|
|
Article: Ripoff on Wall Street // How inside-trader Dennis Levine amassed tainted fortune
- Article from:
- Chicago Sun-Times
- Article date:
- July 27, 1986
- Author:
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
|
On May 12, the secret life of Dennis Levine ended. That day
Levine, 33, an investment banker at Drexel Burnham Lambert, was
arrested for insider trading, opening the biggest scandal in recent
Wall Street memory. Levine netted $12 million as part of an insider
trading ring, authorities say; his rise coincided with the Wall
Street boom, and his fall goes to the heart of what makes many uneasy
about today's supercharged dealmaking.
The investment banker's reputation is an essential part of his
business. The leaders, for many years, were referred to as a "closed
club" based on long-established family ties. What may appear to be
snobbishness among leading investment bankers is essentially ...