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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NEW YORK TIMES BESTSELLER * "An essential expos#65533; of our times--a work that reveals the deep rot in our financial system . . . Everyone should read this book."--David Grann, author of Killers of the Flower Moon

ONE OF THE BEST BOOKS OF THE YEAR-- The New York Times and The Economist * Finalist for the New York Public Library's Helen Bernstein Book Award for Excellence in Journalism

The hedge fund industry changed Wall Street. Its pioneers didn't lay railroads, build factories, or invent new technologies. Rather, they made their billions through financial speculation, by placing bets in the market that turned out to be right more often than not. In hedge fund circles, Steven A. Cohen was revered as one of the greatest traders who ever lived. But that image was shattered when his fund, SAC Capital, became the target of a seven-year government investigation. Prosecutors labeled SAC a "magnet for market cheaters" whose culture encouraged the relentless pursuit of "edge"--and even "black edge," which is inside information--and the firm was ultimately indicted and pleaded guilty to charges related to a vast insider trading scheme. Cohen, himself, however, was never charged. Black Edge is a riveting legal thriller that raises urgent questions about the power and wealth of those who sit at the pinnacle of high finance and how they have reshaped the economy.

Longlisted for the Andrew Carnegie Medal for Excellence in Nonfiction and the Financial Times and McKinsey Business Book of the Year Award

"A modern version of Moby-Dick, with wiretaps rather than harpoons." --Jennifer Senior, The New York Times

"If you liked James B. Stewart's Den of Thieves, Sheelah Kolhatkar's thrilling Black Edge should be next on your reading list." -- The Wall Street Journal

"Excellent." --The Economist

"A true-life thriller with Shakespearian stakes . . . Her chilling account of a blighted industry is as mesmerizing as a human story as it is as a financial one." -- Fortune

"A tour de force of groundbreaking reporting and brilliant storytelling." --Jeffrey Toobin, New York Times bestselling author of American Heiress
Publisher: New York :, Random House,, 2017, ©2017.
Edition: First edition.
ISBN: 9780812995800
Branch Call Number: 364. 168092 COH K
Characteristics: xx, 344 pages ; 25 cm

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t
tjdickey
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.

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

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