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1 | 00:00:00,960 | 00:00:01,960 | [narrator] New York City. | [narrator] New York City. |
2 | 00:00:02,230 | 00:00:04,770 | [woman] Happy New Year! | [woman] Happy New Year! |
3 | 00:00:04,770 | 00:00:08,200 | At the dawn of the 80s it was exploding with opportunity. | At the dawn of the 80s it was exploding with opportunity. |
4 | 00:00:08,900 | 00:00:11,540 | [newsreader] Boom times, that's what the numbers signal today, | [newsreader] Boom times, that's what the numbers signal today, |
5 | 00:00:11,540 | 00:00:14,340 | an economy that's on a roll in this country. | an economy that's on a roll in this country. |
6 | 00:00:14,340 | 00:00:18,050 | A place to seek money, power, fame. | A place to seek money, power, fame. |
7 | 00:00:18,050 | 00:00:23,480 | Amid the glitz and greed, five titans seized their moment. | Amid the glitz and greed, five titans seized their moment. |
8 | 00:00:23,490 | 00:00:29,490 | But in 1986, we started to learn the very dark secrets behind their success. | But in 1986, we started to learn the very dark secrets behind their success. |
9 | 00:00:29,490 | 00:00:33,730 | A striver from Detroit had transformed himself into a titan of Wall Street. | A striver from Detroit had transformed himself into a titan of Wall Street. |
10 | 00:00:33,730 | 00:00:35,660 | [Ivan Boesky] You have to understand that I'm a professional. | [Ivan Boesky] You have to understand that I'm a professional. |
11 | 00:00:35,660 | 00:00:37,660 | But his house of lies was about to collapse. | But his house of lies was about to collapse. |
12 | 00:00:37,670 | 00:00:41,800 | [Bryan Burrough] Ivan knew once Levine started talking that he was dead. He was dead. | [Bryan Burrough] Ivan knew once Levine started talking that he was dead. He was dead. |
13 | 00:00:41,800 | 00:00:44,840 | A real estate star had seemingly perfected the art of the deal. | A real estate star had seemingly perfected the art of the deal. |
14 | 00:00:44,840 | 00:00:47,640 | But could not run his debts for long. | But could not run his debts for long. |
15 | 00:00:47,810 | 00:00:49,940 | [Donald Trump] We'll talk about that later I suspect. | [Donald Trump] We'll talk about that later I suspect. |
16 | 00:00:49,950 | 00:00:52,780 | The queen of the palace had turned meanness into a winning brand. | The queen of the palace had turned meanness into a winning brand. |
17 | 00:00:52,780 | 00:00:55,580 | [Leona Helmsley] I'm a woman. I'm a tough business woman. | [Leona Helmsley] I'm a woman. I'm a tough business woman. |
18 | 00:00:55,580 | 00:00:57,480 | But her subjects were about to revolt. | But her subjects were about to revolt. |
19 | 00:00:57,490 | 00:00:59,620 | [Tovah Feldshuh] She had fired enough people, | [Tovah Feldshuh] She had fired enough people, |
20 | 00:00:59,620 | 00:01:05,660 | acted in an imperial way, people were open for blood. | acted in an imperial way, people were open for blood. |
21 | 00:01:05,660 | 00:01:08,800 | And as Gotham's new hero went after his biggest villains yet... | And as Gotham's new hero went after his biggest villains yet... |
22 | 00:01:08,800 | 00:01:11,630 | [Rudy Giuliani] They do not pay millions of dollars in taxes. | [Rudy Giuliani] They do not pay millions of dollars in taxes. |
23 | 00:01:11,630 | 00:01:15,100 | [Graham Weatherspoon] Giuliani has always been out for Giuliani. | [Graham Weatherspoon] Giuliani has always been out for Giuliani. |
24 | 00:01:15,100 | 00:01:17,470 | The Dapper Don looked danger in the face... | The Dapper Don looked danger in the face... |
25 | 00:01:17,470 | 00:01:20,170 | [Jerry Capeci] The button was pushed. The car blew up. | [Jerry Capeci] The button was pushed. The car blew up. |
26 | 00:01:20,180 | 00:01:21,580 | ...and laughed. | ...and laughed. |
27 | 00:01:21,580 | 00:01:22,740 | [John Gotti] I know you didn't believe I was guilty. | [John Gotti] I know you didn't believe I was guilty. |
28 | 00:01:23,710 | 00:01:25,680 | People asked did he have a guilty conscience? | People asked did he have a guilty conscience? |
29 | 00:01:25,680 | 00:01:29,280 | Guilty smilty. There was such a sense of every man for himself. | Guilty smilty. There was such a sense of every man for himself. |
30 | 00:01:29,290 | 00:01:31,250 | She said well you should have kept your pants on. | She said well you should have kept your pants on. |
31 | 00:01:31,890 | 00:01:35,220 | If you kept your [expletive] in your pants you wouldn't have such problems. | If you kept your [expletive] in your pants you wouldn't have such problems. |
32 | 00:01:35,990 | 00:01:37,930 | [James B. Stewart] I remember when that news struck. | [James B. Stewart] I remember when that news struck. |
33 | 00:01:37,930 | 00:01:43,130 | It was like all the air went out of the room. Paranoia ran rampant. | It was like all the air went out of the room. Paranoia ran rampant. |
34 | 00:01:43,130 | 00:01:47,870 | These five titans would reshape the city and the world we live in today. | These five titans would reshape the city and the world we live in today. |
35 | 00:01:47,870 | 00:01:54,510 | And when in 1986 we began to see them for who they really were, it was already too late. | And when in 1986 we began to see them for who they really were, it was already too late. |
36 | 00:02:19,240 | 00:02:24,340 | A new gilded age defined by opulence and extravagance was reaching its apex. | A new gilded age defined by opulence and extravagance was reaching its apex. |
37 | 00:02:24,340 | 00:02:29,380 | New York City, all by left for dead less than a decade ago had been shocked back to life | New York City, all by left for dead less than a decade ago had been shocked back to life |
38 | 00:02:29,380 | 00:02:35,850 | by an explosion of development, culture, and money. It looked like the party would never stop. | by an explosion of development, culture, and money. It looked like the party would never stop. |
39 | 00:02:35,850 | 00:02:39,150 | But looks, as they say, can be deceiving. | But looks, as they say, can be deceiving. |
40 | 00:02:39,520 | 00:02:44,890 | [newsreader] Investment banker, Dennis Levine, has been arrested and charged with insider trading | [newsreader] Investment banker, Dennis Levine, has been arrested and charged with insider trading |
41 | 00:02:44,890 | 00:02:49,760 | [newsreader 2] Dennis Levine collected $12.5 million in illegal profits. | [newsreader 2] Dennis Levine collected $12.5 million in illegal profits. |
42 | 00:02:49,770 | 00:02:53,270 | He did it by gaining advance knowledge of 54 pending takeovers. | He did it by gaining advance knowledge of 54 pending takeovers. |
43 | 00:02:53,270 | 00:02:56,140 | [Dennis Levine] I now realize that I committed very serious crimes | [Dennis Levine] I now realize that I committed very serious crimes |
44 | 00:02:56,140 | 00:02:59,510 | which I'm very sorry and it was a very painful lesson to learn. | which I'm very sorry and it was a very painful lesson to learn. |
45 | 00:02:59,740 | 00:03:02,740 | [newsreader 3] Rudy Giuliani, US Attorney for the Southern District, | [newsreader 3] Rudy Giuliani, US Attorney for the Southern District, |
