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DEN OF THIEVES

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Title: DEN OF THIEVES
by James B. Stewart
ISBN: 0-671-79227-X
Publisher: Simon & Schuster
Pub. Date: 01 September, 1992
Format: Paperback
Volumes: 1
List Price(USD): $15.00
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Average Customer Rating: 4.39 (46 reviews)

Customer Reviews

Rating: 5
Summary: Insightful Read on the "Greed" Decade
Comment: The book was an excellent narrative, first off. Stewart does a fine job with the "action" part of the story. While it might be true that some of his analysis is off (see other reviews), it still gets the point across.

While obviously Stewart has a pro-U.S. Attorney and SEC slant, if the book was entirely truthful (which indications say is so), then readers really have no choice but to come away with the verdict that Michael Milken, albeit a visionary in some sense and a great salesman, was really a crook who cost the taxpayers billions and unfairly ruled the junk-bond market with an iron fist. Especially interesting is Stewart's theory on how junk bonds contributed to the S&L debacle in the late '80's.

All-in-all, the narrative is great, and the analysis seems to be decent. It really makes the blood boil, however, to learn how Milken especially duped the system and then got away with a too light sentence (although it actually could've been shorter had Milken had more common sense)

Rating: 5
Summary: Gripping and Accurate
Comment: Having re-read this book last week, it took me back to a time and a place I really didn't want to visit but found I should. Having been lured to Drexel, Burnham as a senior executive (from Morgan, Stanley in 1986) only weeks before the scandals hit -- and having witnessed the lava-roast at that firm -- it amazes me how Mr. Stewart was able to re-create events. Along with Predators' Ball, this book serves as an example of the power of quality investigative journalism. Filled with my own stories of similar dealings, I understand fully that his observations hit dead-center at the bullseye of the truth of that decade.

One comment in the Epilogue struck me as almost sad. Mr. Stewart says, in the wake of these scandals: "Wall Street has given every sign of being severely chastened." Too bad that wasn't the case.

Now myself a writer with somewhat less courage, perhaps, than Mr. Stewart (I've written about abuses/dangers on Wall Street, but write them as financial thrillers and opinion pieces -- it's safer, I think), I can only hope that with each scandal we get a little more honest, a little more chastened. Too bad I don't see that happening. Not yet, at least.

Rating: 5
Summary: If you enjoy the investment world, this is for you!
Comment: This was one book that I could not put down. The book is broken into large sections, each dealing with a particular criminal and his corresponding activities. In-depth descriptions of what was going on behind the scenes at some of the most respected financial firms of the time--absolutely fascinating. If you were around in the 80's, and you work/participate in the investment industry, this should be required historical reading.

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