Black Edge

Black Edge

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

eBook - 2017
Average Rating:
6
Rate this:
NEW YORK TIMES BESTSELLERThe story of the billionaire trader Steven A. Cohen, the rise and fall of his hedge fund, SAC Capital, and the largest insider trading investigation in history—for readers of The Big Short, Den of Thieves, and Dark Money. 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? Through meticulous reporting and powerful storytelling, New Yorker staff writer Sheelah 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. Cohen and his fellow pioneers of the hedge fund industry didn't lay railroads, build factories, or invent new technologies. Rather, they made their billions through speculation, by placing bets in the market that turned out to be right more often than wrong—and for this they have gained not only extreme personal wealth but formidable influence throughout society. Hedge funds now manage nearly $3 trillion in assets, and competition between them is so fierce that traders will do whatever they can to get an edge. Cohen was one of the industry's greatest success stories. He mastered poker in high school, went off to Wharton, and in 1992 launched SAC Capital, which he built into a $15 billion empire, almost entirely on the basis of his wizardlike stock trading. He cultivated an air of mystery, reclusiveness, and extreme excess, building a 35,000 square foot mansion in Greenwich, Connecticut, and amassing one of the largest private art collections in the world. On Wall Street, Cohen was revered as a genius. That image was shattered when SAC became the target of a sprawling, seven-year government investigation. Labeled by prosecutors as a "magnet for market cheaters" whose culture encouraged the relentless hunt for "edge"—and even "black edge," or inside information—SAC was ultimately indicted in connection with a vast insider trading scheme, even as Cohen himself was never charged. Black Edge offers a revelatory look at the gray zone in which so much of Wall Street functions, and a window into the transformation of the U.S. economy. It's a riveting, true-life legal thriller that takes readers inside the government's pursuit of Cohen and his employees, and raises urgent questions about the power and wealth of those who sit at the pinnacle of modern Wall Street.Praise for Black Edge"Well-written, with pointed characterizations of the ambitious players and their motives, this book is highly recommended for readers interested in finance, crime, and politics."—Library Journal (starred review) "A tour de force of groundbreaking reporting and brilliant storytelling, a revealing inside account of how the Feds track a high-profile target—and, just as important, an unsettling portrayal of how Wall Street works today."—Jeffrey Toobin, New York Times bestselling author of American Heiress "Black Edge is not just a work of major importance, it is also addictively readable—and horrifyingly compelling."—Jane Mayer, New York Times bestselling author of Dark Money "Fast-paced and filled with twists, Black Edge has the grip of a thriller."—David Grann, New York Times bestselling author of The Lost City of Z
Publisher: 2017
Branch Call Number: OVERDRIVE
Characteristics: 1 online resource
Reproduction: Electronic reproduction. New York : Random House, 2017. Requires OverDrive Read (file size: N/A KB) or Adobe Digital Editions (file size: 806 KB) or Kobo app or compatible Kobo device (file size: N/A KB) or Amazon Kindle (file size: N/A KB)
Additional Contributors: OverDrive, Inc
ISBN: 9780812995817

Opinion

From the critics


Community Activity

Comment

Add a Comment

f
fdb045
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.

t
talktimereader
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.

s
StarGladiator
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.]

e
Einer2
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.

v
vicchu
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."

2
21288004246712
Mar 03, 2017

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

Age

Add Age Suitability

There are no ages for this title yet.

Summary

Add a Summary

There are no summaries for this title yet.

Notices

Add Notices

There are no notices for this title yet.

Quotes

Add a Quote

There are no quotes for this title yet.

Explore Further

Recommendations

Subject Headings

  Loading...

Find it at Skokie Public Library

  Loading...
[]
[]
To Top