46 | 00:03:02,750 | 00:03:05,110 | was the driving force behind his arrest. | was the driving force behind his arrest. |
47 | 00:03:05,110 | 00:03:07,810 | [Bethany McLean] He's young and he's incredibly aggressive. | [Bethany McLean] He's young and he's incredibly aggressive. |
48 | 00:03:07,820 | 00:03:12,190 | And he takes those same techniques that he had used to bring down mafia figures | And he takes those same techniques that he had used to bring down mafia figures |
49 | 00:03:12,190 | 00:03:14,320 | to go after white collar criminals. | to go after white collar criminals. |
50 | 00:03:14,320 | 00:03:19,260 | [Jeff Madrick] What credit it will do to my reputation says Rudy to himself. | [Jeff Madrick] What credit it will do to my reputation says Rudy to himself. |
51 | 00:03:19,960 | 00:03:23,730 | [newsreader] Was anyone else involved in this at all? Knowingly? | [newsreader] Was anyone else involved in this at all? Knowingly? |
52 | 00:03:23,730 | 00:03:27,170 | Yes, at this point, though, I can't identify anyone else. | Yes, at this point, though, I can't identify anyone else. |
53 | 00:03:27,170 | 00:03:29,000 | No one else has been publicly identified. | No one else has been publicly identified. |
54 | 00:03:29,000 | 00:03:31,770 | [Ken Auletta] When the Dennis Levine news broke in the press, | [Ken Auletta] When the Dennis Levine news broke in the press, |
55 | 00:03:31,770 | 00:03:33,940 | the reaction on Wall Street was shock. | the reaction on Wall Street was shock. |
56 | 00:03:34,340 | 00:03:39,080 | One rotten apple. Get rid of him. This is not typical of our industry. | One rotten apple. Get rid of him. This is not typical of our industry. |
57 | 00:03:39,080 | 00:03:42,520 | [Andrew Ross Sorkin] At the time this information was flowing everywhere. | [Andrew Ross Sorkin] At the time this information was flowing everywhere. |
58 | 00:03:42,520 | 00:03:47,450 | Nobody thought anyone was ever gonna get in trouble. It almost became part of the culture. | Nobody thought anyone was ever gonna get in trouble. It almost became part of the culture. |
59 | 00:03:47,460 | 00:03:53,830 | [James B. Stewart] What Dennis himself had done was bad. But it wasn't cataclysmic. | [James B. Stewart] What Dennis himself had done was bad. But it wasn't cataclysmic. |
60 | 00:03:54,160 | 00:03:56,300 | The reason Dennis Levine was cataclysmic | The reason Dennis Levine was cataclysmic |
61 | 00:03:56,300 | 00:04:01,370 | was because what he knew. Who he knew. | was because what he knew. Who he knew. |
62 | 00:04:03,170 | 00:04:07,340 | Ivan Boesky, the man. He became the biggest in his profession. | Ivan Boesky, the man. He became the biggest in his profession. |
63 | 00:04:07,340 | 00:04:11,040 | His meteoric rise to the top of Wall Street was built on lies. | His meteoric rise to the top of Wall Street was built on lies. |
64 | 00:04:11,050 | 00:04:13,210 | And with his web of deceit about to unravel, | And with his web of deceit about to unravel, |
65 | 00:04:13,220 | 00:04:17,050 | he would discover that there was no honor amongst thieves. | he would discover that there was no honor amongst thieves. |
66 | 00:04:17,050 | 00:04:19,350 | Ivan Boesky made a lot of money. | Ivan Boesky made a lot of money. |
67 | 00:04:19,360 | 00:04:26,260 | His assets in 1986 came to about $131 million. | His assets in 1986 came to about $131 million. |
68 | 00:04:26,260 | 00:04:28,700 | He was clearly one of the wealthiest people, | He was clearly one of the wealthiest people, |
69 | 00:04:28,700 | 00:04:31,830 | had amassed one of the great fortunes in the 80s. | had amassed one of the great fortunes in the 80s. |
70 | 00:04:31,830 | 00:04:34,870 | What's the biggest payoff day you have ever had? | What's the biggest payoff day you have ever had? |
71 | 00:04:34,870 | 00:04:37,540 | How much-- a tacky question, I'm sorry. | How much-- a tacky question, I'm sorry. |
72 | 00:04:37,540 | 00:04:39,040 | Well we don't, we don't talk numbers. | Well we don't, we don't talk numbers. |
73 | 00:04:39,410 | 00:04:44,540 | [Stewart] Ivan Boesky had to have known that he was now in mortal danger. | [Stewart] Ivan Boesky had to have known that he was now in mortal danger. |
74 | 00:04:44,710 | 00:04:50,680 | The day Dennis Levine was arrested in 1986, and that news went out, | The day Dennis Levine was arrested in 1986, and that news went out, |
75 | 00:04:50,690 | 00:04:55,690 | Ivan Boesky came out of a conference room. Someone in the office said, "Hey look at this, | Ivan Boesky came out of a conference room. Someone in the office said, "Hey look at this, |
76 | 00:04:55,690 | 00:04:58,260 | "did you hear this news? Dennis Levine was arrested." | "did you hear this news? Dennis Levine was arrested." |
77 | 00:04:58,260 | 00:05:03,600 | And he said, "Who?" He said, "Dennis who?" | And he said, "Who?" He said, "Dennis who?" |
78 | 00:05:03,830 | 00:05:07,230 | And they said, "Dennis Levine." He said I've never heard of him. | And they said, "Dennis Levine." He said I've never heard of him. |
79 | 00:05:07,670 | 00:05:12,510 | Now Dennis Levine made promises to his collaborators all along | Now Dennis Levine made promises to his collaborators all along |
80 | 00:05:12,510 | 00:05:15,380 | that he'd be a, "stand-up guy who would never talk." | that he'd be a, "stand-up guy who would never talk." |
81 | 00:05:15,380 | 00:05:18,310 | Dennis Levine turned out to be a chatterbox. | Dennis Levine turned out to be a chatterbox. |
82 | 00:05:19,320 | 00:05:23,520 | [newsreader] In return for a lighter sentence he agreed to tell all he knew. | [newsreader] In return for a lighter sentence he agreed to tell all he knew. |
83 | 00:05:23,520 | 00:05:26,520 | And what he knew was dynamite. | And what he knew was dynamite. |
84 | 00:05:27,890 | 00:05:30,620 | [Madrick] Dennis Levine ratted on Ivan Boesky. | [Madrick] Dennis Levine ratted on Ivan Boesky. |
85 | 00:05:30,630 | 00:05:33,760 | He should have known that was possible all along. | He should have known that was possible all along. |
86 | 00:05:34,300 | 00:05:38,300 | The fact that Boesky would associate with Levine was an example | The fact that Boesky would associate with Levine was an example |
87 | 00:05:38,300 | 00:05:40,930 | of the deep nature of his greed. | of the deep nature of his greed. |
88 | 00:05:40,940 | 00:05:47,310 | It shows how ambitious and blind Ivan was in the pursuit of money. | It shows how ambitious and blind Ivan was in the pursuit of money. |
89 | 00:05:47,540 | 00:05:51,510 | [Gary Lynch] I was shocked. When Dennis Levine provided the name of Ivan Boesky | [Gary Lynch] I was shocked. When Dennis Levine provided the name of Ivan Boesky |
90 | 00:05:51,510 | 00:05:56,150 | it was clear that this would be even bigger so we geared up for a lengthy fight. | it was clear that this would be even bigger so we geared up for a lengthy fight. |
91 | 00:05:56,150 | 00:06:02,260 | And we launched an investigation of Ivan Boesky with a barrage of subpoenas. | And we launched an investigation of Ivan Boesky with a barrage of subpoenas. |
