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1 | 00:00:03,987 | 00:00:09,466 | [narrator] new york city: By the end of the 1970s, it was a city on its knees, | [narrator] new york city: By the end of the 1970s, it was a city on its knees, |
2 | 00:00:09,659 | 00:00:11,427 | In a country that was losing its mind. | In a country that was losing its mind. |
3 | 00:00:11,536 | 00:00:13,012 | [man] it's a war out on the street. | [man] it's a war out on the street. |
4 | 00:00:13,197 | 00:00:16,348 | The american dream had become a nightmare, | The american dream had become a nightmare, |
5 | 00:00:16,534 | 00:00:20,728 | And no place felt as rotten and as hopeless as new york. | And no place felt as rotten and as hopeless as new york. |
6 | 00:00:20,913 | 00:00:23,063 | [man 2] they're gonna make a ghost town out of the city of new york. | [man 2] they're gonna make a ghost town out of the city of new york. |
7 | 00:00:23,249 | 00:00:28,944 | [darryl mcdaniels] it was a war zone, without tanks and planes and people dropping bombs. | [darryl mcdaniels] it was a war zone, without tanks and planes and people dropping bombs. |
8 | 00:00:29,054 | 00:00:30,070 | But, suddenly... | But, suddenly... |
9 | 00:00:30,847 | 00:00:32,948 | [woman] happy new year! | [woman] happy new year! |
10 | 00:00:33,058 | 00:00:34,783 | ...At the dawn of a new decade... | ...At the dawn of a new decade... |
11 | 00:00:34,893 | 00:00:36,618 | [woman 2] it felt like really good sex. | [woman 2] it felt like really good sex. |
12 | 00:00:36,728 | 00:00:40,164 | ...There was something else in the air: Opportunity. | ...There was something else in the air: Opportunity. |
13 | 00:00:40,357 | 00:00:41,999 | [man 3] boom times. | [man 3] boom times. |
14 | 00:00:42,192 | 00:00:45,252 | It was everywhere in the 80s, and five new yorkers pounced. | It was everywhere in the 80s, and five new yorkers pounced. |
15 | 00:00:45,788 | 00:00:49,048 | [news reader] ivan boesky, wall street's biggest independent speculator, | [news reader] ivan boesky, wall street's biggest independent speculator, |
16 | 00:00:49,233 | 00:00:51,800 | And according to forbes, one of the richest men in this country. | And according to forbes, one of the richest men in this country. |
17 | 00:00:51,910 | 00:00:55,387 | One of the great things about this nation is that we can seek profit. | One of the great things about this nation is that we can seek profit. |
18 | 00:00:55,573 | 00:00:59,892 | [news reader] leona helmsley, the emblem of the helmsley hotel empire. | [news reader] leona helmsley, the emblem of the helmsley hotel empire. |
19 | 00:01:00,210 | 00:01:02,811 | [leona helmsley] I'm a dangerous character. Watch out, everybody. | [leona helmsley] I'm a dangerous character. Watch out, everybody. |
20 | 00:01:02,971 | 00:01:07,524 | [news reader] trump, it's taking on new meaning; tycoon, billionaire, maverick. | [news reader] trump, it's taking on new meaning; tycoon, billionaire, maverick. |
21 | 00:01:07,717 | 00:01:09,318 | [donald trump] the concept of what I'm trying to do, | [donald trump] the concept of what I'm trying to do, |
22 | 00:01:09,427 | 00:01:11,570 | In terms of real estate, is the best. | In terms of real estate, is the best. |
23 | 00:01:11,755 | 00:01:14,990 | [news reader] john gotti, alias the godfather, the boss. | [news reader] john gotti, alias the godfather, the boss. |
24 | 00:01:15,100 | 00:01:17,242 | [john gotti] you guys [inaudible]. | [john gotti] you guys [inaudible]. |
25 | 00:01:18,061 | 00:01:20,746 | [news reader] giuliani has sewn himself into the fabric of this city. | [news reader] giuliani has sewn himself into the fabric of this city. |
26 | 00:01:20,931 | 00:01:22,706 | [rudolph giuliani] this is a terrible, terrible emergency. | [rudolph giuliani] this is a terrible, terrible emergency. |
27 | 00:01:23,942 | 00:01:27,211 | They broke rule, flaunted their wealth... | They broke rule, flaunted their wealth... |
28 | 00:01:27,404 | 00:01:29,546 | 42 million. | 42 million. |
29 | 00:01:29,739 | 00:01:31,507 | ...Bulldozed anyone in their way... | ...Bulldozed anyone in their way... |
30 | 00:01:31,616 | 00:01:32,508 | Hey, tell me about it. | Hey, tell me about it. |
31 | 00:01:33,910 | 00:01:35,761 | ...And we worshiped them for it. | ...And we worshiped them for it. |
32 | 00:01:35,946 | 00:01:38,055 | [andrew j. Maloney] he's a murderer. He's not a folk hero. | [andrew j. Maloney] he's a murderer. He's not a folk hero. |
33 | 00:01:38,248 | 00:01:41,767 | By the end of the decade, they had reshaped the city in their own image... | By the end of the decade, they had reshaped the city in their own image... |
34 | 00:01:41,952 | 00:01:45,687 | Look at this. I mean, wouldn't you want your daughter to bring this guy home? | Look at this. I mean, wouldn't you want your daughter to bring this guy home? |
35 | 00:01:45,797 | 00:01:47,147 | ...And at what cost? | ...And at what cost? |
36 | 00:01:49,134 | 00:01:53,153 | [tovah feldshuh] a tipster had information that would clearly prove | [tovah feldshuh] a tipster had information that would clearly prove |
37 | 00:01:53,339 | 00:01:55,697 | That they were defrauding the united states government. | That they were defrauding the united states government. |
38 | 00:01:55,807 | 00:01:59,993 | [charles bagli] he agreed to act as an undercover agent. | [charles bagli] he agreed to act as an undercover agent. |
39 | 00:02:07,152 | 00:02:08,669 | [bethany mclean] it's really a shocking turn of events. | [bethany mclean] it's really a shocking turn of events. |
40 | 00:02:08,854 | 00:02:10,712 | You know it's all gonna come to a crashing halt. | You know it's all gonna come to a crashing halt. |
41 | 00:02:11,874 | 00:02:13,340 | Pick your poison. | Pick your poison. |
42 | 00:02:13,525 | 00:02:15,384 | It might be money, it might be sex, it might be drugs. | It might be money, it might be sex, it might be drugs. |
43 | 00:02:15,493 | 00:02:17,928 | [gil troy] he said, "I wish you could see her naked." | [gil troy] he said, "I wish you could see her naked." |
44 | 00:02:18,121 | 00:02:20,389 | Even today, it makes me uncomfortable. | Even today, it makes me uncomfortable. |
45 | 00:02:20,999 | 00:02:23,600 | [david cay johnston] if you think I just slandered you, sue me. | [david cay johnston] if you think I just slandered you, sue me. |
46 | 00:02:23,793 | 00:02:27,771 | These five titans would change the meaning of the american dream, | These five titans would change the meaning of the american dream, |
47 | 00:02:27,964 | 00:02:30,899 | And help define the way we live now. | And help define the way we live now. |
48 | 00:02:31,727 | 00:02:32,526 | The city, | The city, |
49 | 00:02:33,729 | 00:02:34,736 | Our country, | Our country, |
50 | 00:02:35,731 | 00:02:41,577 | The world, | The world, |
51 | 00:03:04,042 | 00:03:09,855 | Good evening, and welcome to nbc news's coverage of the 1980 presidential election. | Good evening, and welcome to nbc news's coverage of the 1980 presidential election. |
52 | 00:03:10,040 | 00:03:13,567 | Our team of correspondents, analysts, pollsters, and commentators | Our team of correspondents, analysts, pollsters, and commentators |
53 | 00:03:13,752 | 00:03:16,111 | Is assembled here in new york and around the country | Is assembled here in new york and around the country |
54 | 00:03:16,221 | 00:03:18,322 | To see if jimmy carter can win re-election, | To see if jimmy carter can win re-election, |
55 | 00:03:18,515 | 00:03:20,824 | Or if ronald reagan will be going to the oval office | Or if ronald reagan will be going to the oval office |
56 | 00:03:21,017 | 00:03:25,495 | -[reagan] are you better off than you were four years ago? -No. | -[reagan] are you better off than you were four years ago? -No. |
57 | 00:03:26,114 | 00:03:29,958 | [jimmy carter] it is a crisis of confidence. | [jimmy carter] it is a crisis of confidence. |
58 | 00:03:30,068 | 00:03:33,045 | [gil troy] jimmy carter was a perfect fit for the 1970s: | [gil troy] jimmy carter was a perfect fit for the 1970s: |
59 | 00:03:33,230 | 00:03:36,215 | A misfire of a president for a misfire of a decade. | A misfire of a president for a misfire of a decade. |
60 | 00:03:36,625 | 00:03:42,012 | It's a decade of inflation, of vietnam, of watergate... | It's a decade of inflation, of vietnam, of watergate... |
61 | 00:03:42,205 | 00:03:45,515 | [richard nixon] I shall resign the presidency, effective at noon tomorrow. | [richard nixon] I shall resign the presidency, effective at noon tomorrow. |
62 | 00:03:45,709 | 00:03:51,480 | ...A decade where americans are starting to wonder whether the american dream is over. | ...A decade where americans are starting to wonder whether the american dream is over. |
63 | 00:03:51,589 | 00:03:53,273 | It's a decade where, all of a sudden, | It's a decade where, all of a sudden, |
64 | 00:03:53,459 | 00:03:56,443 | The greatest city in the world, new york city, might go bankrupt. | The greatest city in the world, new york city, might go bankrupt. |
65 | 00:03:57,387 | 00:04:00,197 | [news reader] the city of dreams is becoming a nightmare. | [news reader] the city of dreams is becoming a nightmare. |
66 | 00:04:00,390 | 00:04:04,993 | $13 billion in debt and teetering on bankruptcy. | $13 billion in debt and teetering on bankruptcy. |
67 | 00:04:06,396 | 00:04:10,791 | New york is hanging by a thread, and only seems to be getting worse. | New york is hanging by a thread, and only seems to be getting worse. |
68 | 00:04:11,493 | 00:04:14,086 | [news reader] 19,000 municipal workers | [news reader] 19,000 municipal workers |
69 | 00:04:14,271 | 00:04:17,297 | Lost their jobs today, because of budget cuts. | Lost their jobs today, because of budget cuts. |
70 | 00:04:17,833 | 00:04:20,926 | [michael holman] a whole block would be covered with garbage bags, | [michael holman] a whole block would be covered with garbage bags, |
71 | 00:04:21,111 | 00:04:23,053 | That would sit there for weeks | That would sit there for weeks |
72 | 00:04:23,246 | 00:04:27,182 | And stink up the place, and this was normal. | And stink up the place, and this was normal. |
73 | 00:04:27,292 | 00:04:30,060 | [news reader] about 5,000 policeman, also, were laid off. | [news reader] about 5,000 policeman, also, were laid off. |
74 | 00:04:30,253 | 00:04:34,564 | This is comparable to laying off soldiers during a war. | This is comparable to laying off soldiers during a war. |
75 | 00:04:34,758 | 00:04:37,276 | [news read] four people are murdered here every day. | [news read] four people are murdered here every day. |
76 | 00:04:37,461 | 00:04:40,279 | There's a violent crime every four minutes | There's a violent crime every four minutes |
77 | 00:04:40,464 | 00:04:42,406 | [darryl mcdaniels] "it's just like a jungle sometimes. | [darryl mcdaniels] "it's just like a jungle sometimes. |
78 | 00:04:42,599 | 00:04:46,660 | It makes me wonder how I keep from going under," was the vibe of everybody. | It makes me wonder how I keep from going under," was the vibe of everybody. |
79 | 00:04:48,030 | 00:04:51,248 | [news reader] some people once called new york "fun city." | [news reader] some people once called new york "fun city." |
80 | 00:04:51,441 | 00:04:56,003 | Now, police and firemen unions in new york are calling it "fear city." | Now, police and firemen unions in new york are calling it "fear city." |
81 | 00:04:56,188 | 00:05:00,549 | [troy] new york city becomes the center and the symbol of america's decline. | [troy] new york city becomes the center and the symbol of america's decline. |
82 | 00:05:01,451 | 00:05:03,343 | [mcdaniels] new york was finished. | [mcdaniels] new york was finished. |
83 | 00:05:05,497 | 00:05:09,182 | But, in the midst of chaos lies opportunity. | But, in the midst of chaos lies opportunity. |
84 | 00:05:09,368 | 00:05:13,520 | And some savvy new yorkers were ready to make their move in 1980, | And some savvy new yorkers were ready to make their move in 1980, |
85 | 00:05:13,705 | 00:05:16,398 | When an unlikely candidate shocked the world. | When an unlikely candidate shocked the world. |
86 | 00:05:17,133 | 00:05:19,443 | [news reader] reagan is our projected winner. | [news reader] reagan is our projected winner. |
87 | 00:05:19,636 | 00:05:24,364 | Ronald wilson reagan of california: A sports announcer, a film actor | Ronald wilson reagan of california: A sports announcer, a film actor |
88 | 00:05:24,900 | 00:05:28,410 | This man, who's dismissed. Ronald reagan? He's a joke. | This man, who's dismissed. Ronald reagan? He's a joke. |
