Black Edge

Black Edge

Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street

Book - 2017
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"The rise over the last two decades of a powerful new class of billionaire financiers marks a singular shift in the American economic and political landscape. Their vast reserves of concentrated wealth have allowed a small group of big winners to write their own rules of capitalism and public policy. How did we get here? ... Kolhatkar shows how Steve Cohen became one of the richest and most influential figures in finance--and what happened when the Justice Department put him in its crosshairs"
Publisher: New York : Random House, [2017]
Edition: First edition
ISBN: 9780812995800
Characteristics: xx, 344 pages ; 25 cm
Call Number: 364.168092 KOL


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Feb 05, 2018

Well-written and smoothly told, the author takes us through the rise and fall of one of the richest men in the world. Steve Cohen succeeds beyond most people's wildest dreams in the culture of win-at-all-costs greed that pervades the hedge-fund corner of the financial system; part of the success seems to have hinged on "Black Edge," or the use of illegal insider information for major trades. The story here takes us from the start of his company, through many of the suspect trades, to the investigation and court cases from the FBI and the SEC that follow.

Sep 13, 2017

i re-iterate other comments that this book is a little long and tedious at times but still an interesting read about the insides of the hedge-fund sector.

Jul 11, 2017

It may be tedious and boring to the lay person, however this is well worth the effort. An extraordinary insite into the 'nouveau riche' of our times.

May 02, 2017

Somewhat of a tedious, boring read which focuses on a very small and select group associated with SAC Capital [Steven A. Cohen's crooked hedge fund]; basically about speculation - - or really rigged speculation and insider trading. The people are all crooked at all levels, whether their daily insider machinations, or their falsified school transcripts, or blood doping for the triathlon - - they are evidently crooked through and through, and do nothing, nor appear to have ever done anything, of a productive nature or value. As that Keynesian economist [John Maynard Keynes] stated later in his life, speculation is a useless and counterproductive activity - - not of any worth in any economy, except to benefit the crooks!
Perhaps the only two real-life characters of any moderate interest were FBI agent, Kang, and the attorney, Bowe. [Agent Kang also figures in Anita Raghavan's book, The Billionaire's Apprentice - - - he is evidently one of three actual active and achieving agents in that outfit!]
The author ends the book most cleverly, providing us with a portent of what's to come in the Trump Administration, but I was somewhat perplexed as the author covers the fall of another Indian-run hedge fund [I forget the name, think it was Medallion???] but nary a single mention of Rajat Gupta --- this was highly suspicious to this humble reader?!?!? [Gupta, the king of American jobs-offshoring, went to jail for a paltry year for providing insider information to the Medallion dude. Gupta also personifies the character of the types the Gates Foundation appoints to its Global Advisory Board.]
Essentially, though, it wasn't about that global economic meltdown, just a small slice of market rigging through rigged hedge fund speculation. [The personally interesting component touched on in this book by the author was the POV of the healthcare hedge fund sector, which my own extensive research has shown is one of the primary cost drivers in healthcare, i.e., (1) private equity/leveraged buyouts across the healthcare sector; (2) hedge fund speculation across the healthcare sector {which the author briefly touches upon indirectly}; and, (3) the clause in congressional legislation forbidding negotiation of pharmaceutical/medicine prices.]

Apr 25, 2017

Everyone should read at least an abridged version of this book! I am not interested in the market but when you understand how a small group of individuals can amass vast sums of money by breaking the law and because they have the ability to hire great legal counsel and remain untouched it is appalling!!!!! What Martha Stewart did and paid for with time in prison now seems so unfair to what Steve Cohen has gotten away with!!! Hopefully he will pay in the next life.

Mar 15, 2017

A suspenseful read, besides being informative. This book focuses on one small group of people and how they made a ton of money by being very crafty. Honesty is for dopes, you might think after reading this.

I could not understand how these economic practices really help the economy. There is, of course, a point of view that these types of financial businesses do not contribute, and in fact are actually destructive. Among other books about this viewpoint is "Makers and Takers: The Rise of Finance and the Fall of American Business." This is a good overview of how finance works in today's economy, and is a useful companion to "Black Edge."

Mar 03, 2017

good primer on how to succeed on Wall Street, remember laws and regulations are only operating expenses to the rich folks


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