92 | 00:06:02,260 | 00:06:08,230 | [Harvey Pitt] The notion that there were 27 subpoenas made it quite clear | [Harvey Pitt] The notion that there were 27 subpoenas made it quite clear |
93 | 00:06:08,230 | 00:06:12,630 | that this was a massive investigation. | that this was a massive investigation. |
94 | 00:06:12,630 | 00:06:16,940 | I thought we were in for a, you know, a long, long fight. | I thought we were in for a, you know, a long, long fight. |
95 | 00:06:17,570 | 00:06:23,880 | I called Ivan Boesky and told him about the subpoenas. | I called Ivan Boesky and told him about the subpoenas. |
96 | 00:06:23,880 | 00:06:30,250 | And I suggested that we needed to have a face-to-face meeting. | And I suggested that we needed to have a face-to-face meeting. |
97 | 00:06:30,250 | 00:06:32,690 | Boesky's lawyers said, "Look, you're guilty. | Boesky's lawyers said, "Look, you're guilty. |
98 | 00:06:32,690 | 00:06:36,220 | "You've been doing this rampantly. You have no defense." | "You've been doing this rampantly. You have no defense." |
99 | 00:06:36,230 | 00:06:42,900 | And your only hope is to cooperate and get some lenience. So who can you give up? | And your only hope is to cooperate and get some lenience. So who can you give up? |
100 | 00:06:46,340 | 00:06:51,340 | People asked did Ivan Boesky have a guilty conscience? Guilty smilty. | People asked did Ivan Boesky have a guilty conscience? Guilty smilty. |
101 | 00:06:52,170 | 00:06:56,210 | Ivan knew once Levine started talking that he was dead. He was dead. | Ivan knew once Levine started talking that he was dead. He was dead. |
102 | 00:06:57,250 | 00:06:59,650 | It was such a sense of every man for himself. | It was such a sense of every man for himself. |
103 | 00:06:59,650 | 00:07:04,250 | Ivan Boesky had very intense drive | Ivan Boesky had very intense drive |
104 | 00:07:04,250 | 00:07:08,160 | to climb the social and financial ladder. | to climb the social and financial ladder. |
105 | 00:07:08,160 | 00:07:09,520 | He lived in his image. | He lived in his image. |
106 | 00:07:09,530 | 00:07:11,430 | He wanted to be accepted. | He wanted to be accepted. |
107 | 00:07:11,430 | 00:07:14,390 | [Stewart] And now he was panicking. This was gonna come crashing down on him. | [Stewart] And now he was panicking. This was gonna come crashing down on him. |
108 | 00:07:14,400 | 00:07:19,030 | I'm sure he called his lawyer right away. He basically had a lawyer joined at the hip. | I'm sure he called his lawyer right away. He basically had a lawyer joined at the hip. |
109 | 00:07:19,030 | 00:07:22,000 | Mr. Boesky made the decision | Mr. Boesky made the decision |
110 | 00:07:22,000 | 00:07:27,070 | to initiate settlement discussions with the SEC. | to initiate settlement discussions with the SEC. |
111 | 00:07:27,080 | 00:07:33,580 | [Lynch] Ivan Boesky was ready to provide very intriguing information | [Lynch] Ivan Boesky was ready to provide very intriguing information |
112 | 00:07:33,580 | 00:07:35,950 | about other people involved in illegal activity. | about other people involved in illegal activity. |
113 | 00:07:35,950 | 00:07:40,650 | I mean this is like John Gotti stuff. You know Omerta, you shouldn't talk. | I mean this is like John Gotti stuff. You know Omerta, you shouldn't talk. |
114 | 00:07:41,460 | 00:07:46,660 | This is not the mafia. These people, they're affluent. | This is not the mafia. These people, they're affluent. |
115 | 00:07:46,660 | 00:07:49,500 | They don't wanna spend the rest of their lives in jail. | They don't wanna spend the rest of their lives in jail. |
116 | 00:07:49,500 | 00:07:52,930 | They are going to start turning on each other. | They are going to start turning on each other. |
117 | 00:07:53,240 | 00:07:59,910 | And who could Ivan Boesky offer to help reduce his own sentence? | And who could Ivan Boesky offer to help reduce his own sentence? |
118 | 00:07:59,910 | 00:08:03,880 | No less than the most important person in American finance. | No less than the most important person in American finance. |
119 | 00:08:04,350 | 00:08:06,280 | [newsreader] Junk bond king, | [newsreader] Junk bond king, |
120 | 00:08:06,280 | 00:08:10,050 | Michael Milken, the financier who has transformed American corporate finance. | Michael Milken, the financier who has transformed American corporate finance. |
121 | 00:08:10,050 | 00:08:13,290 | [newsreader] Milken is said to be the most influential money man on Wall Street. | [newsreader] Milken is said to be the most influential money man on Wall Street. |
122 | 00:08:13,760 | 00:08:17,590 | For Giuliani who was trying to make a point about greed, | For Giuliani who was trying to make a point about greed, |
123 | 00:08:17,590 | 00:08:19,560 | about Wall Street, about insider trading, | about Wall Street, about insider trading, |
124 | 00:08:19,560 | 00:08:23,400 | Milken was the holy grail. The white whale. | Milken was the holy grail. The white whale. |
125 | 00:08:28,000 | 00:08:35,510 | New York, 1986. On Wall Street some unscrupulous money men were skating on very thin ice. | New York, 1986. On Wall Street some unscrupulous money men were skating on very thin ice. |
126 | 00:08:35,510 | 00:08:41,250 | While further up town in a once bustling part of the city, no one was skating at all. | While further up town in a once bustling part of the city, no one was skating at all. |
127 | 00:08:41,250 | 00:08:44,520 | [newsreader] Remember the Wollman skating rink in Central Park? | [newsreader] Remember the Wollman skating rink in Central Park? |
128 | 00:08:44,520 | 00:08:47,450 | It was supposed to reopen this weekend finally. | It was supposed to reopen this weekend finally. |
129 | 00:08:47,720 | 00:08:51,930 | Across from the Plaza Hotel, this icon of New York, | Across from the Plaza Hotel, this icon of New York, |
130 | 00:08:51,930 | 00:08:54,760 | in Central Park there was an ice skating rink. | in Central Park there was an ice skating rink. |
131 | 00:08:54,760 | 00:08:57,800 | And people loved it. I mean even if you didn't ice skate there just looking at it, | And people loved it. I mean even if you didn't ice skate there just looking at it, |
132 | 00:08:57,800 | 00:09:02,040 | it was just a wonderful thing in the city in the winter. And the mechanicals failed. | it was just a wonderful thing in the city in the winter. And the mechanicals failed. |
133 | 00:09:02,370 | 00:09:07,210 | The city kept saying it's gonna restore Wollman Rink. And failed to. | The city kept saying it's gonna restore Wollman Rink. And failed to. |
134 | 00:09:07,410 | 00:09:08,980 | Much to the embarrassment of Ed Koch. | Much to the embarrassment of Ed Koch. |
135 | 00:09:08,980 | 00:09:12,780 | People were annoyed. And Donald Trump saw an opportunity. | People were annoyed. And Donald Trump saw an opportunity. |
136 | 00:09:12,780 | 00:09:17,320 | [Auletta] Trump, from his office, could look down upon the Wollman Rink | [Auletta] Trump, from his office, could look down upon the Wollman Rink |