89 | 00:05:28,978 | 00:05:32,581 | Ronald reagan? He's an actor. Ronald reagan? He's an imbecile. | Ronald reagan? He's an actor. Ronald reagan? He's an imbecile. |
90 | 00:05:32,741 | 00:05:34,291 | [news reader] I don't think anyone anticipated | [news reader] I don't think anyone anticipated |
91 | 00:05:34,484 | 00:05:37,002 | That it eventually would become a floodgate, | That it eventually would become a floodgate, |
92 | 00:05:37,187 | 00:05:40,756 | Of one kind or another, where the votes would just flood in for ronald reagan. | Of one kind or another, where the votes would just flood in for ronald reagan. |
93 | 00:05:41,658 | 00:05:46,178 | [troy] but ronald reagan understood that hope is a drug, | [troy] but ronald reagan understood that hope is a drug, |
94 | 00:05:46,363 | 00:05:50,182 | And he sold this story of america on the way back. | And he sold this story of america on the way back. |
95 | 00:05:50,367 | 00:05:53,101 | [reagan] this country needs a new administration, | [reagan] this country needs a new administration, |
96 | 00:05:53,211 | 00:05:55,854 | Where there will be new dedication to the dream of america: | Where there will be new dedication to the dream of america: |
97 | 00:05:56,039 | 00:06:00,859 | An administration that will give that dream new life, and make america great again. | An administration that will give that dream new life, and make america great again. |
98 | 00:06:01,044 | 00:06:05,072 | [ken auletta] reagan comes in in 1980, and he believes in capitalism. | [ken auletta] reagan comes in in 1980, and he believes in capitalism. |
99 | 00:06:05,257 | 00:06:08,658 | He believes that we have to lower taxes for the wealthy, | He believes that we have to lower taxes for the wealthy, |
100 | 00:06:08,852 | 00:06:11,161 | Because that will trickle down to everyone else. | Because that will trickle down to everyone else. |
101 | 00:06:11,354 | 00:06:16,416 | And we have to deregulate businesses, so business would be freer to create jobs. | And we have to deregulate businesses, so business would be freer to create jobs. |
102 | 00:06:16,602 | 00:06:18,627 | [reagan] I would like to have a crusade today, | [reagan] I would like to have a crusade today, |
103 | 00:06:18,736 | 00:06:23,340 | To take government off the backs of the great people of this country. | To take government off the backs of the great people of this country. |
104 | 00:06:24,033 | 00:06:27,344 | [andrew ross sorkin] all of a sudden, reagan shows up on the doorstep and says, | [andrew ross sorkin] all of a sudden, reagan shows up on the doorstep and says, |
105 | 00:06:27,537 | 00:06:31,223 | "no, no, no. We're deregulating everything." one of the first things he does is he says, | "no, no, no. We're deregulating everything." one of the first things he does is he says, |
106 | 00:06:31,408 | 00:06:33,809 | "look at this case. There's an anti-trust case against ibm." | "look at this case. There's an anti-trust case against ibm." |
107 | 00:06:33,918 | 00:06:37,521 | He said, "it's over." the justin department ended the case. | He said, "it's over." the justin department ended the case. |
108 | 00:06:37,755 | 00:06:42,442 | The message was: Game on; everything is for sale. | The message was: Game on; everything is for sale. |
109 | 00:06:45,814 | 00:06:50,575 | Ronald reagan opens this spigot. Ronald reagan starts getting the money flowing again. | Ronald reagan opens this spigot. Ronald reagan starts getting the money flowing again. |
110 | 00:06:50,761 | 00:06:55,122 | It brings back a confidence to wall street. It brings back a confidence to the stock market. | It brings back a confidence to wall street. It brings back a confidence to the stock market. |
111 | 00:06:55,307 | 00:06:59,793 | It brings back a confidence to the american investor. And, in fact, changes all of them. | It brings back a confidence to the american investor. And, in fact, changes all of them. |
112 | 00:07:01,905 | 00:07:05,090 | It enabled the rise of this much more aggressive, | It enabled the rise of this much more aggressive, |
113 | 00:07:05,275 | 00:07:09,261 | Much more hostile, much more money-oriented culture. | Much more hostile, much more money-oriented culture. |
114 | 00:07:09,579 | 00:07:12,973 | [andrew ross sorkin] so, as animal spirits are filling the air everywhere, | [andrew ross sorkin] so, as animal spirits are filling the air everywhere, |
115 | 00:07:13,158 | 00:07:17,978 | This new class of investor arrives on the scene, to become a takeover artist. | This new class of investor arrives on the scene, to become a takeover artist. |
116 | 00:07:18,588 | 00:07:22,232 | Using debt from wall street, they're gonna go buy companies | Using debt from wall street, they're gonna go buy companies |
117 | 00:07:22,425 | 00:07:26,445 | That never would have been takeover bait before. | That never would have been takeover bait before. |
118 | 00:07:26,630 | 00:07:30,657 | [news reader] takeover mania in america. Huge corporations are gobbling one another, | [news reader] takeover mania in america. Huge corporations are gobbling one another, |
119 | 00:07:30,842 | 00:07:32,617 | At a rate unmatched in history. | At a rate unmatched in history. |
120 | 00:07:32,803 | 00:07:35,203 | [natalie byfield] this was the era of mergers and acquisitions, | [natalie byfield] this was the era of mergers and acquisitions, |
121 | 00:07:35,313 | 00:07:38,582 | And they were being celebrated as heroes. | And they were being celebrated as heroes. |
122 | 00:07:38,775 | 00:07:41,460 | Wall street becomes a symbol of the new gilded age, | Wall street becomes a symbol of the new gilded age, |
123 | 00:07:43,446 | 00:07:45,255 | And the best symbol of that... | And the best symbol of that... |
124 | 00:07:47,116 | 00:07:48,300 | ...Is ivan boesky. | ...Is ivan boesky. |
125 | 00:07:50,787 | 00:07:55,056 | A man who came from nothing, and reinvented himself on wall street. | A man who came from nothing, and reinvented himself on wall street. |
126 | 00:07:55,166 | 00:07:57,058 | He was a master of secrets, | He was a master of secrets, |
127 | 00:07:57,219 | 00:08:00,812 | With an aggressiveness the financial world had never seen before. | With an aggressiveness the financial world had never seen before. |
128 | 00:08:00,998 | 00:08:02,856 | And he had nowhere to go, but up. | And he had nowhere to go, but up. |
129 | 00:08:04,576 | 00:08:07,235 | [bryan burrough] ivan boesky was this great white shark, out there in the ocean. | [bryan burrough] ivan boesky was this great white shark, out there in the ocean. |
130 | 00:08:07,562 | 00:08:09,779 | You knew he was out there. Every now and then, he would attack. | You knew he was out there. Every now and then, he would attack. |
131 | 00:08:10,473 | 00:08:13,575 | Very few of us had any real sense of ivan boesky as a person, | Very few of us had any real sense of ivan boesky as a person, |
132 | 00:08:13,685 | 00:08:17,287 | But the picture that emerged was this kind of classic, | But the picture that emerged was this kind of classic, |
133 | 00:08:17,572 | 00:08:23,251 | Archetypal thing of this spectral, gaunt, white haired guy, | Archetypal thing of this spectral, gaunt, white haired guy, |
134 | 00:08:23,361 | 00:08:24,211 | Always in black. | Always in black. |
135 | 00:08:25,655 | 00:08:27,631 | He was just this ghost. | He was just this ghost. |
136 | 00:08:29,918 | 00:08:33,512 | Ivan boesky was a trader, who is known as an arbitrager. | Ivan boesky was a trader, who is known as an arbitrager. |
137 | 00:08:33,697 | 00:08:35,805 | [news reader] "what is an arbitrager?" you ask. | [news reader] "what is an arbitrager?" you ask. |
138 | 00:08:35,999 | 00:08:38,683 | It is a person, such as boesky, who buys up stock | It is a person, such as boesky, who buys up stock |
139 | 00:08:38,869 | 00:08:41,186 | And takes a big gamble that prices will rise, | And takes a big gamble that prices will rise, |
140 | 00:08:41,371 | 00:08:45,524 | So that he can sell the stock at a higher price. Of course, if no takeover occurs, | So that he can sell the stock at a higher price. Of course, if no takeover occurs, |
141 | 00:08:45,709 | 00:08:48,735 | An arbitrager like boesky could end up losing a bundle. | An arbitrager like boesky could end up losing a bundle. |
142 | 00:08:48,920 | 00:08:54,533 | His specialty in life was betting on deals, | His specialty in life was betting on deals, |
143 | 00:08:54,718 | 00:08:59,287 | When one company was buying another company, whether the deal would close. | When one company was buying another company, whether the deal would close. |
144 | 00:08:59,614 | 00:09:02,415 | [bryan burrough] arbs trafficked in information: | [bryan burrough] arbs trafficked in information: |
145 | 00:09:02,692 | 00:09:06,878 | What was going on? Who was in play? Who was gonna be attacked next? | What was going on? Who was in play? Who was gonna be attacked next? |
146 | 00:09:07,697 | 00:09:10,715 | [sorkin] everybody's calling each other on the phone, trying to get that little morsel. | [sorkin] everybody's calling each other on the phone, trying to get that little morsel. |
147 | 00:09:10,901 | 00:09:14,052 | What is that one little thing, that's gonna give them an edge? | What is that one little thing, that's gonna give them an edge? |
148 | 00:09:15,538 | 00:09:19,683 | And so, boesky had this reputation for literally living on the telephone, | And so, boesky had this reputation for literally living on the telephone, |
149 | 00:09:19,876 | 00:09:23,270 | All day and night, and literally like this, all day long. | All day and night, and literally like this, all day long. |
150 | 00:09:23,455 | 00:09:26,648 | Pacing in front of monitors, barking at his traders | Pacing in front of monitors, barking at his traders |
151 | 00:09:26,758 | 00:09:29,776 | [boesky] if we have that shot, we'd like to [inaudible] again. | [boesky] if we have that shot, we'd like to [inaudible] again. |
152 | 00:09:29,961 | 00:09:32,696 | Screaming at just about anybody who would move, | Screaming at just about anybody who would move, |
153 | 00:09:32,889 | 00:09:35,574 | And if it didn't work out for him, he was throwing things. | And if it didn't work out for him, he was throwing things. |
154 | 00:09:36,392 | 00:09:39,953 | [jeff madrick] I was in boesky's office once. He was shouting at his traders, | [jeff madrick] I was in boesky's office once. He was shouting at his traders, |
155 | 00:09:40,138 | 00:09:45,417 | And he would say, "act one, scene one." he said that to me, like he was play-acting. | And he would say, "act one, scene one." he said that to me, like he was play-acting. |
156 | 00:09:46,069 | 00:09:50,880 | He did a lot of play-acting. His employees would do anything, however, | He did a lot of play-acting. His employees would do anything, however, |
157 | 00:09:51,074 | 00:09:53,717 | Because he made a heck of a lot of money, and they thought he was a magician. | Because he made a heck of a lot of money, and they thought he was a magician. |
158 | 00:09:54,169 | 00:09:55,844 | Almost anything that you can think | Almost anything that you can think |
159 | 00:09:55,953 | 00:09:58,930 | Of the michael douglas character in the movie wall street... | Of the michael douglas character in the movie wall street... |
160 | 00:09:59,116 | 00:10:01,433 | [douglas] you keep on buying. Dilute the son of a bitch. | [douglas] you keep on buying. Dilute the son of a bitch. |
161 | 00:10:01,618 | 00:10:03,977 | ...A lot of that was based on boesky, | ...A lot of that was based on boesky, |
162 | 00:10:04,162 | 00:10:07,856 | And not just his famous "greed is good" speech, which came from boesky | And not just his famous "greed is good" speech, which came from boesky |
163 | 00:10:08,016 | 00:10:13,194 | Greed, for lack of a better word, is good. | Greed, for lack of a better word, is good. |
164 | 00:10:13,688 | 00:10:17,157 | Ivan boesky is, in some ways, kind of a great gatsby character, right? | Ivan boesky is, in some ways, kind of a great gatsby character, right? |
165 | 00:10:17,342 | 00:10:21,036 | This self-made person, very much invented. | This self-made person, very much invented. |
166 | 00:10:21,145 | 00:10:22,912 | [jeff madrick] he was a classic outsider. | [jeff madrick] he was a classic outsider. |
167 | 00:10:23,106 | 00:10:26,833 | Ivan boesky was deeply insecure. He didn't do well in school. | Ivan boesky was deeply insecure. He didn't do well in school. |
168 | 00:10:27,018 | 00:10:30,170 | He didn't go to harvard law school. That was certain. | He didn't go to harvard law school. That was certain. |
