Arenson, Karen. "How Wall Street Bred an Ivan Boesky," New York Times, 23 November
1986, pp. F1, 8.
The papers have been full of the Boesky affair. He has been fined $100 million for insider
trading. People are concerned that since Boesky is "cooperating" with the authorities, there will
be all kinds of fallout from this scandal. Who's next?
I note that the SEC did not catch Boesky trading unfairly. It was an anonymous letter from
Caracas, Venezuela, that lead to the conviction of Mr. Levine and, through him, Boesky. That is
how the law was enforced.
There is a brief explanation of the operations in which Boesky was expert. It is a scam which, on
its surface, looks rather easy. One can understand why Boesky took advantage. One can also
understand that others will be tempted. Boesky made all that money and is then only fined.
Moreover, it is reported here that half of his fine is tax deductible!