137 | 00:09:17,320 | 00:09:21,290 | and in his brash way said, "I can restore it in a year." | and in his brash way said, "I can restore it in a year." |
138 | 00:09:21,290 | 00:09:26,160 | Ed Koch doesn't want Trump touching this thing. He doesn't want anything to do with him. | Ed Koch doesn't want Trump touching this thing. He doesn't want anything to do with him. |
139 | 00:09:26,160 | 00:09:27,830 | So Donald starts a little campaign. | So Donald starts a little campaign. |
140 | 00:09:27,830 | 00:09:31,770 | You know Koch is trying to deny the people this glorious jewel. | You know Koch is trying to deny the people this glorious jewel. |
141 | 00:09:32,530 | 00:09:37,370 | [George Arzt] Koch just believed that Donald was a massive bloviator. | [George Arzt] Koch just believed that Donald was a massive bloviator. |
142 | 00:09:37,370 | 00:09:42,580 | [Trump] The city of New York had that rink closed for almost seven years. | [Trump] The city of New York had that rink closed for almost seven years. |
143 | 00:09:42,580 | 00:09:44,380 | It was a total disaster. | It was a total disaster. |
144 | 00:09:44,380 | 00:09:48,380 | You know it, I know it. Everybody knows it. I got fed up watching it. | You know it, I know it. Everybody knows it. I got fed up watching it. |
145 | 00:09:48,380 | 00:09:50,250 | And I offered to build it. | And I offered to build it. |
146 | 00:09:50,490 | 00:09:52,790 | So Koch gives in. | So Koch gives in. |
147 | 00:09:54,660 | 00:09:58,460 | [Belmont Freeman] Trump milked the Wollman rink to the max | [Belmont Freeman] Trump milked the Wollman rink to the max |
148 | 00:09:58,460 | 00:10:01,960 | for his own PR purposes. | for his own PR purposes. |
149 | 00:10:01,960 | 00:10:05,400 | It was a victory for Donald Trump. And was a defeat for Ed Koch. | It was a victory for Donald Trump. And was a defeat for Ed Koch. |
150 | 00:10:05,400 | 00:10:11,400 | I give Ed Koch tremendous credit for having the courage to say, | I give Ed Koch tremendous credit for having the courage to say, |
151 | 00:10:11,410 | 00:10:13,470 | "Donald, go and do it." | "Donald, go and do it." |
152 | 00:10:13,480 | 00:10:17,080 | [Ed Koch] You just saw the modest Donald Trump. | [Ed Koch] You just saw the modest Donald Trump. |
153 | 00:10:17,380 | 00:10:22,280 | [Gil Troy] Give him credit. The Koch administration is absolutely paralyzed. | [Gil Troy] Give him credit. The Koch administration is absolutely paralyzed. |
154 | 00:10:22,280 | 00:10:24,420 | They cannot fix Wollman Skating Rink. | They cannot fix Wollman Skating Rink. |
155 | 00:10:24,420 | 00:10:30,590 | Donald Trump came along and said "I can do this in six months." And he got it done in five. | Donald Trump came along and said "I can do this in six months." And he got it done in five. |
156 | 00:10:30,830 | 00:10:32,330 | [cheering] | [cheering] |
157 | 00:10:33,160 | 00:10:35,430 | [Trump] It's been a tremendous success. We opened last weekend. | [Trump] It's been a tremendous success. We opened last weekend. |
158 | 00:10:35,430 | 00:10:38,530 | We had the biggest crowds in the history of the rink. And in the history of America. | We had the biggest crowds in the history of the rink. And in the history of America. |
159 | 00:10:38,530 | 00:10:41,770 | [Belmont Freeman] It later came out that he accomplished this feat | [Belmont Freeman] It later came out that he accomplished this feat |
160 | 00:10:41,770 | 00:10:44,070 | largely by screwing all the contractors. | largely by screwing all the contractors. |
161 | 00:10:45,040 | 00:10:47,810 | [Michael Kruse] Trump, in essence, was going to pay some of the people | [Michael Kruse] Trump, in essence, was going to pay some of the people |
162 | 00:10:47,810 | 00:10:49,710 | who were fixing Wollman Rink | who were fixing Wollman Rink |
163 | 00:10:49,710 | 00:10:55,080 | in attention. He was going to pay them in hype. Once Wollman Rink was fixed, | in attention. He was going to pay them in hype. Once Wollman Rink was fixed, |
164 | 00:10:55,780 | 00:11:02,260 | Trump emerged as the king of the hill and did not ultimately share that spotlight. | Trump emerged as the king of the hill and did not ultimately share that spotlight. |
165 | 00:11:02,260 | 00:11:07,990 | In reality what, what he was asking us to do was to supply the services for the rink | In reality what, what he was asking us to do was to supply the services for the rink |
166 | 00:11:08,000 | 00:11:11,230 | and to dispense with any profits or expenses. | and to dispense with any profits or expenses. |
167 | 00:11:11,230 | 00:11:14,130 | [newsreader] How you get things done? And come in under budget? I mean what's the trick? | [newsreader] How you get things done? And come in under budget? I mean what's the trick? |
168 | 00:11:14,140 | 00:11:16,540 | Well it's a lot of work and it's knowledge and it's a lot of things. | Well it's a lot of work and it's knowledge and it's a lot of things. |
169 | 00:11:16,540 | 00:11:20,810 | It's a whole vast coterie of things. And we'll talk about that later I suspect. | It's a whole vast coterie of things. And we'll talk about that later I suspect. |
170 | 00:11:20,810 | 00:11:26,150 | The developer from Queens had delivered on his promise in his own unique way. | The developer from Queens had delivered on his promise in his own unique way. |
171 | 00:11:26,150 | 00:11:30,280 | A feat that would only burnish his myth in the minds of New Yorkers. | A feat that would only burnish his myth in the minds of New Yorkers. |
172 | 00:11:30,290 | 00:11:33,690 | But he wasn't the only real estate magnet making news. | But he wasn't the only real estate magnet making news. |
173 | 00:11:36,660 | 00:11:42,800 | For years now his fiercest rival had also been reaping the reward of an empire built on image. | For years now his fiercest rival had also been reaping the reward of an empire built on image. |
174 | 00:11:43,800 | 00:11:46,070 | Harry's owned about 200 buildings. | Harry's owned about 200 buildings. |
175 | 00:11:46,070 | 00:11:49,470 | And now she was hard at work on the newest monument to her ego. | And now she was hard at work on the newest monument to her ego. |
176 | 00:11:49,840 | 00:11:53,010 | I own this. I own this. I own this. And that one. | I own this. I own this. I own this. And that one. |
177 | 00:11:53,010 | 00:11:55,710 | One that would prove to be her undoing. | One that would prove to be her undoing. |
178 | 00:11:58,850 | 00:12:03,420 | [newsreader] Leona Helmsley rules her kingdom like she's the star of her own movie. | [newsreader] Leona Helmsley rules her kingdom like she's the star of her own movie. |
179 | 00:12:03,420 | 00:12:08,190 | Her co-star is her husband, Harry, a man of unimaginable wealth and power. | Her co-star is her husband, Harry, a man of unimaginable wealth and power. |
180 | 00:12:08,920 | 00:12:11,860 | Together they oversee this extravagant property. | Together they oversee this extravagant property. |
181 | 00:12:12,160 | 00:12:16,760 | [Charles Bagli] When the Helmsleys bought Dunellen, Leona took charge | [Charles Bagli] When the Helmsleys bought Dunellen, Leona took charge |