169 | 00:10:31,489 | 00:10:34,591 | [burrough] ivan boesky didn't really wanna tell the truth about where he'd come from, | [burrough] ivan boesky didn't really wanna tell the truth about where he'd come from, |
170 | 00:10:34,784 | 00:10:40,013 | And so he often made these hints of mysterious things in his background. | And so he often made these hints of mysterious things in his background. |
171 | 00:10:40,198 | 00:10:43,308 | Maybe he'd gone to harvard. Well, no, he actually bought his way into the harvard club. | Maybe he'd gone to harvard. Well, no, he actually bought his way into the harvard club. |
172 | 00:10:43,493 | 00:10:48,772 | Maybe he'd been with the cia in iran. No, he was just visiting a friend's family. | Maybe he'd been with the cia in iran. No, he was just visiting a friend's family. |
173 | 00:10:48,965 | 00:10:53,943 | But all that's much better to say than, "I came to new york | But all that's much better to say than, "I came to new york |
174 | 00:10:54,137 | 00:10:57,447 | 'cause I needed a job, after bankrupting my family's strip joint." | 'cause I needed a job, after bankrupting my family's strip joint." |
175 | 00:11:02,311 | 00:11:04,704 | Ivan was the son of russian immigrants. | Ivan was the son of russian immigrants. |
176 | 00:11:04,890 | 00:11:07,999 | From an early age, he had his eyes to the sky, | From an early age, he had his eyes to the sky, |
177 | 00:11:08,185 | 00:11:11,252 | And one of the things he did was he married well. | And one of the things he did was he married well. |
178 | 00:11:11,362 | 00:11:14,839 | Seema silberstein came from a very wealthy real estate family. | Seema silberstein came from a very wealthy real estate family. |
179 | 00:11:15,025 | 00:11:18,843 | They owned the beverley hills hotel. And so, he gets a lot more money | They owned the beverley hills hotel. And so, he gets a lot more money |
180 | 00:11:19,029 | 00:11:22,222 | A lot more capital, and they allowed ivan to move up the social ladder. | A lot more capital, and they allowed ivan to move up the social ladder. |
181 | 00:11:23,708 | 00:11:28,603 | [madrick] ivan had a friend who was in risk arbitrage, and the guy was doing very well, | [madrick] ivan had a friend who was in risk arbitrage, and the guy was doing very well, |
182 | 00:11:28,713 | 00:11:31,022 | So he went home to seema and he said, | So he went home to seema and he said, |
183 | 00:11:31,208 | 00:11:35,819 | "seema, this sounds like the thing for me." so, ivan went to wall street. | "seema, this sounds like the thing for me." so, ivan went to wall street. |
184 | 00:11:36,438 | 00:11:38,655 | [james b. Stewart] one of the ironies of the boesky story | [james b. Stewart] one of the ironies of the boesky story |
185 | 00:11:38,848 | 00:11:40,865 | Is that, at his first job, he lost money. | Is that, at his first job, he lost money. |
186 | 00:11:41,051 | 00:11:44,077 | He got fired. He tried to get other jobs. He couldn't get a job anywhere. | He got fired. He tried to get other jobs. He couldn't get a job anywhere. |
187 | 00:11:45,113 | 00:11:50,625 | Thanks, in part, to his wife's family money, who bankrolled a new operation, | Thanks, in part, to his wife's family money, who bankrolled a new operation, |
188 | 00:11:50,735 | 00:11:53,795 | He started his own arbitrage firm. | He started his own arbitrage firm. |
189 | 00:11:54,405 | 00:11:58,383 | Ivan boesky quickly became one of the best known risk arbitragers. | Ivan boesky quickly became one of the best known risk arbitragers. |
190 | 00:11:59,294 | 00:12:02,929 | [burrough] when you look at his career, early on, some big wins. | [burrough] when you look at his career, early on, some big wins. |
191 | 00:12:03,114 | 00:12:05,181 | Ivan has rebounded. | Ivan has rebounded. |
192 | 00:12:05,374 | 00:12:10,687 | It's a type of reinvention that, there are very few places in america you can achieve. | It's a type of reinvention that, there are very few places in america you can achieve. |
193 | 00:12:10,880 | 00:12:13,732 | It's often a field that's described in gambling terms: | It's often a field that's described in gambling terms: |
194 | 00:12:13,917 | 00:12:17,152 | A roll of the dice, high stakes, speculators. Are you a gambler? | A roll of the dice, high stakes, speculators. Are you a gambler? |
195 | 00:12:17,261 | 00:12:23,283 | Part of the magic of wall street in the 1980s was this almost lottery-like element. | Part of the magic of wall street in the 1980s was this almost lottery-like element. |
196 | 00:12:23,468 | 00:12:28,830 | I really think it's a highly conservative activity, that is often misunderstood. | I really think it's a highly conservative activity, that is often misunderstood. |
197 | 00:12:28,940 | 00:12:32,417 | I don't feel like I'm a gambler and I hope you don't think I look like one. | I don't feel like I'm a gambler and I hope you don't think I look like one. |
198 | 00:12:32,602 | 00:12:34,502 | No, but I'll bet you have nerves of steel. | No, but I'll bet you have nerves of steel. |
199 | 00:12:34,612 | 00:12:36,087 | Well, I can't say that, | Well, I can't say that, |
200 | 00:12:36,273 | 00:12:39,174 | Except that one has to be able to withstand a certain amount of pressure. | Except that one has to be able to withstand a certain amount of pressure. |
201 | 00:12:40,743 | 00:12:43,178 | [sorkin] all of a sudden, you're doubling your money. | [sorkin] all of a sudden, you're doubling your money. |
202 | 00:12:45,173 | 00:12:48,016 | And that can be a very empowering feeling, | And that can be a very empowering feeling, |
203 | 00:12:48,125 | 00:12:52,771 | But also a dangerous one, because it creates an enormous amount of confidence | But also a dangerous one, because it creates an enormous amount of confidence |
204 | 00:12:53,515 | 00:12:57,108 | And that confidence, I think, very quickly turns into over confidence. | And that confidence, I think, very quickly turns into over confidence. |
205 | 00:13:05,434 | 00:13:07,994 | [news read] new york city, it is a paradox. | [news read] new york city, it is a paradox. |
206 | 00:13:08,363 | 00:13:12,207 | Amid the frenzy of chasing a dream, and perhaps a fortune, | Amid the frenzy of chasing a dream, and perhaps a fortune, |
207 | 00:13:12,367 | 00:13:17,629 | It is a decaying metropolis where charles dickens would find a lot to write about: | It is a decaying metropolis where charles dickens would find a lot to write about: |
208 | 00:13:17,814 | 00:13:20,173 | A city literally falling apart. | A city literally falling apart. |
209 | 00:13:22,285 | 00:13:27,889 | [nikki haskell] in the 70s and the beginning of the 80s, new york was really at a low ebb | [nikki haskell] in the 70s and the beginning of the 80s, new york was really at a low ebb |
210 | 00:13:28,049 | 00:13:29,766 | I was still having a good time, mind you. | I was still having a good time, mind you. |
211 | 00:13:31,460 | 00:13:35,063 | There were great clubs, great restaurants. | There were great clubs, great restaurants. |
212 | 00:13:36,224 | 00:13:41,611 | I went dancing every night. There was a club called la club, and it was a private club. | I went dancing every night. There was a club called la club, and it was a private club. |
213 | 00:13:41,804 | 00:13:45,949 | It was very chic, had a little dance floor, and everybody went there. | It was very chic, had a little dance floor, and everybody went there. |
214 | 00:13:46,326 | 00:13:49,786 | And a man walked in, and I saw him walk in, and I went up to the maître d' | And a man walked in, and I saw him walk in, and I went up to the maître d' |
215 | 00:13:49,979 | 00:13:50,954 | And I said, "who is that?" | And I said, "who is that?" |
216 | 00:13:54,000 | 00:13:55,875 | He said, "oh, you know, he's a new member. | He said, "oh, you know, he's a new member. |
217 | 00:13:59,322 | 00:14:00,839 | His name is donald trump." | His name is donald trump." |
218 | 00:14:03,585 | 00:14:07,262 | A kid from queens, with charisma to spare and something to prove. | A kid from queens, with charisma to spare and something to prove. |
219 | 00:14:07,422 | 00:14:09,222 | In a city where image was everything, | In a city where image was everything, |
220 | 00:14:09,407 | 00:14:12,141 | He knew that to be the king of new york real estate | He knew that to be the king of new york real estate |
221 | 00:14:12,335 | 00:14:14,060 | He only needed to act like it. | He only needed to act like it. |
222 | 00:14:15,780 | 00:14:17,313 | Well, I'm very happy, and I think the city of new york is going to be very happy. | Well, I'm very happy, and I think the city of new york is going to be very happy. |
223 | 00:14:19,209 | 00:14:23,903 | Donald was a man about town. He was someone who was going to all of the fanciest restaurants | Donald was a man about town. He was someone who was going to all of the fanciest restaurants |
224 | 00:14:24,089 | 00:14:28,575 | With a beautiful wife, trying to make the zaniest real estate deals. | With a beautiful wife, trying to make the zaniest real estate deals. |
225 | 00:14:29,536 | 00:14:33,329 | He was someone who really wanted to make his name, and make his mark. | He was someone who really wanted to make his name, and make his mark. |
226 | 00:14:34,065 | 00:14:37,417 | [charles bagli] and that meant getting something going in manhattan. | [charles bagli] and that meant getting something going in manhattan. |
227 | 00:14:37,602 | 00:14:42,171 | And to establish his reputation, he needed to do something splashy. | And to establish his reputation, he needed to do something splashy. |
228 | 00:14:42,382 | 00:14:43,965 | We're going to do something, which is going to be | We're going to do something, which is going to be |
229 | 00:14:44,292 | 00:14:46,593 | A great stride forward for new york city. | A great stride forward for new york city. |
230 | 00:14:48,704 | 00:14:53,850 | [bagli] you've got this crisis of confidence. Is the city gonna come out of the doldrums? | [bagli] you've got this crisis of confidence. Is the city gonna come out of the doldrums? |
231 | 00:14:54,043 | 00:14:55,810 | Is there gonna be new development? | Is there gonna be new development? |
232 | 00:14:55,970 | 00:15:00,064 | And trump, very craftily, wanted to take advantage of that. | And trump, very craftily, wanted to take advantage of that. |
233 | 00:15:00,250 | 00:15:06,321 | When you need to re-develop an area, the first mover gets the best deal. | When you need to re-develop an area, the first mover gets the best deal. |
234 | 00:15:06,481 | 00:15:09,824 | When new york was almost broke, and other builders were jumping ship, | When new york was almost broke, and other builders were jumping ship, |
235 | 00:15:09,984 | 00:15:12,452 | Trump took a chance on the old commodore hotel. | Trump took a chance on the old commodore hotel. |
236 | 00:15:12,637 | 00:15:14,829 | [trump] the commodore hotel, an abandoned building, | [trump] the commodore hotel, an abandoned building, |
237 | 00:15:14,989 | 00:15:17,123 | Next to grand central terminal in new york. | Next to grand central terminal in new york. |
238 | 00:15:17,308 | 00:15:20,376 | The city was in serious trouble. That location was not considered good. | The city was in serious trouble. That location was not considered good. |
239 | 00:15:20,569 | 00:15:24,088 | This was gonna prove that he could compete with the big guys, | This was gonna prove that he could compete with the big guys, |
240 | 00:15:24,274 | 00:15:26,674 | With the prominent manhattan developers. | With the prominent manhattan developers. |
241 | 00:15:26,834 | 00:15:29,969 | [news reader] trump spent millions transforming it into the grand hyatt, | [news reader] trump spent millions transforming it into the grand hyatt, |
242 | 00:15:30,155 | 00:15:32,180 | And the city got a shot in the arm. | And the city got a shot in the arm. |
243 | 00:15:32,340 | 00:15:35,892 | [hugh carey] hyatt regency is now an architectural gem. | [hugh carey] hyatt regency is now an architectural gem. |
244 | 00:15:36,085 | 00:15:41,272 | Its mirrored finish reflects a new day on this, the street of dreams, | Its mirrored finish reflects a new day on this, the street of dreams, |
245 | 00:15:41,458 | 00:15:42,774 | 42nd street. | 42nd street. |
246 | 00:15:44,535 | 00:15:48,571 | Donald trump deserves tremendous credit for coming into new york in the late 1970s, | Donald trump deserves tremendous credit for coming into new york in the late 1970s, |
247 | 00:15:48,764 | 00:15:52,867 | Seeing a hulking, depressing, decaying hotel, | Seeing a hulking, depressing, decaying hotel, |
