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Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street Hardcover – February 7, 2017
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“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
“A lot of people do not trust Wall Street. They regard it as a moneymaking machine for those who work there, which has little interest in practice in its stated aim of channeling capital into businesses and helping them to grow for the broader benefit of society. For such skeptics, Steven Cohen is Exhibit A.”—John Gapper, Financial Times
“A richly reported, entertaining tale about the cat-and-mouse game between the government and Cohen.”—Andrew Ross Sorkin, The New York Times Book Review
“There are few financial-industry struggles as titanic as the one portrayed in these pages.”—Reuters BreakingViews
“One of the best books about the 2008 financial meltdown.”—The Globe and Mail
“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. Sheelah Kolhatkar pulls back the curtain on the cheating, corruption, and skulduggery that underlie large swaths of the hedge fund industry and some of Wall Street’s most fabled fortunes. This book is as hard to put down as it is to stomach.”—Jane Mayer, New York Times bestselling author of Dark Money
“Fast-paced and filled with twists, Black Edge has the grip of a thriller. It is also an essential exposé of our times—a work that reveals the deep rot in our financial system. Everyone should read this book.”—David Grann, New York Times bestselling author of The Lost City of Z
“Black Edge is a real-life thriller about the government’s attempt to get the legendary trader Steve Cohen on insider trading charges—and the lengths to which he goes to elude them. Using deep reporting and top-notch storytelling, Sheelah Kolhatkar is able to shed new light on one of the least known and most fascinating characters on Wall Street.”—Bethany McLean, co-author of The Smartest Guys in the Room
About the Author
Sheelah Kolhatkar, a former hedge fund analyst, is a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley, and politics, among other things. She has appeared as a speaker and commentator on business and economics issues at conferences and on broadcast outlets including CNBC, Bloomberg Television, Charlie Rose, PBS NewsHour, WNYC and NPR. Her writing has also appeared in Bloomberg Businessweek, New York, The Atlantic, The New York Times and other publications. She lives in New York City.
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Top Customer Reviews
If you're interested in white-collar crime, particularly securities fraud, you are probably familiar with "Den of Thieves," and excellent account of the excesses of Wall Streets Masters of the Universe in the 1980s, like Michael Milken. "Black Edge" is a 21st century continuation of the tale, with the main difference being that the bad guy not only eludes justice, but he continues to prosper,unlike what happened to Michael Milken. "Black Edge" reads like a cross between crime fiction and a primer on high finance, meaning it's tautly written, the story flows beautifully, and the author Sheelah Kolhatkar weaves together an extremely complex array of characters into a well structured and easily comprehended narrative. Any negative review I've read of this book up to February 17, 2017 is entirely bogus and illegitimate, written by people who know, or are the people themselves, who are painted in an unflattering light in this book. Don't expect a feel good book with a justice prevails outlook, however. In 21st century America, with the undoubted further de-regulation of Wall Street that is to come in the future, those that think laws are for suckers will continue to prosper at the little guy's expense.
P.S. anyone who has read thus far and takes exception to the political overtones of my review, please keep this in mind: I'm very well versed in Libertarian free market economics, as I've read a few classics, such as "Free to Choose" and "The Road to Serfdom"; while the free market is in theory a beautiful idea, in practice it's simply my opinion that the Steven Cohen's of the world need at least some regulations to help equalize the opportunity for all trading in the securities market, and to keep them from distorting the market forces grossly in their favor. I want to keep my review as apolitical as possible, and respect the views of anyone reading this. I hope it comes across that way.
Sheelah Kolhatkar tells the tale in Black Edge.
Ms. Kolhatkar was a hedge fund analyst and is now a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley and politics among other things. She shows a keen understanding of traders and regulators, and conveys the story into a page-turner.
I know what happens in the end to SAC Capital and Steve Cohen. I knew some of the insider trading prosecutions. I never appreciated how all of those prosections from 2009 to 2014 were tied together.
Matthew Martoma plays one of the biggest roles in the story. He was a former trader at SAC Capital who was caught red-handed on insider information about negative results from a drug trial. His source, a doctor working on the trial, passed Martoma the information. Martoma made SAC Capital a lot of money on that information and Steve Cohen profited handsomely. What the feds really wanted was for Martoma to implicate Cohen in exchange for a lesser sentence. I won’t spoil the end for you.
Besides Rajaratnam and Maratoma, the feds brought cases against Michael Steinberg, a portfolio manager at SAC, Anthony Chaisson of Level Gobal and Todd Newman of Diamondback Capital.
It was this last one that lead to the undoing of some of the ability to prosecute insider trading. The Newman appellate decision slapped tighter requirements on the government when trying to prosecute an insider trading case.
Black Edge is well worth the time if you have any interest in the area.
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what Sheelah Kolhatkar makes clear in her scrupulous;ly researched...Read more