182 | 00:12:16,770 | 00:12:21,200 | of the renovations. And renovation aplenty. | of the renovations. And renovation aplenty. |
183 | 00:12:21,200 | 00:12:23,000 | She loved making it beautiful. | She loved making it beautiful. |
184 | 00:12:23,670 | 00:12:29,740 | [newsreader] The Helmsleys spent $4 million refurbishing their 28-room estate in Greenwich, CT. | [newsreader] The Helmsleys spent $4 million refurbishing their 28-room estate in Greenwich, CT. |
185 | 00:12:29,980 | 00:12:35,250 | Including a marble dance floor above one of their two pools for $1 million. | Including a marble dance floor above one of their two pools for $1 million. |
186 | 00:12:35,250 | 00:12:39,090 | They installed an expensive indoor- outdoor stereo system | They installed an expensive indoor- outdoor stereo system |
187 | 00:12:39,090 | 00:12:43,360 | and spent thousands more on landscaping, art and ornaments. | and spent thousands more on landscaping, art and ornaments. |
188 | 00:12:44,430 | 00:12:49,560 | At Dunellen when she signed a contract with a contractor to do some work, | At Dunellen when she signed a contract with a contractor to do some work, |
189 | 00:12:49,560 | 00:12:52,770 | she was always renegotiating downward. | she was always renegotiating downward. |
190 | 00:12:53,470 | 00:12:56,770 | [Feldshuh] On one deal she just refused to pay the contractor. | [Feldshuh] On one deal she just refused to pay the contractor. |
191 | 00:12:56,770 | 00:13:00,240 | The contractor said please, I have six children. | The contractor said please, I have six children. |
192 | 00:13:00,580 | 00:13:03,310 | And she said, "Well you should have kept your pants on. | And she said, "Well you should have kept your pants on. |
193 | 00:13:03,310 | 00:13:07,450 | "If you kept your [expletive] in your pants you wouldn't have such problems." | "If you kept your [expletive] in your pants you wouldn't have such problems." |
194 | 00:13:08,120 | 00:13:12,290 | [Bill Dowling] Everyone was afraid of Leona Helmsley because of that reptilian brain | [Bill Dowling] Everyone was afraid of Leona Helmsley because of that reptilian brain |
195 | 00:13:12,290 | 00:13:14,520 | she had where she could turn on you in a split second. | she had where she could turn on you in a split second. |
196 | 00:13:14,520 | 00:13:19,660 | I'm a woman. I'm a tough business woman. What is that got to do, I'm running a business? | I'm a woman. I'm a tough business woman. What is that got to do, I'm running a business? |
197 | 00:13:19,660 | 00:13:22,900 | [Dowling] You could think that you were her favorite employee in one minute. | [Dowling] You could think that you were her favorite employee in one minute. |
198 | 00:13:22,900 | 00:13:25,400 | And find yourself out on the street the next minute. | And find yourself out on the street the next minute. |
199 | 00:13:26,840 | 00:13:31,870 | One day she started berating a highly respected member of Harry's management team. | One day she started berating a highly respected member of Harry's management team. |
200 | 00:13:31,870 | 00:13:33,970 | And told Harry he had to fire him. | And told Harry he had to fire him. |
201 | 00:13:33,980 | 00:13:36,640 | And Harry said, 'I'm not gonna fire him, he's one of my oldest associates." | And Harry said, 'I'm not gonna fire him, he's one of my oldest associates." |
202 | 00:13:36,650 | 00:13:40,780 | And that's when she said, "If you don't fire him, I'm gonna stop having sex with you | And that's when she said, "If you don't fire him, I'm gonna stop having sex with you |
203 | 00:13:40,780 | 00:13:46,820 | "and move to the apartment in Palm Beach." I thought Harry would never fire him, | "and move to the apartment in Palm Beach." I thought Harry would never fire him, |
204 | 00:13:46,820 | 00:13:48,760 | he's too loyal to him, he wouldn't do it. | he's too loyal to him, he wouldn't do it. |
205 | 00:13:48,760 | 00:13:52,930 | But Harry came in that day and he fired him. [laughs] | But Harry came in that day and he fired him. [laughs] |
206 | 00:13:54,460 | 00:13:59,670 | Harry Helmsley was known for being as extremely ethical, honest man. | Harry Helmsley was known for being as extremely ethical, honest man. |
207 | 00:13:59,670 | 00:14:01,470 | But she changed all of that. | But she changed all of that. |
208 | 00:14:01,840 | 00:14:06,610 | She did not care at all about anyone else. She did what she wanted to do. And that was it. | She did not care at all about anyone else. She did what she wanted to do. And that was it. |
209 | 00:14:06,610 | 00:14:08,840 | And she hurt a lot of people. | And she hurt a lot of people. |
210 | 00:14:09,280 | 00:14:12,580 | [Feldshuh] There was a period called the bloodbath. When Leona Helmsley | [Feldshuh] There was a period called the bloodbath. When Leona Helmsley |
211 | 00:14:12,580 | 00:14:19,420 | fired four of Harry Helmsley's stalwarts that had been in his organization for decades. | fired four of Harry Helmsley's stalwarts that had been in his organization for decades. |
212 | 00:14:19,690 | 00:14:21,550 | Those that were fired... | Those that were fired... |
213 | 00:14:22,960 | 00:14:28,490 | either thought they were our partners, undeclared, | either thought they were our partners, undeclared, |
214 | 00:14:28,500 | 00:14:31,300 | they had their hand in the cookie jar. All right. | they had their hand in the cookie jar. All right. |
215 | 00:14:31,300 | 00:14:35,170 | Or they just couldn't cut the mustard. | Or they just couldn't cut the mustard. |
216 | 00:14:35,470 | 00:14:40,370 | But Leona Helmsley forgot the most important lesson which is you keep your friends close | But Leona Helmsley forgot the most important lesson which is you keep your friends close |
217 | 00:14:40,380 | 00:14:42,480 | and you keep your enemies closer. | and you keep your enemies closer. |
218 | 00:14:43,850 | 00:14:49,120 | In December of 1985, a tipster called the New York Post . | In December of 1985, a tipster called the New York Post . |
219 | 00:14:49,120 | 00:14:55,390 | And claimed that he had information on the Helmsleys that would clearly prove | And claimed that he had information on the Helmsleys that would clearly prove |
220 | 00:14:55,390 | 00:14:59,330 | that they were defrauding the United States Government, in several areas. | that they were defrauding the United States Government, in several areas. |
221 | 00:14:59,330 | 00:15:02,760 | She was trying to construe | She was trying to construe |
222 | 00:15:02,760 | 00:15:06,530 | personal expenses as business expenses. | personal expenses as business expenses. |
223 | 00:15:07,470 | 00:15:11,140 | She regarded Dunnellen as a place of business. Not as a mere residence. | She regarded Dunnellen as a place of business. Not as a mere residence. |
224 | 00:15:11,140 | 00:15:14,910 | So everything had to be charged for Dunnellen through the business of course. | So everything had to be charged for Dunnellen through the business of course. |
