In 1986, Ivan Boesky, a prominent figure on Wall Street, found himself in the spotlight after allegedly extolling the virtues of greed during a commencement speech at the University of California Berkeley. Although he denied making the controversial statement, it marked the beginning of a downward spiral that would tarnish Boesky's reputation as a money-making visionary.

At the time, Boesky was revered for his uncanny ability to predict business mergers, reinforcing the belief that his success was built on foresight and market savvy. However, by the end of that very year, Boesky would face charges of insider trading - an illicit practice that involved trading stocks based on illegal access to confidential information.

Investigators discovered that Boesky had been engaged in a corrupt exchange of information, sending literal briefcases filled with cash to an insider at a well-known Wall Street firm. This reprehensible conduct allowed him to make lucrative stock bets and amass a net worth of over $200 million, equivalent to nearly $1 billion in today's figures.

However, these gains were ill-gotten. Then-U.S. Attorney Rudy Giuliani uncovered that a significant portion of Boesky's fortune could be traced back to insider information acquired from a colleague at Drexel Burnham Lambert, one of the leading trading firms of the time.

As part of a plea agreement, Boesky chose to cooperate with federal authorities, leading to the downfall of Drexel Burnham Lambert and the exposure of other influential figures, including Michael Milken, the "junk bond king," who eventually pleaded guilty to multiple securities violations. (President Donald Trump would later pardon Milken in 2020.)

Boesky's professional reputation never recovered from the scandal. However, he managed to secure a comfortable life in Southern California following a divorce settlement that granted him $20 million, annual payments of $180,000, and a luxurious $2.5 million home.

The rise and fall of Ivan Boesky serves as a cautionary tale of greed and the consequences that accompany unethical actions in the financial world. His story sheds light on the darker side of Wall Street and the importance of ethical practices in preserving the integrity of the markets.