Wall Street greed laid bare.
In an old-fashioned western, the movie-house audience often cheers when the hero arrives to bring the villain to justice. That's the reaction a reader may well feel when reaching the second half of Den of Thieves, the excellent new book by Wall Street Journal editor James B. Stewart.
The first half of "Den of Thieves" spells out the misdeeds of Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine, who, as a book jacket blurb notes, "created a series of security scams that made other financial hustles look like amateur night." It is a tale of people obsessed with money in a decade of rampant greed on Wall Street. Mr. Milken and Mr. Boesky, especially, are depicted as moral idiots.
Besides spelling out the financial crimes of these four and various other thieves in the securities industry, Stewart traipses out any other gobs of scandal he can find in their lives. At times, the depravity becomes depressing.
Where are the men and women of integrity? Where are those who want to do something constructive with their lives, not just make a buck - or a billion bucks? Where are those with the independence of mind not to be overwhelmed by the flaunted money and aura of success that once surrounded these crooked big players in the mergers, acquisitions, and leveraged buyouts that weakened so many corporations in the 1980s?