225 | 00:15:15,710 | 00:15:20,680 | She had no ethics whatsoever. She was a conniver, a schemer. | She had no ethics whatsoever. She was a conniver, a schemer. |
226 | 00:15:20,680 | 00:15:24,820 | She was always trying to manipulate things. | She was always trying to manipulate things. |
227 | 00:15:24,820 | 00:15:28,620 | She thought nothing about cheating on taxes. | She thought nothing about cheating on taxes. |
228 | 00:15:29,890 | 00:15:35,130 | When the headline came out, 'Helmsley Scam Bared" | When the headline came out, 'Helmsley Scam Bared" |
229 | 00:15:35,130 | 00:15:36,200 | it was a kill. | it was a kill. |
230 | 00:15:38,500 | 00:15:41,170 | She had fired enough people, | She had fired enough people, |
231 | 00:15:41,840 | 00:15:45,540 | acted in an imperial way enough times, | acted in an imperial way enough times, |
232 | 00:15:45,540 | 00:15:47,770 | people were open for blood | people were open for blood |
233 | 00:15:48,240 | 00:15:50,510 | [newsreader] Former friends and employees lined up | [newsreader] Former friends and employees lined up |
234 | 00:15:50,510 | 00:15:53,580 | to spill the beans on Leona's tyrannical behavior. | to spill the beans on Leona's tyrannical behavior. |
235 | 00:15:54,020 | 00:15:56,750 | [Elaine Gordon] She was greedy. She was mean. | [Elaine Gordon] She was greedy. She was mean. |
236 | 00:15:57,150 | 00:16:01,960 | She was all the things that they wanted to accuse her because she flaunted her success | She was all the things that they wanted to accuse her because she flaunted her success |
237 | 00:16:02,260 | 00:16:04,390 | They have no right to evade the taxes. | They have no right to evade the taxes. |
238 | 00:16:04,390 | 00:16:06,590 | Hang her, man. Hang her, that's what I think. | Hang her, man. Hang her, that's what I think. |
239 | 00:16:06,590 | 00:16:10,230 | The people of New York, having once bought into the whole glamorous package, | The people of New York, having once bought into the whole glamorous package, |
240 | 00:16:10,230 | 00:16:13,500 | had now viciously turned on their one-time queen. | had now viciously turned on their one-time queen. |
241 | 00:16:13,500 | 00:16:16,940 | But it was one prominent New Yorker who jeered the loudest of all. | But it was one prominent New Yorker who jeered the loudest of all. |
242 | 00:16:16,940 | 00:16:19,240 | [Glenn Plaskin] Donald and Leona did not like each other. | [Glenn Plaskin] Donald and Leona did not like each other. |
243 | 00:16:19,240 | 00:16:24,380 | I think that Donald felt that Leona had tarnished Harry Helmsley's name. | I think that Donald felt that Leona had tarnished Harry Helmsley's name. |
244 | 00:16:24,380 | 00:16:30,220 | He called her a disgrace to humanity. Truly evil, sick, a living nightmare. | He called her a disgrace to humanity. Truly evil, sick, a living nightmare. |
245 | 00:16:30,220 | 00:16:33,650 | [newsreader] On Leona Helmsley, I feel sorry for Harry. | [newsreader] On Leona Helmsley, I feel sorry for Harry. |
246 | 00:16:33,990 | 00:16:35,560 | [laughter] | [laughter] |
247 | 00:16:35,560 | 00:16:37,460 | So that wasn't too positive. | So that wasn't too positive. |
248 | 00:16:39,090 | 00:16:43,630 | Let's say I'm the [inaudible], that isn't a crime. | Let's say I'm the [inaudible], that isn't a crime. |
249 | 00:16:43,630 | 00:16:48,170 | That's not a crime being how I've done nothing criminal. | That's not a crime being how I've done nothing criminal. |
250 | 00:16:48,170 | 00:16:51,370 | The same headlines that used to bolster this real estate empire | The same headlines that used to bolster this real estate empire |
251 | 00:16:51,370 | 00:16:54,040 | were now being used to tear it down. | were now being used to tear it down. |
252 | 00:16:54,040 | 00:16:56,580 | It was the biggest New York story there was. | It was the biggest New York story there was. |
253 | 00:16:56,580 | 00:17:00,880 | And it played right into the hands of one very ambitious law man. | And it played right into the hands of one very ambitious law man. |
254 | 00:17:01,120 | 00:17:05,820 | Leona Helmsley, again another New York figure that people kind of loved to hate. | Leona Helmsley, again another New York figure that people kind of loved to hate. |
255 | 00:17:05,820 | 00:17:09,220 | It was a no lose situation for Giuliani to go after her. | It was a no lose situation for Giuliani to go after her. |
256 | 00:17:09,220 | 00:17:11,720 | [Kurt Andersen] It was just a good move to say oh no, | [Kurt Andersen] It was just a good move to say oh no, |
257 | 00:17:11,730 | 00:17:15,630 | but look the rich and powerful will you know face consequences. | but look the rich and powerful will you know face consequences. |
258 | 00:17:15,630 | 00:17:21,000 | It is now alleged that, that they did not pay millions of dollars in taxes | It is now alleged that, that they did not pay millions of dollars in taxes |
259 | 00:17:21,000 | 00:17:23,040 | that they were required by law to pay. | that they were required by law to pay. |
260 | 00:17:23,040 | 00:17:24,940 | [Kirtzman] He was on the side of the angels | [Kirtzman] He was on the side of the angels |
261 | 00:17:24,940 | 00:17:29,840 | and also it was such a larger-than-life tabloid story | and also it was such a larger-than-life tabloid story |
262 | 00:17:29,840 | 00:17:32,280 | then that was kind of a home run for him. | then that was kind of a home run for him. |
263 | 00:17:32,710 | 00:17:38,050 | I'm innocent. My only crime is that I'm Leona Helmsley. | I'm innocent. My only crime is that I'm Leona Helmsley. |
264 | 00:17:40,020 | 00:17:45,190 | [newsreader] The bold, the brave and the beautiful rummaged through their costume collection | [newsreader] The bold, the brave and the beautiful rummaged through their costume collection |
265 | 00:17:45,190 | 00:17:48,490 | and came out tonight for the opening of the Palladium. | and came out tonight for the opening of the Palladium. |
266 | 00:17:48,500 | 00:17:51,860 | By the mid 80s, New York's nightlife scene had become | By the mid 80s, New York's nightlife scene had become |
267 | 00:17:51,870 | 00:17:53,670 | one of the most exciting in the world. | one of the most exciting in the world. |
268 | 00:17:53,670 | 00:17:57,340 | And New Yorkers felt free to explore anything and everything. | And New Yorkers felt free to explore anything and everything. |
269 | 00:17:57,340 | 00:17:59,470 | The city had become a fantasy land. | The city had become a fantasy land. |
270 | 00:17:59,470 | 00:18:02,410 | [Michael Musto] New York had become known as Fun City. | [Michael Musto] New York had become known as Fun City. |
271 | 00:18:04,450 | 00:18:06,550 | Clubs would put on shows and extravaganzas. | Clubs would put on shows and extravaganzas. |
272 | 00:18:06,710 | 00:18:11,120 | [Susanne Bartsch] New York was exploding, everyone was indulging, couldn't get enough. | [Susanne Bartsch] New York was exploding, everyone was indulging, couldn't get enough. |
273 | 00:18:11,120 | 00:18:15,220 | [Michael Holman] New York had an attitude. And we just wanted to be part of it. | [Michael Holman] New York had an attitude. And we just wanted to be part of it. |