248 | 00:15:53,027 | 00:15:56,704 | And turning it into the magic of the grand central station hyatt. | And turning it into the magic of the grand central station hyatt. |
249 | 00:15:56,864 | 00:16:00,917 | [news read] donald trump would probably say he's already proven himself a master builder. | [news read] donald trump would probably say he's already proven himself a master builder. |
250 | 00:16:01,110 | 00:16:03,878 | He feels the grand hyatt hotel proved him a man of vision. | He feels the grand hyatt hotel proved him a man of vision. |
251 | 00:16:04,038 | 00:16:06,965 | [barbara res] I think the hyatt was a water ship for trump's career, | [barbara res] I think the hyatt was a water ship for trump's career, |
252 | 00:16:07,150 | 00:16:11,344 | Because he was really not well known. It was a turning point where you said, | Because he was really not well known. It was a turning point where you said, |
253 | 00:16:11,529 | 00:16:15,223 | "okay, we have to take this guy seriously. He's accomplished something." | "okay, we have to take this guy seriously. He's accomplished something." |
254 | 00:16:16,217 | 00:16:20,061 | [troy] the new york times is impressed by his bravado. | [troy] the new york times is impressed by his bravado. |
255 | 00:16:20,296 | 00:16:23,231 | They called him, "the brash adonis from the outer boroughs." | They called him, "the brash adonis from the outer boroughs." |
256 | 00:16:23,391 | 00:16:28,444 | And donald trump, in the 1980s, in many ways becomes a symbol of new york's return. | And donald trump, in the 1980s, in many ways becomes a symbol of new york's return. |
257 | 00:16:29,305 | 00:16:35,201 | Donald plays right into this. He presents himself as this super genius of business | Donald plays right into this. He presents himself as this super genius of business |
258 | 00:16:35,386 | 00:16:38,871 | From a real estate standpoint, it's probably become the hottest city in the world. | From a real estate standpoint, it's probably become the hottest city in the world. |
259 | 00:16:39,057 | 00:16:41,082 | People are flocking here by droves, | People are flocking here by droves, |
260 | 00:16:41,242 | 00:16:43,876 | And I guess a lot of things had to do with it. | And I guess a lot of things had to do with it. |
261 | 00:16:44,062 | 00:16:48,965 | Mostly it was the psychology of making new york a winner, as opposed to a loser. | Mostly it was the psychology of making new york a winner, as opposed to a loser. |
262 | 00:16:51,085 | 00:16:57,181 | But, donald's success with his first project was very much tied to his father | But, donald's success with his first project was very much tied to his father |
263 | 00:16:57,367 | 00:16:59,642 | Whether he acknowledged it, or not, publicly. | Whether he acknowledged it, or not, publicly. |
264 | 00:17:00,854 | 00:17:04,230 | His father was a very big outer borough developer. | His father was a very big outer borough developer. |
265 | 00:17:04,691 | 00:17:09,777 | He had built many buildings for middle and working class people in brooklyn. | He had built many buildings for middle and working class people in brooklyn. |
266 | 00:17:09,937 | 00:17:13,948 | It was a sort of meat and potatoes, but he was a millionaire | It was a sort of meat and potatoes, but he was a millionaire |
267 | 00:17:14,108 | 00:17:17,160 | And he was very well connected, politically. | And he was very well connected, politically. |
268 | 00:17:18,020 | 00:17:23,041 | [johnston] when his older son, fred jr., turned out to be a rather sensitive fellow, | [johnston] when his older son, fred jr., turned out to be a rather sensitive fellow, |
269 | 00:17:23,226 | 00:17:27,712 | Who couldn't put up with his tyrannical father's nature and coldness, | Who couldn't put up with his tyrannical father's nature and coldness, |
270 | 00:17:28,697 | 00:17:33,468 | Donald saw opportunity, and he stepped forward and became the favored son. | Donald saw opportunity, and he stepped forward and became the favored son. |
271 | 00:17:33,628 | 00:17:37,096 | But donald didn't wanna be his father, at the end of avenue z in brooklyn. | But donald didn't wanna be his father, at the end of avenue z in brooklyn. |
272 | 00:17:37,282 | 00:17:39,223 | He wanted to be a star in manhattan. | He wanted to be a star in manhattan. |
273 | 00:17:40,876 | 00:17:47,398 | If he failed, he'd have to retreat to queens and become just another one | If he failed, he'd have to retreat to queens and become just another one |
274 | 00:17:47,584 | 00:17:53,554 | Of the faceless outer borough developers. And that was his worst fear. | Of the faceless outer borough developers. And that was his worst fear. |
275 | 00:17:57,560 | 00:17:59,118 | Trying to scrape up a down payment | Trying to scrape up a down payment |
276 | 00:17:59,304 | 00:18:00,912 | For a little fixer-upper in your neighborhood? | For a little fixer-upper in your neighborhood? |
277 | 00:18:01,097 | 00:18:02,789 | Take a look at my next guest. | Take a look at my next guest. |
278 | 00:18:02,974 | 00:18:05,124 | There's a report around wall street, that this is what he has in mind. | There's a report around wall street, that this is what he has in mind. |
279 | 00:18:05,310 | 00:18:07,460 | This is donald trump, 33 years old, | This is donald trump, 33 years old, |
280 | 00:18:07,645 | 00:18:10,004 | And some people think that he wants to buy the world trade center, | And some people think that he wants to buy the world trade center, |
281 | 00:18:10,164 | 00:18:15,968 | 110-story manhattan skyscraper that anyone can pick up, if they've got the coins. | 110-story manhattan skyscraper that anyone can pick up, if they've got the coins. |
282 | 00:18:16,154 | 00:18:19,222 | Donald trump, as I say, is just 33 years old. | Donald trump, as I say, is just 33 years old. |
283 | 00:18:19,415 | 00:18:23,392 | He took his father's rather modest, by current standards, | He took his father's rather modest, by current standards, |
284 | 00:18:23,586 | 00:18:26,687 | Real estate empire in brooklyn and expanded it considerably. | Real estate empire in brooklyn and expanded it considerably. |
285 | 00:18:26,848 | 00:18:30,691 | He now has an apartment for sale in a new trump building, | He now has an apartment for sale in a new trump building, |
286 | 00:18:30,801 | 00:18:33,486 | Called the trump tower, going up on fifth avenue. | Called the trump tower, going up on fifth avenue. |
287 | 00:18:33,671 | 00:18:36,906 | There it is. You can buy this apartment, one floor of it - | There it is. You can buy this apartment, one floor of it - |
288 | 00:18:37,099 | 00:18:42,662 | One whole floor of that building, that is - $11 billion altogether. | One whole floor of that building, that is - $11 billion altogether. |
289 | 00:18:43,364 | 00:18:46,541 | [res] donald trump wanted trump tower to be iconic. | [res] donald trump wanted trump tower to be iconic. |
290 | 00:18:46,701 | 00:18:50,837 | He wanted it to be the first of its kind. He wanted it to be world famous. | He wanted it to be the first of its kind. He wanted it to be world famous. |
291 | 00:18:51,022 | 00:18:57,510 | He wanted to make a ton of money from it, and he wanted to become the new york developer. | He wanted to make a ton of money from it, and he wanted to become the new york developer. |
292 | 00:18:57,695 | 00:18:59,220 | It was a statement. | It was a statement. |
293 | 00:18:59,380 | 00:19:02,306 | The commodore was just replenishing something that existed. | The commodore was just replenishing something that existed. |
294 | 00:19:02,809 | 00:19:05,101 | This was building something that was new. | This was building something that was new. |
295 | 00:19:06,462 | 00:19:08,354 | [news reader] donald trump is the young entrepreneur, | [news reader] donald trump is the young entrepreneur, |
296 | 00:19:08,539 | 00:19:10,481 | Whose buildings keep popping up all over town like mushrooms. | Whose buildings keep popping up all over town like mushrooms. |
297 | 00:19:10,667 | 00:19:13,317 | He wants a certain tax abatement on one of them, the trump tower. | He wants a certain tax abatement on one of them, the trump tower. |
298 | 00:19:13,503 | 00:19:17,446 | [bagli] pretty early on, donald discovered that the best way to operate | [bagli] pretty early on, donald discovered that the best way to operate |
299 | 00:19:17,640 | 00:19:19,157 | Is with other people's money. | Is with other people's money. |
300 | 00:19:19,342 | 00:19:24,036 | So, he had his hand out to the city for a tax break, | So, he had his hand out to the city for a tax break, |
301 | 00:19:24,222 | 00:19:27,415 | That was designed to stimulate low income housing. | That was designed to stimulate low income housing. |
302 | 00:19:27,575 | 00:19:30,793 | He felt that he qualified for that, | He felt that he qualified for that, |
303 | 00:19:30,986 | 00:19:36,132 | Even though trump tower was for the most elite of new yorkers. | Even though trump tower was for the most elite of new yorkers. |
304 | 00:19:36,342 | 00:19:40,511 | [news reader] trump is an expert at getting what he wants, particularly from politicians. | [news reader] trump is an expert at getting what he wants, particularly from politicians. |
305 | 00:19:40,697 | 00:19:43,431 | He's gotten tax abatements and other concessions. | He's gotten tax abatements and other concessions. |
306 | 00:19:43,591 | 00:19:47,310 | Politicians have gotten campaign contributions - big ones. | Politicians have gotten campaign contributions - big ones. |
307 | 00:19:47,503 | 00:19:50,563 | But then, you get a new mayor. | But then, you get a new mayor. |
308 | 00:19:50,748 | 00:19:54,358 | [ed koch] how have you the chutzpah to say | [ed koch] how have you the chutzpah to say |
309 | 00:19:54,544 | 00:19:57,862 | That this government has been anti-development? | That this government has been anti-development? |
310 | 00:19:58,847 | 00:20:04,243 | Ed koch was elected mayor, and he injected great spirit into new york. | Ed koch was elected mayor, and he injected great spirit into new york. |
311 | 00:20:04,429 | 00:20:09,790 | He was a little bit more of a populist, and wasn't so enamored of donald trump. | He was a little bit more of a populist, and wasn't so enamored of donald trump. |
312 | 00:20:10,710 | 00:20:16,964 | [george arzt] donald had contributed something like $700,000 to koch's campaigns, | [george arzt] donald had contributed something like $700,000 to koch's campaigns, |
313 | 00:20:17,124 | 00:20:21,010 | And he felt that he could just walk in the door at city hall, and get what he wanted. | And he felt that he could just walk in the door at city hall, and get what he wanted. |
314 | 00:20:21,203 | 00:20:24,722 | He found that, under koch, it was never true. | He found that, under koch, it was never true. |
315 | 00:20:25,207 | 00:20:26,849 | [michael kruse] with respect to trump tower, | [michael kruse] with respect to trump tower, |
316 | 00:20:27,042 | 00:20:30,102 | Ed koch was pushing back pretty hard on the idea of a tax break. | Ed koch was pushing back pretty hard on the idea of a tax break. |
317 | 00:20:30,288 | 00:20:34,649 | So, when trump applied for it, they said, "rejected." | So, when trump applied for it, they said, "rejected." |
318 | 00:20:35,401 | 00:20:37,318 | [news reader] place of prosperity, for sure. | [news reader] place of prosperity, for sure. |
319 | 00:20:37,428 | 00:20:40,571 | Too prosperous, in the eyes of state appeals court judges, | Too prosperous, in the eyes of state appeals court judges, |
320 | 00:20:40,757 | 00:20:43,908 | Who turned down trump's attempt to get a tax abatement for the project. | Who turned down trump's attempt to get a tax abatement for the project. |
321 | 00:20:44,819 | 00:20:47,662 | This did not make donald trump happy. | This did not make donald trump happy. |
322 | 00:20:47,822 | 00:20:50,456 | [bagli] so, donald trump sued the city. | [bagli] so, donald trump sued the city. |
323 | 00:20:50,641 | 00:20:52,708 | [news reader] donald trump to fight the city in the court, | [news reader] donald trump to fight the city in the court, |
324 | 00:20:52,994 | 00:20:55,586 | Demanding tens of millions of dollars in tax abatements. | Demanding tens of millions of dollars in tax abatements. |
325 | 00:20:55,772 | 00:21:00,466 | [andrew kirtzman] you had these two titanic egos, in donald trump and ed koch. | [andrew kirtzman] you had these two titanic egos, in donald trump and ed koch. |
