies that he had been taught at university. What a disaster. Surrounded himself with a bunch of similar minded narcissists who sang his tune. Didn't want to listen to anyone who warned about the strategies and how damaging they were to the business. Also used the one-big-happy family mantra to BS employees but in fact cared only about the money. Stripped off profits that was created by his predecessors. Destroyed the company's reputation. People who had been with the company for 20 years were bullied out of the company. Now it's a failing company. Sad but a fitting legacy for a weak and greedy little man.

  • @Toomanian
    @Toomanian 17 วันที่ผ่านมา

    Dang, I came here for instructions.

  • @barbiquearea
    @barbiquearea 17 วันที่ผ่านมา

    I don't think Manson was a CIA asset. When Manson was in jail years before the Tate-LaBianca murders. He befriended a fellow inmate who was a high ranking member of Scientology. Apparently, Manson learned brainwashing techniques and how to form his own cult of personality from him, and this insight along with his natural charisma helped him form his little cult.

  • @bikenraider99
    @bikenraider99 17 วันที่ผ่านมา

    The 80's seem to be where America went wrong.......

  • @rcox54321
    @rcox54321 17 วันที่ผ่านมา

    He was the business version of Ronald Reagan. They both planted seeds of destruction that are still ruining the country today. Both looked up to by their acolytes as heroes to be worshipped.

  • @dtseringdorje
    @dtseringdorje 17 วันที่ผ่านมา

    Skoda chłopa. Kiczownik ale nie mniej człowiek.

  • @mdeeaonetwothree5162
    @mdeeaonetwothree5162 17 วันที่ผ่านมา

    Goodness. Thomas Edison would be rolling in his grave. This guy’s evil influence has possibly put us on the downward spiral of Western civilisation. Is it possible to come back from this?

  • @peterfreiling6963
    @peterfreiling6963 17 วันที่ผ่านมา

    Jack Welch was a fraud. His idea of "ranking" employees and then forced firing the "bottom" 10% every year was the most absurd business advice ever given. The problem was compounded by the fact that incompetent leaders and HR people in other companies tried to copy this practice, rather than use sound management judgement, which created internal fighting, protectionism, and chaos.

  • @billpletikapich5640
    @billpletikapich5640 17 วันที่ผ่านมา

    It all crashed post Jack Welch. He was ruthless but Wall Street loved him. Employees he didn't layoff loved him because their 401K's did so well. I hear no one complain about paying for stadiums so athletes can make millions off the poor tax payer.