274 | 00:18:15,220 | 00:18:17,060 | [newsreader] Is it a success? | [newsreader] Is it a success? |
275 | 00:18:17,060 | 00:18:19,760 | [Steve Rubell] I don't know, is it? You tell me. I don't know. I hope so. | [Steve Rubell] I don't know, is it? You tell me. I don't know. I hope so. |
276 | 00:18:21,100 | 00:18:24,200 | [Peter Gatien] There was just like sort of a organic synergy in the city. | [Peter Gatien] There was just like sort of a organic synergy in the city. |
277 | 00:18:24,200 | 00:18:27,630 | But it felt very decadent and, and hedonist also. | But it felt very decadent and, and hedonist also. |
278 | 00:18:28,400 | 00:18:30,370 | And it wasn't just gay. It wasn't just straight. | And it wasn't just gay. It wasn't just straight. |
279 | 00:18:30,370 | 00:18:33,610 | Everybody was exploring their own identity and cultures were mixing. | Everybody was exploring their own identity and cultures were mixing. |
280 | 00:18:33,610 | 00:18:38,780 | [Holman] To come share their stories, that's when we met like minded souls. | [Holman] To come share their stories, that's when we met like minded souls. |
281 | 00:18:39,050 | 00:18:42,450 | Incredible. Fantasy world come alive. | Incredible. Fantasy world come alive. |
282 | 00:18:42,850 | 00:18:44,180 | Drink till you drop. | Drink till you drop. |
283 | 00:18:44,190 | 00:18:46,650 | People needed to go out to meet other people. | People needed to go out to meet other people. |
284 | 00:18:46,650 | 00:18:49,260 | And the main motivation was to actually to hook up. | And the main motivation was to actually to hook up. |
285 | 00:18:50,460 | 00:18:51,820 | It was complete freedom. | It was complete freedom. |
286 | 00:18:51,830 | 00:18:54,360 | Susanne Bartsch became one of the main A-club promoters. | Susanne Bartsch became one of the main A-club promoters. |
287 | 00:18:54,360 | 00:18:58,330 | She would have a performer at her parties named Lady Hennessy Brown. | She would have a performer at her parties named Lady Hennessy Brown. |
288 | 00:18:58,870 | 00:19:04,100 | Her talent was kind of squirting milk out of her breasts at the crowd. On cue. | Her talent was kind of squirting milk out of her breasts at the crowd. On cue. |
289 | 00:19:04,110 | 00:19:09,140 | People would come with umbrellas, coffee cups. We did everything. Nobody cared. | People would come with umbrellas, coffee cups. We did everything. Nobody cared. |
290 | 00:19:09,140 | 00:19:12,110 | You could live this incredible fantasy life till you dropped. | You could live this incredible fantasy life till you dropped. |
291 | 00:19:14,580 | 00:19:18,320 | New Yorkers were living louder and larger than they had for years. | New Yorkers were living louder and larger than they had for years. |
292 | 00:19:20,220 | 00:19:23,160 | But a terrifying change was in the air. | But a terrifying change was in the air. |
293 | 00:19:26,260 | 00:19:29,160 | [newsreader] The lifestyle of some male homosexuals | [newsreader] The lifestyle of some male homosexuals |
294 | 00:19:29,160 | 00:19:33,800 | has triggered an epidemic of a rare form of cancer. | has triggered an epidemic of a rare form of cancer. |
295 | 00:19:33,800 | 00:19:36,100 | [Jonathan Mahler] A story appears in the New York Times | [Jonathan Mahler] A story appears in the New York Times |
296 | 00:19:36,100 | 00:19:41,040 | that there has been a cancer identified in the gay community. | that there has been a cancer identified in the gay community. |
297 | 00:19:41,040 | 00:19:43,280 | I got a call that a friend of mine named Hibiscus, | I got a call that a friend of mine named Hibiscus, |
298 | 00:19:43,280 | 00:19:46,580 | who was with the San Francisco drag troop, was sick. | who was with the San Francisco drag troop, was sick. |
299 | 00:19:46,580 | 00:19:51,120 | He died very quickly of horrible horrible symptoms. They called it the gay cancer. | He died very quickly of horrible horrible symptoms. They called it the gay cancer. |
300 | 00:19:51,120 | 00:19:55,290 | [newsreader] Many victims get a rare form of cancer called Kaposi sarcoma. | [newsreader] Many victims get a rare form of cancer called Kaposi sarcoma. |
301 | 00:19:55,290 | 00:19:58,090 | Others get an infection known as Pneumocystis pneumonia. | Others get an infection known as Pneumocystis pneumonia. |
302 | 00:19:58,090 | 00:20:03,730 | Researchers know of 413 people who have contracted the condition in the past year. | Researchers know of 413 people who have contracted the condition in the past year. |
303 | 00:20:03,730 | 00:20:08,430 | Started hearing rumors, starting to lose friends or friends of friends. | Started hearing rumors, starting to lose friends or friends of friends. |
304 | 00:20:08,440 | 00:20:10,440 | Guess who else has it? | Guess who else has it? |
305 | 00:20:13,710 | 00:20:15,370 | Guess who just died? | Guess who just died? |
306 | 00:20:15,910 | 00:20:17,640 | Then you'd run into an old friend | Then you'd run into an old friend |
307 | 00:20:18,110 | 00:20:22,680 | and they looked very thin and had sort of a grayish pallor and you realized they had it. | and they looked very thin and had sort of a grayish pallor and you realized they had it. |
308 | 00:20:22,850 | 00:20:28,150 | AIDS. Acquired Immune Deficiency Syndrome is a terrifying mysterious disease. | AIDS. Acquired Immune Deficiency Syndrome is a terrifying mysterious disease. |
309 | 00:20:28,320 | 00:20:29,990 | And it's killing a lot of people. | And it's killing a lot of people. |
310 | 00:20:29,990 | 00:20:33,990 | [newsreader] Almost half the known cases are in New York City. | [newsreader] Almost half the known cases are in New York City. |
311 | 00:20:34,000 | 00:20:36,360 | And we didn't know much about what this virus was. | And we didn't know much about what this virus was. |
312 | 00:20:37,100 | 00:20:40,300 | Nobody knew for sure how you got it. | Nobody knew for sure how you got it. |
313 | 00:20:40,300 | 00:20:44,970 | [Allison Field] AIDS is baffling There is no known cure. No one knows what causes it. | [Allison Field] AIDS is baffling There is no known cure. No one knows what causes it. |
314 | 00:20:44,970 | 00:20:50,580 | We didn't know if you could get AIDS from kissing someone, from saliva, from sneezing. | We didn't know if you could get AIDS from kissing someone, from saliva, from sneezing. |
315 | 00:20:50,950 | 00:20:54,310 | There was fear that if you touched someone with AIDS you could get AIDS. | There was fear that if you touched someone with AIDS you could get AIDS. |
316 | 00:20:54,320 | 00:20:58,150 | It created an atmosphere of downright panic. | It created an atmosphere of downright panic. |
317 | 00:20:58,150 | 00:21:03,190 | It was a monster. People didn't go home with each other anymore. That was huge. | It was a monster. People didn't go home with each other anymore. That was huge. |
318 | 00:21:03,190 | 00:21:05,860 | Suicides shot through the ceiling in the 80s. | Suicides shot through the ceiling in the 80s. |