326 | 00:21:01,335 | 00:21:04,971 | What was most interesting, was kind of watching them clash with one another. | What was most interesting, was kind of watching them clash with one another. |
327 | 00:21:05,156 | 00:21:07,556 | We're not able to say to donald trump, | We're not able to say to donald trump, |
328 | 00:21:07,750 | 00:21:13,729 | "donald, get richer on the backs of the people of the city and their treasury." | "donald, get richer on the backs of the people of the city and their treasury." |
329 | 00:21:13,922 | 00:21:15,398 | I can't do that. | I can't do that. |
330 | 00:21:15,591 | 00:21:18,025 | I would say he's got no talent, and only moderate intelligence. | I would say he's got no talent, and only moderate intelligence. |
331 | 00:21:18,185 | 00:21:22,113 | Donald trump learned from his father, you're a winner or you're a loser. | Donald trump learned from his father, you're a winner or you're a loser. |
332 | 00:21:22,298 | 00:21:24,031 | The ends justify the means. | The ends justify the means. |
333 | 00:21:24,191 | 00:21:27,910 | What ed koch has is nothing. The man has not got it. | What ed koch has is nothing. The man has not got it. |
334 | 00:21:29,104 | 00:21:34,709 | Here he is, suing the city and arguing with the mayor in the most bitter terms. | Here he is, suing the city and arguing with the mayor in the most bitter terms. |
335 | 00:21:34,869 | 00:21:39,922 | And, on the other hand, he was also telling the public that this was for their good. | And, on the other hand, he was also telling the public that this was for their good. |
336 | 00:21:40,115 | 00:21:46,262 | He was gonna build a golden-hued tower, that would put new york back on the map. | He was gonna build a golden-hued tower, that would put new york back on the map. |
337 | 00:21:46,455 | 00:21:48,055 | Who could argue with that? | Who could argue with that? |
338 | 00:21:48,215 | 00:21:50,808 | Trump went to court, and he won. He got his abatement. | Trump went to court, and he won. He got his abatement. |
339 | 00:21:50,993 | 00:21:54,854 | This tax break was never intended for a luxury project, | This tax break was never intended for a luxury project, |
340 | 00:21:55,039 | 00:21:58,899 | And after a long court fight, he did get a tax break. | And after a long court fight, he did get a tax break. |
341 | 00:21:59,060 | 00:22:02,320 | [news reader] developer donald trump will enjoy the largess of the city, | [news reader] developer donald trump will enjoy the largess of the city, |
342 | 00:22:02,505 | 00:22:04,947 | In the form of what the city says is a tax abatement | In the form of what the city says is a tax abatement |
343 | 00:22:05,140 | 00:22:08,576 | Worth $20 million, over the next ten years. | Worth $20 million, over the next ten years. |
344 | 00:22:08,736 | 00:22:13,831 | From then on, it was off to the races. And the trump brand began. | From then on, it was off to the races. And the trump brand began. |
345 | 00:22:14,483 | 00:22:19,086 | [kruse] but the more successes he had, the bolder and the more brazen he got. | [kruse] but the more successes he had, the bolder and the more brazen he got. |
346 | 00:22:19,246 | 00:22:24,133 | What could he possibly do, that would trump trump tower? | What could he possibly do, that would trump trump tower? |
347 | 00:22:28,330 | 00:22:32,433 | A few years into the 80s, change was literally in the air. | A few years into the 80s, change was literally in the air. |
348 | 00:22:32,543 | 00:22:36,354 | Driven by visionaries with an insatiable appetite for success, | Driven by visionaries with an insatiable appetite for success, |
349 | 00:22:36,539 | 00:22:40,024 | Stunning new construction exploded across the new york skyline. | Stunning new construction exploded across the new york skyline. |
350 | 00:22:40,209 | 00:22:41,942 | Sold. Two trades at six. | Sold. Two trades at six. |
351 | 00:22:42,103 | 00:22:45,613 | On wall street, charts were rising with no limit in sight. | On wall street, charts were rising with no limit in sight. |
352 | 00:22:45,773 | 00:22:48,783 | But while certain corners of new york were thriving, | But while certain corners of new york were thriving, |
353 | 00:22:48,943 | 00:22:52,953 | Others were being left to fend for themselves. | Others were being left to fend for themselves. |
354 | 00:22:53,114 | 00:22:55,247 | And they, too, would find a way to break through. | And they, too, would find a way to break through. |
355 | 00:22:55,433 | 00:22:59,710 | Out of the darkness, despair, destruction, and death | Out of the darkness, despair, destruction, and death |
356 | 00:22:59,896 | 00:23:03,255 | Of the late 70s and early 80s, | Of the late 70s and early 80s, |
357 | 00:23:03,532 | 00:23:10,471 | It wasn't politics that was gonna save us, and it wasn't religion. It was the arts. | It wasn't politics that was gonna save us, and it wasn't religion. It was the arts. |
358 | 00:23:10,706 | 00:23:12,306 | [rap music playing] | [rap music playing] |
359 | 00:23:13,910 | 00:23:16,394 | [michael holman] takes a city like new york, with so many different tribes | [michael holman] takes a city like new york, with so many different tribes |
360 | 00:23:16,579 | 00:23:17,937 | And so many different people. | And so many different people. |
361 | 00:23:18,380 | 00:23:20,231 | New york influences them. | New york influences them. |
362 | 00:23:20,416 | 00:23:22,983 | It permeates, and they influence new york. | It permeates, and they influence new york. |
363 | 00:23:23,144 | 00:23:24,902 | Whatever you wanted to do, you could do, | Whatever you wanted to do, you could do, |
364 | 00:23:25,087 | 00:23:28,072 | Because there was nobody there to police any of this. | Because there was nobody there to police any of this. |
365 | 00:23:29,266 | 00:23:32,159 | And now, you see graffiti on every block, | And now, you see graffiti on every block, |
366 | 00:23:32,269 | 00:23:35,830 | But they're doing all this incredible, creative work. | But they're doing all this incredible, creative work. |
367 | 00:23:37,232 | 00:23:42,461 | So many different artists came here during that time, saying "new york, I'm here." | So many different artists came here during that time, saying "new york, I'm here." |
368 | 00:23:42,647 | 00:23:46,632 | It creates a competitiveness, a cultural competition. | It creates a competitiveness, a cultural competition. |
369 | 00:23:47,451 | 00:23:49,927 | Keith haring started doing it in the subway, | Keith haring started doing it in the subway, |
370 | 00:23:50,112 | 00:23:52,763 | By doing chalk drawings on old advertisements. | By doing chalk drawings on old advertisements. |
371 | 00:23:52,949 | 00:23:55,349 | [keith haring] at that time, graffiti in new york was really at a peak, | [keith haring] at that time, graffiti in new york was really at a peak, |
372 | 00:23:55,509 | 00:23:57,768 | And I think that was also a main source of inspiration. | And I think that was also a main source of inspiration. |
373 | 00:23:57,954 | 00:24:02,773 | [holman] jean-michel basquiat had come up with equally revolutionary ways | [holman] jean-michel basquiat had come up with equally revolutionary ways |
374 | 00:24:02,959 | 00:24:07,153 | Of expressing himself, by finding doors in the garbage and using them as a canvass, | Of expressing himself, by finding doors in the garbage and using them as a canvass, |
375 | 00:24:07,338 | 00:24:08,320 | And painting on them. | And painting on them. |
376 | 00:24:08,805 | 00:24:10,698 | And I'm thinking to myself, | And I'm thinking to myself, |
377 | 00:24:10,858 | 00:24:14,702 | New york is like a theme park. | New york is like a theme park. |
378 | 00:24:14,811 | 00:24:18,873 | It's a magical place for cool people. | It's a magical place for cool people. |
379 | 00:24:18,982 | 00:24:21,876 | It's like disneyland for the hip. | It's like disneyland for the hip. |
380 | 00:24:22,778 | 00:24:27,715 | Very quickly, it was recognized that we've got something special here. | Very quickly, it was recognized that we've got something special here. |
381 | 00:24:28,283 | 00:24:31,343 | [news reader] certainly, one man's vandalism is another man's masterpiece. | [news reader] certainly, one man's vandalism is another man's masterpiece. |
382 | 00:24:31,529 | 00:24:34,346 | Graffiti is entering the mainstream art scene. | Graffiti is entering the mainstream art scene. |
383 | 00:24:35,141 | 00:24:40,227 | [thurston moore] there was this art that I had been seeing on doors and walls of buildings, | [thurston moore] there was this art that I had been seeing on doors and walls of buildings, |
384 | 00:24:40,337 | 00:24:42,229 | All around soho and the east village. | All around soho and the east village. |
385 | 00:24:42,389 | 00:24:47,485 | And I remember thinking, they're actually turning this into real art [laughs] | And I remember thinking, they're actually turning this into real art [laughs] |
386 | 00:24:47,670 | 00:24:49,528 | As opposed to just street art. | As opposed to just street art. |
387 | 00:24:50,806 | 00:24:52,990 | [news reader] now, as post-graffiti artists, | [news reader] now, as post-graffiti artists, |
388 | 00:24:53,175 | 00:24:57,369 | They are getting upwards of $3,000 per canvas. | They are getting upwards of $3,000 per canvas. |
389 | 00:24:57,555 | 00:24:59,830 | [moore] I remember going to the fun gallery, | [moore] I remember going to the fun gallery, |
390 | 00:25:00,016 | 00:25:03,000 | And seeing jean-michel's big coming out show, | And seeing jean-michel's big coming out show, |
391 | 00:25:03,185 | 00:25:07,838 | And the entire community of downtown was just like at this fun gallery. | And the entire community of downtown was just like at this fun gallery. |
392 | 00:25:09,324 | 00:25:14,595 | [michael musto] basquiat mixed sort of a graffiti element, a voodoo element, | [michael musto] basquiat mixed sort of a graffiti element, a voodoo element, |
393 | 00:25:14,755 | 00:25:20,184 | And racial inequality screeds, and social commentary. | And racial inequality screeds, and social commentary. |
394 | 00:25:20,369 | 00:25:22,561 | It's all extremely original. | It's all extremely original. |
395 | 00:25:22,855 | 00:25:27,066 | Jean-michel basquiat's work was so brilliant, so beautiful, so powerful, | Jean-michel basquiat's work was so brilliant, so beautiful, so powerful, |
396 | 00:25:27,251 | 00:25:31,779 | And so new that he became a star overnight. | And so new that he became a star overnight. |
397 | 00:25:32,347 | 00:25:34,281 | New york was the perfect city | New york was the perfect city |
398 | 00:25:34,391 | 00:25:39,537 | To receive this wave of creative power and talent. | To receive this wave of creative power and talent. |
399 | 00:25:40,355 | 00:25:42,748 | And when you can make it here, you can make it anywhere | And when you can make it here, you can make it anywhere |
400 | 00:25:42,933 | 00:25:47,378 | Because this is the city of competition, and the winner takes all. | Because this is the city of competition, and the winner takes all. |
401 | 00:25:49,197 | 00:25:51,423 | For self-invented dreamers and schemers, | For self-invented dreamers and schemers, |
402 | 00:25:51,609 | 00:25:55,594 | New york in the early 80s was the place to be. | New york in the early 80s was the place to be. |
403 | 00:25:55,780 | 00:25:58,430 | A new city was rising like a phoenix from the ashes, | A new city was rising like a phoenix from the ashes, |
404 | 00:25:58,616 | 00:26:02,393 | And while artists were leaving their mark for all to see downtown, | And while artists were leaving their mark for all to see downtown, |
405 | 00:26:02,578 | 00:26:06,230 | Uptown, a real estate battle was brewing. | Uptown, a real estate battle was brewing. |
406 | 00:26:06,415 | 00:26:11,151 | By the time the smoke cleared, the skyline would never be the same. | By the time the smoke cleared, the skyline would never be the same. |
407 | 00:26:16,133 | 00:26:17,950 | You're gonna have to start pusa little ridiculousow, as far as I'm concerned. Itg | You're gonna have to start pusa little ridiculousow, as far as I'm concerned. Itg |
408 | 00:26:18,135 | 00:26:21,829 | So, just start pushing, and start pushing as hard as possible. | So, just start pushing, and start pushing as hard as possible. |
409 | 00:26:21,989 | 00:26:27,668 | As much as donald trump wanted to be known as the developer for the wealthy, for the elite, | As much as donald trump wanted to be known as the developer for the wealthy, for the elite, |
410 | 00:26:27,828 | 00:26:32,756 | He had a rival that was already established in manhattan. | He had a rival that was already established in manhattan. |
