NEW YORK TIMES BESTSELLER • “An essential exposé 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
“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:||Random House Publishing Group|
|Product dimensions:||5.40(w) x 8.10(h) x 0.90(d)|
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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Table of Contents
Prologue: The Flip ix
Chapter 1 Money, Money, Money 3
Chapter 2 What Stevie Wants, Stevie Gets 27
Chapter 3 Murderers' Row 46
Chapter 4 It's Like Gambling at Rick's 65
Chapter 5 Edgy, Proprietary Information 81
Chapter 6 Conflict of Interest 94
Chapter 7 Stuff That Legends Are Made Of 108
Chapter 8 The Informant 133
Chapter 9 The Death of Kings 156
Chapter 10 Occam's Razor 173
Chapter 11 Undefeatable 192
Chapter 12 The Whale 206
Chapter 13 Karma 219
Chapter 14 The Life Raft 232
Chapter 15 Justice 255
Chapter 16 Judgment 268
Cast of Characters 297
Notes and Sources 305
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