411 | 00:26:34,409 | 00:26:36,802 | [news reader] the helmsley palace hotel, | [news reader] the helmsley palace hotel, |
412 | 00:26:36,987 | 00:26:39,179 | A 100-year-old roman renaissance mansion, | A 100-year-old roman renaissance mansion, |
413 | 00:26:39,289 | 00:26:45,019 | Which has been lovingly restored is a tribute to the vision of mr. And mrs. Harry helmsley. | Which has been lovingly restored is a tribute to the vision of mr. And mrs. Harry helmsley. |
414 | 00:26:46,272 | 00:26:48,314 | [glenn plaskin] at the same time that donald trump | [glenn plaskin] at the same time that donald trump |
415 | 00:26:48,499 | 00:26:52,943 | Is the up and coming king of real estate in new york city, | Is the up and coming king of real estate in new york city, |
416 | 00:26:53,129 | 00:26:54,612 | There was the helmsleys. | There was the helmsleys. |
417 | 00:26:56,264 | 00:27:00,701 | Leona and harry helmsley were truly the king and queen of new york real estate, | Leona and harry helmsley were truly the king and queen of new york real estate, |
418 | 00:27:00,861 | 00:27:03,954 | And they had recently opened the helmsley palace. | And they had recently opened the helmsley palace. |
419 | 00:27:04,314 | 00:27:06,206 | [tovah feldshuh] the grand hyatt hotel, | [tovah feldshuh] the grand hyatt hotel, |
420 | 00:27:06,316 | 00:27:10,628 | Which opened two weeks after the palace, and was trump's boutonnière, | Which opened two weeks after the palace, and was trump's boutonnière, |
421 | 00:27:10,813 | 00:27:12,880 | Was a commercial hotel. It was a hotel for conferences. | Was a commercial hotel. It was a hotel for conferences. |
422 | 00:27:13,040 | 00:27:18,218 | It didn't compare to the grace and up-stat | It didn't compare to the grace and up-stat |
423 | 00:27:18,379 | 00:27:20,054 | Of the helmsley palace. | Of the helmsley palace. |
424 | 00:27:23,643 | 00:27:27,645 | And the queen of the palace was leona helmsley. | And the queen of the palace was leona helmsley. |
425 | 00:27:29,005 | 00:27:32,399 | And of new york real estate, queen she was. | And of new york real estate, queen she was. |
426 | 00:27:32,509 | 00:27:35,319 | She made sure everybody knew it, too. | She made sure everybody knew it, too. |
427 | 00:27:35,504 | 00:27:38,739 | The old guard embraced modesty and graciousness. | The old guard embraced modesty and graciousness. |
428 | 00:27:38,899 | 00:27:41,158 | She ushered in a new way of doing business, | She ushered in a new way of doing business, |
429 | 00:27:41,343 | 00:27:43,494 | Not just in new york, but in america. | Not just in new york, but in america. |
430 | 00:27:43,679 | 00:27:47,414 | Off with the heads of anyone who didn't bend the knee. | Off with the heads of anyone who didn't bend the knee. |
431 | 00:27:47,574 | 00:27:53,212 | If you pet me, I'll purr. But if you hit me, I might scratch. | If you pet me, I'll purr. But if you hit me, I might scratch. |
432 | 00:27:53,397 | 00:27:59,385 | The fact that leona helmsley had risen to this level of fame and wealth | The fact that leona helmsley had risen to this level of fame and wealth |
433 | 00:27:59,870 | 00:28:04,348 | Is because she was determined to prevail, and be number one, and to win. | Is because she was determined to prevail, and be number one, and to win. |
434 | 00:28:05,685 | 00:28:12,022 | Leona was born into a very pedestrian, working class family, | Leona was born into a very pedestrian, working class family, |
435 | 00:28:12,208 | 00:28:13,774 | So they did not have a lot of money. | So they did not have a lot of money. |
436 | 00:28:15,544 | 00:28:19,613 | She had struggled for years through divorces, trying to raise a son with no money, | She had struggled for years through divorces, trying to raise a son with no money, |
437 | 00:28:19,723 | 00:28:23,367 | Having to move in with her mother when she was 40. | Having to move in with her mother when she was 40. |
438 | 00:28:23,552 | 00:28:26,453 | [elaine taylor-gordon] but she had fire in the belly from the start, | [elaine taylor-gordon] but she had fire in the belly from the start, |
439 | 00:28:26,613 | 00:28:28,330 | And she wanted to be rich, | And she wanted to be rich, |
440 | 00:28:28,523 | 00:28:31,792 | And she knew she was not going to stay where she was. | And she knew she was not going to stay where she was. |
441 | 00:28:31,952 | 00:28:35,587 | She worked her way up, selling commercial real estate. | She worked her way up, selling commercial real estate. |
442 | 00:28:35,773 | 00:28:39,299 | She went to work for helmsley, and that's how she met harry. | She went to work for helmsley, and that's how she met harry. |
443 | 00:28:41,369 | 00:28:43,804 | When harry and leona met, | When harry and leona met, |
444 | 00:28:43,964 | 00:28:48,642 | Harry was one of the biggest real estate moguls in new york. | Harry was one of the biggest real estate moguls in new york. |
445 | 00:28:48,752 | 00:28:51,812 | [plaskin] he had worked for decades to create this empire, | [plaskin] he had worked for decades to create this empire, |
446 | 00:28:51,922 | 00:28:55,399 | So when leona met him, it was like meeting god. | So when leona met him, it was like meeting god. |
447 | 00:28:56,551 | 00:29:01,989 | Harry helmsley was someone that donald trump idolized and looked up to. | Harry helmsley was someone that donald trump idolized and looked up to. |
448 | 00:29:02,098 | 00:29:06,160 | Donald trump's father never had that kind of glamorous properties. | Donald trump's father never had that kind of glamorous properties. |
449 | 00:29:06,269 | 00:29:09,663 | But harry helmsley was the king. | But harry helmsley was the king. |
450 | 00:29:10,398 | 00:29:11,832 | [news reader ] everybody knows the helmsleys in new york, | [news reader ] everybody knows the helmsleys in new york, |
451 | 00:29:11,942 | 00:29:14,334 | Because sometimes it seems they own everything. | Because sometimes it seems they own everything. |
452 | 00:29:14,444 | 00:29:18,672 | [plaskin] and his holdings amounted to more than $5 billion. | [plaskin] and his holdings amounted to more than $5 billion. |
453 | 00:29:18,782 | 00:29:23,010 | He owned icons, like the empire state building. | He owned icons, like the empire state building. |
454 | 00:29:23,787 | 00:29:26,305 | Harry helmsley was raised as a quaker. | Harry helmsley was raised as a quaker. |
455 | 00:29:26,490 | 00:29:31,477 | He was very ethical and he was known to be a gentleman. | He was very ethical and he was known to be a gentleman. |
456 | 00:29:32,128 | 00:29:35,355 | [feldshuh] leona fell fast and hard for harry helmsley. | [feldshuh] leona fell fast and hard for harry helmsley. |
457 | 00:29:35,465 | 00:29:37,941 | She went after him like a bee to honey. | She went after him like a bee to honey. |
458 | 00:29:38,444 | 00:29:44,698 | But, at the time he was married, and she just literally whirled into his life. | But, at the time he was married, and she just literally whirled into his life. |
459 | 00:29:45,526 | 00:29:49,828 | [bill dowling] well, she was a very sexy, attractive woman, and that got his attention. | [bill dowling] well, she was a very sexy, attractive woman, and that got his attention. |
460 | 00:29:50,014 | 00:29:54,166 | He was a very successful and wealthy businessman, and that got her attention. | He was a very successful and wealthy businessman, and that got her attention. |
461 | 00:29:54,351 | 00:29:57,503 | How their personal relationship developed after that, | How their personal relationship developed after that, |
462 | 00:29:57,688 | 00:30:02,549 | I would attribute more to leona's aggressiveness than harry's. | I would attribute more to leona's aggressiveness than harry's. |
463 | 00:30:02,659 | 00:30:06,637 | [taylor-gordon] her next big vision was to become mrs. Leona helmsley, | [taylor-gordon] her next big vision was to become mrs. Leona helmsley, |
464 | 00:30:06,822 | 00:30:09,473 | So she was having a torrid love affair with harry. | So she was having a torrid love affair with harry. |
465 | 00:30:09,658 | 00:30:14,144 | [dowling] a couple years later, he divorced his wife and married leona. | [dowling] a couple years later, he divorced his wife and married leona. |
466 | 00:30:14,796 | 00:30:18,690 | She would say, "can you believe a little jewish girl, from coney island, | She would say, "can you believe a little jewish girl, from coney island, |
467 | 00:30:18,876 | 00:30:23,570 | Could snag the richest real estate mogul in new york city? | Could snag the richest real estate mogul in new york city? |
468 | 00:30:23,730 | 00:30:25,572 | Look at his head. You notice it? | Look at his head. You notice it? |
469 | 00:30:25,732 | 00:30:27,366 | Yeah, it's a good looking head. | Yeah, it's a good looking head. |
470 | 00:30:27,551 | 00:30:29,868 | -He's got a beautiful head. Turn your head, darling. -[laughs] | -He's got a beautiful head. Turn your head, darling. -[laughs] |
471 | 00:30:30,054 | 00:30:32,913 | -But look, I'll show you. -I don't believe it. -I swear, I'll show you. | -But look, I'll show you. -I don't believe it. -I swear, I'll show you. |
472 | 00:30:33,023 | 00:30:35,833 | I don't believe it either, 'cause I'm behind it. What do I know? [laughs] | I don't believe it either, 'cause I'm behind it. What do I know? [laughs] |
473 | 00:30:36,018 | 00:30:39,002 | Darling, no. I'll show you something. Turn around. Look at the shape of the head. | Darling, no. I'll show you something. Turn around. Look at the shape of the head. |
474 | 00:30:39,188 | 00:30:42,589 | You can see, the brain just sits there. I'm very serious. Beautiful head. | You can see, the brain just sits there. I'm very serious. Beautiful head. |
475 | 00:30:42,991 | 00:30:47,344 | It's very easy to caricature leona helmsley with the old cliché, | It's very easy to caricature leona helmsley with the old cliché, |
476 | 00:30:47,662 | 00:30:50,931 | "she got her money the old-fashioned way: She married into it." | "she got her money the old-fashioned way: She married into it." |
477 | 00:30:51,041 | 00:30:52,574 | It misses the fact | It misses the fact |
478 | 00:30:52,667 | 00:30:55,060 | That she actually had a real estate experience and a real estate vision, | That she actually had a real estate experience and a real estate vision, |
479 | 00:30:55,245 | 00:30:58,105 | And who may have been responsible for helping harry helmsley | And who may have been responsible for helping harry helmsley |
480 | 00:30:58,214 | 00:30:59,731 | Take his empire to a whole other level. | Take his empire to a whole other level. |
481 | 00:31:01,284 | 00:31:04,862 | [feldshuh] once he joined forces with her, the helmsley palace was born | [feldshuh] once he joined forces with her, the helmsley palace was born |
482 | 00:31:05,047 | 00:31:08,240 | And the name went up, not just in lights, in gold. | And the name went up, not just in lights, in gold. |
483 | 00:31:08,892 | 00:31:15,747 | Harry called me one day and said "I've decided to put leona in charge of the hotel company." | Harry called me one day and said "I've decided to put leona in charge of the hotel company." |
484 | 00:31:16,450 | 00:31:19,126 | He made her the chief executive of the hotel chain, | He made her the chief executive of the hotel chain, |
485 | 00:31:19,286 | 00:31:21,545 | So her word was the final word. | So her word was the final word. |
486 | 00:31:22,906 | 00:31:25,132 | He gave her total authority. | He gave her total authority. |
487 | 00:31:26,868 | 00:31:31,763 | And that's the american dream: We start at the bottom, and we hope to get to the top. | And that's the american dream: We start at the bottom, and we hope to get to the top. |
488 | 00:31:31,949 | 00:31:35,225 | [feldshuh] harry helmsley had tremendous faith in her, | [feldshuh] harry helmsley had tremendous faith in her, |
489 | 00:31:35,411 | 00:31:40,147 | And that was the tragedy. Harry, in his quaker way of life | And that was the tragedy. Harry, in his quaker way of life |
490 | 00:31:40,307 | 00:31:43,442 | Saw his name as a signature at the bottom of a contract. | Saw his name as a signature at the bottom of a contract. |
491 | 00:31:43,627 | 00:31:47,112 | Leona saw harry's name across the new york skyline. | Leona saw harry's name across the new york skyline. |
492 | 00:31:47,297 | 00:31:51,742 | And there was the difference. Harry helmsley came up from the bottom, | And there was the difference. Harry helmsley came up from the bottom, |
493 | 00:31:51,927 | 00:31:54,494 | And would have remained at the top of the top | And would have remained at the top of the top |
494 | 00:31:54,655 | 00:31:58,415 | - Both morally, and as one of the great philanthropists of new york - | - Both morally, and as one of the great philanthropists of new york - |
495 | 00:31:58,600 | 00:32:01,627 | Had he not married leona helmsley. | Had he not married leona helmsley. |
496 | 00:32:08,502 | 00:32:11,803 | [news reader] 1982 has, so far, been a great year for movies. | [news reader] 1982 has, so far, been a great year for movies. |
497 | 00:32:11,989 | 00:32:14,973 | And today, e.T. Opens across the city. | And today, e.T. Opens across the city. |
498 | 00:32:15,159 | 00:32:18,185 | [burrough] new york is many, many things, but it has always been the place | [burrough] new york is many, many things, but it has always been the place |
499 | 00:32:18,294 | 00:32:22,898 | Where the best and brightest of a generation come to prove themselves. | Where the best and brightest of a generation come to prove themselves. |
500 | 00:32:23,091 | 00:32:25,484 | And when you get those highly ambitious, | And when you get those highly ambitious, |
501 | 00:32:25,669 | 00:32:28,695 | High concentration of them in a zeitgeist, | High concentration of them in a zeitgeist, |
502 | 00:32:28,805 | 00:32:33,450 | Which has no shame about displays of wealth, you get a moment in history | Which has no shame about displays of wealth, you get a moment in history |
503 | 00:32:33,635 | 00:32:38,288 | Unlike any we've ever seen. Ambition was not a bad thing, anymore. | Unlike any we've ever seen. Ambition was not a bad thing, anymore. |
504 | 00:32:38,474 | 00:32:40,248 | It was about what you could get for yourself. | It was about what you could get for yourself. |
505 | 00:32:40,442 | 00:32:46,004 | It is not wrong to want a profit in capitalist america. It's fair. | It is not wrong to want a profit in capitalist america. It's fair. |
506 | 00:32:46,781 | 00:32:50,759 | [jeff madrick] ivan boesky had bottomless ambitions. There's no question about that. | [jeff madrick] ivan boesky had bottomless ambitions. There's no question about that. |
507 | 00:32:50,952 | 00:32:57,307 | But, for him, money was the coin of the realm. That's what made him important. | But, for him, money was the coin of the realm. That's what made him important. |
508 | 00:32:57,493 | 00:33:02,229 | With wall street on the rebound, and in the midst of a hostile takeover boom, | With wall street on the rebound, and in the midst of a hostile takeover boom, |
509 | 00:33:02,338 | 00:33:06,108 | Profits were pouring in fast and easy for the king of arbitrage. | Profits were pouring in fast and easy for the king of arbitrage. |
510 | 00:33:06,301 | 00:33:09,236 | [stewart] ivan boesky became, far and away, | [stewart] ivan boesky became, far and away, |
511 | 00:33:09,345 | 00:33:12,698 | The most successful of the so-called risk arbitragers. | The most successful of the so-called risk arbitragers. |
512 | 00:33:12,883 | 00:33:16,994 | He was a legendary figure on wall street. | He was a legendary figure on wall street. |
513 | 00:33:17,179 | 00:33:22,416 | But, in a city always looking for the next big thing, he wanted more, much more. | But, in a city always looking for the next big thing, he wanted more, much more. |
514 | 00:33:22,525 | 00:33:28,380 | So, as soon as he got wind of the next massive takeover target he was ready to go all in. | So, as soon as he got wind of the next massive takeover target he was ready to go all in. |
515 | 00:33:28,698 | 00:33:31,550 | One of the industries that was ripe for consolidation | One of the industries that was ripe for consolidation |
516 | 00:33:31,735 | 00:33:34,386 | When the 80s dawned was oil and gas. | When the 80s dawned was oil and gas. |
517 | 00:33:34,571 | 00:33:41,309 | So there was a wave of mergers. And soon, another oil company got teed up: Cities service. | So there was a wave of mergers. And soon, another oil company got teed up: Cities service. |
518 | 00:33:42,262 | 00:33:45,230 | Ultimately, a bidding war erupted. It went on. | Ultimately, a bidding war erupted. It went on. |
519 | 00:33:45,415 | 00:33:47,024 | There were multiple suitors who came in. | There were multiple suitors who came in. |
520 | 00:33:47,209 | 00:33:49,651 | [news reader] when the markets reopened trading in cities service, | [news reader] when the markets reopened trading in cities service, |
521 | 00:33:49,844 | 00:33:52,279 | The company's stock price jumped more than $6, | The company's stock price jumped more than $6, |
522 | 00:33:52,388 | 00:33:56,825 | Reflecting investor hopes of more generous takeover offers ahead. | Reflecting investor hopes of more generous takeover offers ahead. |
523 | 00:33:57,018 | 00:33:59,244 | Gulf oil was bidding for it. | Gulf oil was bidding for it. |
524 | 00:33:59,729 | 00:34:04,249 | Gulf oil came through, with a hefty $63 a share bid. | Gulf oil came through, with a hefty $63 a share bid. |
525 | 00:34:04,434 | 00:34:09,796 | Gulf comes in, and boesky effectively bet that this deal was gonna happen. | Gulf comes in, and boesky effectively bet that this deal was gonna happen. |
526 | 00:34:10,457 | 00:34:13,216 | [stewart] boesky had this huge stake. | [stewart] boesky had this huge stake. |
527 | 00:34:13,402 | 00:34:16,595 | He had used a lot of borrowed money to buy. | He had used a lot of borrowed money to buy. |
528 | 00:34:16,780 | 00:34:18,388 | He was so sure this was gonna happen. | He was so sure this was gonna happen. |
529 | 00:34:18,574 | 00:34:23,602 | And he watched the stock go up, and up, and up, and up. | And he watched the stock go up, and up, and up, and up. |
530 | 00:34:24,045 | 00:34:26,229 | He thinks he's won the game. | He thinks he's won the game. |
531 | 00:34:27,474 | 00:34:29,608 | [news reader] after government concerns in washington | [news reader] after government concerns in washington |
532 | 00:34:29,793 | 00:34:33,653 | About anti-trust made gulf nervous, they withdrew. | About anti-trust made gulf nervous, they withdrew. |
533 | 00:34:36,057 | 00:34:37,949 | Ivan was fully invested. | Ivan was fully invested. |
534 | 00:34:38,135 | 00:34:43,163 | Suddenly, the plug was pulled and he lost an enormous amount of money. | Suddenly, the plug was pulled and he lost an enormous amount of money. |
535 | 00:34:43,273 | 00:34:46,166 | It was a major surprise across wall street. | It was a major surprise across wall street. |
536 | 00:34:46,276 | 00:34:48,627 | [news reader} the big news on wall street today | [news reader} the big news on wall street today |
537 | 00:34:48,812 | 00:34:51,630 | Was still the big oil merger, that didn't go through. | Was still the big oil merger, that didn't go through. |
538 | 00:34:52,240 | 00:34:54,549 | That has to have been a huge blow to his ego. | That has to have been a huge blow to his ego. |
539 | 00:34:54,742 | 00:34:58,887 | To lose, and lose so publicly, and lose so big, has gotta be devastating. | To lose, and lose so publicly, and lose so big, has gotta be devastating. |
540 | 00:34:59,581 | 00:35:02,349 | [stewart] and this was what drove boesky. | [stewart] and this was what drove boesky. |
541 | 00:35:02,458 | 00:35:07,521 | He needed to find a way to make these deals risk free. | He needed to find a way to make these deals risk free. |
542 | 00:35:07,630 | 00:35:09,940 | And to really eliminate risk, he had to get inside information. | And to really eliminate risk, he had to get inside information. |
543 | 00:35:10,125 | 00:35:12,317 | And to get inside information, that's a tall order. | And to get inside information, that's a tall order. |
544 | 00:35:12,502 | 00:35:14,653 | I mean, it's illegal for people to give it to you. | I mean, it's illegal for people to give it to you. |
545 | 00:35:18,358 | 00:35:22,285 | [harvey pitt] boesky had friendships with a number of people, | [harvey pitt] boesky had friendships with a number of people, |
546 | 00:35:22,471 | 00:35:27,916 | Who could provide information about things that were under consideration. | Who could provide information about things that were under consideration. |
547 | 00:35:28,109 | 00:35:31,128 | One of his friends was martin siegel. | One of his friends was martin siegel. |
548 | 00:35:31,313 | 00:35:37,008 | He was an investment banker at the firm of kidder peabody and company. | He was an investment banker at the firm of kidder peabody and company. |
549 | 00:35:37,327 | 00:35:41,930 | Siegel was advising the kind of companies that were often the takeover targets. | Siegel was advising the kind of companies that were often the takeover targets. |
550 | 00:35:42,457 | 00:35:49,104 | He would hear when bids were going to be raised, so he had a wealth of inside information. | He would hear when bids were going to be raised, so he had a wealth of inside information. |
551 | 00:35:49,505 | 00:35:53,775 | Siegel was wildly successful. He seemed to have everything going for him, | Siegel was wildly successful. He seemed to have everything going for him, |
552 | 00:35:53,968 | 00:35:56,069 | But like a lot of people on wall street, | But like a lot of people on wall street, |
553 | 00:35:56,179 | 00:35:59,531 | He was always worrying about, "well, okay, this year was good, but what about next year?" | He was always worrying about, "well, okay, this year was good, but what about next year?" |
554 | 00:35:59,716 | 00:36:04,828 | He had financial anxiety, and so boesky took advantage of that. He immediately suggested, | He had financial anxiety, and so boesky took advantage of that. He immediately suggested, |
555 | 00:36:05,013 | 00:36:09,124 | "look, I could help you out." and then, boesky really baits the hook. | "look, I could help you out." and then, boesky really baits the hook. |
556 | 00:36:09,317 | 00:36:16,047 | He says, "if you could put me in things with some lead time, that would really be valuable." | He says, "if you could put me in things with some lead time, that would really be valuable." |
557 | 00:36:16,233 | 00:36:18,300 | And siegel says, | And siegel says, |
558 | 00:36:18,493 | 00:36:24,431 | "maybe at the end of the year, we'd work out a bonus." | "maybe at the end of the year, we'd work out a bonus." |
559 | 00:36:26,834 | 00:36:30,520 | [mclean] so, ivan boesky and martin siegel became true partners in crime, | [mclean] so, ivan boesky and martin siegel became true partners in crime, |
560 | 00:36:30,706 | 00:36:34,816 | Because it was siegel who provided boesky with the information he needed | Because it was siegel who provided boesky with the information he needed |
561 | 00:36:35,009 | 00:36:36,526 | To make his big profits. | To make his big profits. |
562 | 00:36:36,712 | 00:36:39,988 | And it was boesky who provided siegel, in turn, with cash. | And it was boesky who provided siegel, in turn, with cash. |
563 | 00:36:42,850 | 00:36:47,621 | [stewart] they came up with this scheme to hand over the money, | [stewart] they came up with this scheme to hand over the money, |
564 | 00:36:47,730 | 00:36:53,710 | Where siegel would show up in the lobby of the plaza hotel, | Where siegel would show up in the lobby of the plaza hotel, |
565 | 00:36:53,895 | 00:36:55,879 | And a courier would hand over a bag. | And a courier would hand over a bag. |
566 | 00:37:00,034 | 00:37:04,888 | Siegel had this fear, this kind of guilt, this nightmare | Siegel had this fear, this kind of guilt, this nightmare |
567 | 00:37:05,073 | 00:37:07,849 | That this was gonna come crashing down on him, | That this was gonna come crashing down on him, |
568 | 00:37:08,042 | 00:37:09,184 | And he was panicking. | And he was panicking. |
569 | 00:37:13,047 | 00:37:17,901 | And then, he saw the man he assumed was the courier with the case. | And then, he saw the man he assumed was the courier with the case. |
570 | 00:37:18,219 | 00:37:20,028 | [dramatic music playing] | [dramatic music playing] |
571 | 00:37:20,763 | 00:37:25,617 | They had code words. The courier's code was to pass siegel and say, | They had code words. The courier's code was to pass siegel and say, |
572 | 00:37:25,802 | 00:37:28,870 | "red light." if siegel said, "green light," | "red light." if siegel said, "green light," |
573 | 00:37:29,063 | 00:37:31,122 | Then he handed the bag over and they kept moving. | Then he handed the bag over and they kept moving. |
574 | 00:37:33,827 | 00:37:39,089 | There are elements to this that are all like a heist movie. It's like ocean's eleven. | There are elements to this that are all like a heist movie. It's like ocean's eleven. |
575 | 00:37:39,274 | 00:37:40,331 | They're running around with briefcases. | They're running around with briefcases. |
576 | 00:37:40,517 | 00:37:43,301 | They got their code names, and I think they loved that. | They got their code names, and I think they loved that. |
577 | 00:37:45,913 | 00:37:49,140 | The mystery of marty siegel was always, "why the heck would you do this?" | The mystery of marty siegel was always, "why the heck would you do this?" |
578 | 00:37:49,326 | 00:37:52,644 | I mean, he already had everything. He was making millions. | I mean, he already had everything. He was making millions. |
579 | 00:37:53,087 | 00:37:58,942 | [stewart] siegel later said that he always felt guilty from that day on. | [stewart] siegel later said that he always felt guilty from that day on. |
580 | 00:37:59,127 | 00:38:01,653 | But the line had been crossed. | But the line had been crossed. |
581 | 00:38:01,838 | 00:38:07,367 | Ultimately, boesky made over $30 million on tips from siegel. | Ultimately, boesky made over $30 million on tips from siegel. |
582 | 00:38:07,477 | 00:38:10,870 | Once they'd crossed the line, they'd crossed it. | Once they'd crossed the line, they'd crossed it. |
583 | 00:38:10,980 | 00:38:14,582 | All the elements of the crime were now in place. | All the elements of the crime were now in place. |
584 | 00:38:14,776 | 00:38:17,752 | There was no going back. | There was no going back. |
585 | 00:38:21,324 | 00:38:26,219 | By 1982, new york city was reborn, uptown and downtown. | By 1982, new york city was reborn, uptown and downtown. |
586 | 00:38:26,379 | 00:38:31,391 | New royalty had been anointed, new fortunes made. | New royalty had been anointed, new fortunes made. |
587 | 00:38:31,501 | 00:38:35,228 | We put them on pedestals, this new class of the super rich. | We put them on pedestals, this new class of the super rich. |
588 | 00:38:35,388 | 00:38:38,857 | In time, the whole world would. | In time, the whole world would. |
589 | 00:38:39,042 | 00:38:41,860 | But there was more to new york than high society. | But there was more to new york than high society. |
590 | 00:38:42,045 | 00:38:45,739 | In many other corners of the city, crime and chaos still reigned. | In many other corners of the city, crime and chaos still reigned. |
591 | 00:38:45,848 | 00:38:49,701 | [winerip] in terms of crime, new york was coming apart a little bit. | [winerip] in terms of crime, new york was coming apart a little bit. |
592 | 00:38:49,886 | 00:38:52,912 | It was a dangerous time. It was lawless, in that way. | It was a dangerous time. It was lawless, in that way. |
593 | 00:38:53,073 | 00:38:57,417 | [news reader] former beatle, john lennon, is dead tonight of gunshot wounds. | [news reader] former beatle, john lennon, is dead tonight of gunshot wounds. |
594 | 00:38:57,577 | 00:39:01,087 | [news reader 2] the biggest city in the country has a very serious crime problem. | [news reader 2] the biggest city in the country has a very serious crime problem. |
595 | 00:39:01,197 | 00:39:04,883 | There are more people, more criminals, and more guns on the streets. | There are more people, more criminals, and more guns on the streets. |
596 | 00:39:05,068 | 00:39:07,761 | [news reader 3] a lot of people are afraid of crime in new york city. | [news reader 3] a lot of people are afraid of crime in new york city. |
597 | 00:39:07,921 | 00:39:10,597 | Operative crime statistics that keep increasing, | Operative crime statistics that keep increasing, |
598 | 00:39:10,757 | 00:39:14,100 | And a criminal justice system that can't keep up. | And a criminal justice system that can't keep up. |
599 | 00:39:15,044 | 00:39:19,939 | New york needed a superhero, the sheriff coming in with his white hat. | New york needed a superhero, the sheriff coming in with his white hat. |
600 | 00:39:22,218 | 00:39:27,280 | [classical music playing] | [classical music playing] |
601 | 00:39:27,390 | 00:39:30,742 | [news reader] this is rudolph giuliani's idea of mood music. | [news reader] this is rudolph giuliani's idea of mood music. |
602 | 00:39:30,927 | 00:39:35,330 | The us attorney has been listening to italian composers like vivaldi lately, | The us attorney has been listening to italian composers like vivaldi lately, |
603 | 00:39:35,523 | 00:39:38,958 | While he works on indicting alleged mafia kingpin. | While he works on indicting alleged mafia kingpin. |
604 | 00:39:40,069 | 00:39:43,254 | Into this circus came rudy giuliani. | Into this circus came rudy giuliani. |
605 | 00:39:45,575 | 00:39:48,843 | Crippled by corruption and crime, new york city needed a hero. | Crippled by corruption and crime, new york city needed a hero. |
606 | 00:39:49,036 | 00:39:54,015 | An ambitious young prosecutor knew it, and he knew what it would do for him. | An ambitious young prosecutor knew it, and he knew what it would do for him. |
607 | 00:39:54,208 | 00:39:57,185 | If ever there was a shortcut to power, it's fame, | If ever there was a shortcut to power, it's fame, |
608 | 00:39:57,378 | 00:40:00,814 | And he would give new york one hell of a show. | And he would give new york one hell of a show. |
609 | 00:40:01,757 | 00:40:03,391 | [randy mastro] the irony of the situation | [randy mastro] the irony of the situation |
610 | 00:40:03,551 | 00:40:08,196 | Was that rudy giuliani left the number three position in the justice department, | Was that rudy giuliani left the number three position in the justice department, |
611 | 00:40:08,389 | 00:40:11,533 | To go be one of over 100 us attorneys around the country. | To go be one of over 100 us attorneys around the country. |
612 | 00:40:11,726 | 00:40:15,120 | But, rudy wanted to come back home. | But, rudy wanted to come back home. |
613 | 00:40:15,438 | 00:40:16,996 | [winerip] and he came with big ambitions. | [winerip] and he came with big ambitions. |
614 | 00:40:17,157 | 00:40:18,656 | He was gonna make a name for himself. | He was gonna make a name for himself. |
615 | 00:40:18,841 | 00:40:21,876 | The number three guy doesn't get on tv very much, in the justice department. | The number three guy doesn't get on tv very much, in the justice department. |
616 | 00:40:22,069 | 00:40:25,964 | The number one guy in new york can get on tv as much as he or she wants, | The number one guy in new york can get on tv as much as he or she wants, |
617 | 00:40:26,149 | 00:40:28,466 | And rudy took full advantage of that. | And rudy took full advantage of that. |
618 | 00:40:29,076 | 00:40:30,510 | [giuliani} we have to do securities fraud, | [giuliani} we have to do securities fraud, |
619 | 00:40:30,670 | 00:40:32,178 | Because we have two stock markets here in new york. | Because we have two stock markets here in new york. |
620 | 00:40:32,338 | 00:40:33,746 | If we don't do it, nobody's gonna do it. | If we don't do it, nobody's gonna do it. |
621 | 00:40:33,840 | 00:40:37,517 | We have to do drug work, because we have a big drug problem in this city. | We have to do drug work, because we have a big drug problem in this city. |
622 | 00:40:37,627 | 00:40:39,352 | And we have to do organized crime work, | And we have to do organized crime work, |
623 | 00:40:39,512 | 00:40:42,188 | Because we have five organized crime families that have decided, | Because we have five organized crime families that have decided, |
624 | 00:40:42,348 | 00:40:45,525 | Since the turn of the century, to locate themselves here in new york. | Since the turn of the century, to locate themselves here in new york. |
625 | 00:40:45,635 | 00:40:51,739 | When giuliani became us attorney he had, you know, any number of targets, right? | When giuliani became us attorney he had, you know, any number of targets, right? |
626 | 00:40:51,933 | 00:40:55,994 | So, there were the excesses on wall street. There was the mob. | So, there were the excesses on wall street. There was the mob. |
627 | 00:40:56,179 | 00:40:57,745 | [george gabriel] the mob, in the 80s, | [george gabriel] the mob, in the 80s, |
628 | 00:40:57,939 | 00:41:02,709 | Was probably as big and powerful and ruthless as it had ever been. | Was probably as big and powerful and ruthless as it had ever been. |
629 | 00:41:02,818 | 00:41:05,378 | They owned the streets. I mean, they were a force to be reckoned with. | They owned the streets. I mean, they were a force to be reckoned with. |
630 | 00:41:05,538 | 00:41:10,550 | [sean deveney] you had this dignified older generation of mob bosses, | [sean deveney] you had this dignified older generation of mob bosses, |
631 | 00:41:10,660 | 00:41:15,305 | Being replaced by a younger more violent generation, like john gotti. | Being replaced by a younger more violent generation, like john gotti. |
632 | 00:41:15,490 | 00:41:17,223 | This guy is a violent killer. | This guy is a violent killer. |
633 | 00:41:17,333 | 00:41:20,059 | Come on, you know I don't know what he was talking about, john. | Come on, you know I don't know what he was talking about, john. |
634 | 00:41:20,887 | 00:41:24,606 | At the same time, giuliani comes in with the clear goal... | At the same time, giuliani comes in with the clear goal... |
635 | 00:41:24,799 | 00:41:26,191 | Are we all set? | Are we all set? |
636 | 00:41:26,376 | 00:41:28,193 | ...Of bringing down the heads of the families. | ...Of bringing down the heads of the families. |
637 | 00:41:28,378 | 00:41:31,237 | Hopefully, with an organization like the mafia, we will wear them down. | Hopefully, with an organization like the mafia, we will wear them down. |
638 | 00:41:31,397 | 00:41:34,908 | [andrew kirtzman] in his eyes, these were bastions of immorality. | [andrew kirtzman] in his eyes, these were bastions of immorality. |
639 | 00:41:35,068 | 00:41:39,704 | And also, they were kind of stepping stones towards fame. | And also, they were kind of stepping stones towards fame. |
640 | 00:41:40,240 | 00:41:44,459 | Rudy wanted to make himself a hero. He wanted all the attention he could get. | Rudy wanted to make himself a hero. He wanted all the attention he could get. |
641 | 00:41:44,652 | 00:41:47,962 | Giuliani comes across like the hollywood stereotype | Giuliani comes across like the hollywood stereotype |
642 | 00:41:48,155 | 00:41:50,215 | Of the tough, dedicated crime buster. | Of the tough, dedicated crime buster. |
643 | 00:41:50,400 | 00:41:53,134 | [deveney] he wanted power in new york city. | [deveney] he wanted power in new york city. |
644 | 00:41:53,327 | 00:41:55,136 | [giuliani] I am tired of being asked, | [giuliani] I am tired of being asked, |
645 | 00:41:55,329 | 00:42:00,058 | "which type of crime is more dangerous: Violent crime or white collar crime? | "which type of crime is more dangerous: Violent crime or white collar crime? |
646 | 00:42:00,668 | 00:42:03,269 | Organized crime or public corruption?" | Organized crime or public corruption?" |
647 | 00:42:03,429 | 00:42:10,109 | All of these areas of crime are dangerous and destructive of our society. | All of these areas of crime are dangerous and destructive of our society. |
648 | 00:42:11,029 | 00:42:12,946 | This is a war that can be won, | This is a war that can be won, |
649 | 00:42:13,106 | 00:42:16,824 | If we do not rest on our accomplishments, but rather redouble our efforts. | If we do not rest on our accomplishments, but rather redouble our efforts. |
650 | 00:42:17,018 | 00:42:21,412 | [deveney] rudy giuliani was a bulldog, and this was his moment. | [deveney] rudy giuliani was a bulldog, and this was his moment. |
651 | 00:42:24,233 | 00:42:29,170 | New york city, the 80s: A collision of ego and opportunity. | New york city, the 80s: A collision of ego and opportunity. |
652 | 00:42:29,363 | 00:42:34,467 | Titans of industry, crime bosses, law men. | Titans of industry, crime bosses, law men. |
653 | 00:42:34,577 | 00:42:37,470 | Over the coming decade, this new elite would redefine | Over the coming decade, this new elite would redefine |
654 | 00:42:37,580 | 00:42:40,473 | The meaning of success, the world over. | The meaning of success, the world over. |
655 | 00:42:40,633 | 00:42:44,185 | Battle lines would be drawn, and limits tested. | Battle lines would be drawn, and limits tested. |
656 | 00:42:44,378 | 00:42:47,522 | [troy] new york had these larger-than-life personalities, | [troy] new york had these larger-than-life personalities, |
657 | 00:42:47,715 | 00:42:51,651 | And that ultimately headed for a clash. | And that ultimately headed for a clash. |
658 | 00:42:51,811 | 00:42:53,027 | You have a perfect storm. | You have a perfect storm. |
659 | 00:42:56,316 | 00:42:58,825 | [dramatic music playing] | [dramatic music playing] |