319 | 00:21:05,860 | 00:21:11,700 | AIDS was so horrific that people preferred to take their life. | AIDS was so horrific that people preferred to take their life. |
320 | 00:21:11,900 | 00:21:14,170 | Sometimes people come in and meet a stranger | Sometimes people come in and meet a stranger |
321 | 00:21:14,170 | 00:21:16,640 | and ten minutes later you see 'em leaving. | and ten minutes later you see 'em leaving. |
322 | 00:21:16,640 | 00:21:18,600 | That you're not seeing anymore. | That you're not seeing anymore. |
323 | 00:21:18,940 | 00:21:24,610 | Before AIDS it was like you went and had sex with somebody different every night. | Before AIDS it was like you went and had sex with somebody different every night. |
324 | 00:21:24,910 | 00:21:26,850 | Tonight there's a padlock on the Mineshaft. | Tonight there's a padlock on the Mineshaft. |
325 | 00:21:26,850 | 00:21:30,080 | [newsreader] To the gay men who went to the Mineshaft, the whips and chains, | [newsreader] To the gay men who went to the Mineshaft, the whips and chains, |
326 | 00:21:30,080 | 00:21:33,390 | the anonymous sex there, provided a sexual fantasy land. | the anonymous sex there, provided a sexual fantasy land. |
327 | 00:21:33,390 | 00:21:36,790 | But reality closed the bar's doors early this morning. | But reality closed the bar's doors early this morning. |
328 | 00:21:36,790 | 00:21:39,530 | And the city hopes the courts will close them for good. | And the city hopes the courts will close them for good. |
329 | 00:21:39,530 | 00:21:44,000 | Places where death can be distributed, we don't want that to go on. | Places where death can be distributed, we don't want that to go on. |
330 | 00:21:44,000 | 00:21:47,900 | This place is not selling death anymore than the heterosexual clubs are selling death. | This place is not selling death anymore than the heterosexual clubs are selling death. |
331 | 00:21:47,900 | 00:21:52,270 | They don't give a damn about it apparently because it's going on and they're making money. | They don't give a damn about it apparently because it's going on and they're making money. |
332 | 00:21:52,270 | 00:21:56,510 | No gay men in this city wants to die. Nor does he want his friends and lovers to die. | No gay men in this city wants to die. Nor does he want his friends and lovers to die. |
333 | 00:21:56,510 | 00:21:59,810 | People were dropping left, right and center. It wasn't just gay people. | People were dropping left, right and center. It wasn't just gay people. |
334 | 00:22:00,210 | 00:22:04,580 | [newsreader] It's not only homosexual clubs that are affected by this new regulation. | [newsreader] It's not only homosexual clubs that are affected by this new regulation. |
335 | 00:22:04,590 | 00:22:07,920 | Heterosexual sex clubs are also being targeted. | Heterosexual sex clubs are also being targeted. |
336 | 00:22:07,920 | 00:22:11,020 | [Larry Levinson] We permit people to have sex if they so desire here. | [Larry Levinson] We permit people to have sex if they so desire here. |
337 | 00:22:11,030 | 00:22:13,330 | [newsreader] Anal intercourse and fellatio here? | [newsreader] Anal intercourse and fellatio here? |
338 | 00:22:13,330 | 00:22:16,660 | We never had a situation we had to make a rule on something like that. | We never had a situation we had to make a rule on something like that. |
339 | 00:22:17,270 | 00:22:22,900 | Over time we started to see who was dying and why. Are they straight? Were they gay? | Over time we started to see who was dying and why. Are they straight? Were they gay? |
340 | 00:22:23,240 | 00:22:28,340 | Were they doing drugs? Were they wearing protection? Were they not wearing protection? | Were they doing drugs? Were they wearing protection? Were they not wearing protection? |
341 | 00:22:28,680 | 00:22:35,050 | There's a new HIV infection every single minute. There's a new AIDS death every half hour. | There's a new HIV infection every single minute. There's a new AIDS death every half hour. |
342 | 00:22:36,620 | 00:22:39,320 | [newsreader] There are an estimated 200,000 people | [newsreader] There are an estimated 200,000 people |
343 | 00:22:39,320 | 00:22:41,950 | in New York City today who shoot drugs. | in New York City today who shoot drugs. |
344 | 00:22:41,960 | 00:22:45,360 | The majority of them, according to experts, share their needles. | The majority of them, according to experts, share their needles. |
345 | 00:22:45,360 | 00:22:51,260 | And that majority, they say, is not only shooting heroin or cocaine, but also AIDS. | And that majority, they say, is not only shooting heroin or cocaine, but also AIDS. |
346 | 00:22:51,600 | 00:22:54,330 | [quiet music playing] | [quiet music playing] |
347 | 00:22:57,410 | 00:23:02,010 | The community was torn between grief and terror | The community was torn between grief and terror |
348 | 00:23:02,210 | 00:23:05,180 | and rage that no one was doing anything about it. | and rage that no one was doing anything about it. |
349 | 00:23:05,350 | 00:23:08,150 | [Mahler] It became a real political problem for Mayor Koch | [Mahler] It became a real political problem for Mayor Koch |
350 | 00:23:08,150 | 00:23:12,280 | because he is getting a lot of pressure from the gay community to do more. | because he is getting a lot of pressure from the gay community to do more. |
351 | 00:23:12,820 | 00:23:17,890 | [Musto] You're spending half your time in hospitals visiting or at funerals. | [Musto] You're spending half your time in hospitals visiting or at funerals. |
352 | 00:23:18,630 | 00:23:22,960 | And there was a hopelessness and you know why isn't anyone helping us? | And there was a hopelessness and you know why isn't anyone helping us? |
353 | 00:23:22,960 | 00:23:28,470 | It wasn't until Act Up formed in 87 that you could focus all of those emotions. | It wasn't until Act Up formed in 87 that you could focus all of those emotions. |
354 | 00:23:28,470 | 00:23:32,510 | Protesters denounce Ed Koch in a bitter demonstration over AIDS. | Protesters denounce Ed Koch in a bitter demonstration over AIDS. |
355 | 00:23:32,510 | 00:23:37,680 | [newsreader] An army of 2500 protesters were mobilized by Act Up, | [newsreader] An army of 2500 protesters were mobilized by Act Up, |
356 | 00:23:37,680 | 00:23:39,810 | the coalition of gay groups. | the coalition of gay groups. |
357 | 00:23:39,810 | 00:23:45,480 | And their target was a man who's long expressed sympathy for their community. Mayor Ed Koch. | And their target was a man who's long expressed sympathy for their community. Mayor Ed Koch. |
358 | 00:23:45,750 | 00:23:50,690 | We're letting Koch know that we're not going to tolerate his killing New York City. | We're letting Koch know that we're not going to tolerate his killing New York City. |
359 | 00:23:50,990 | 00:23:53,430 | [crowd protesting] | [crowd protesting] |
360 | 00:23:55,530 | 00:23:57,500 | We're dying. The city is dying. | We're dying. The city is dying. |
361 | 00:23:57,500 | 00:24:02,500 | We're willing to discuss with them where they think we can do more. | We're willing to discuss with them where they think we can do more. |
362 | 00:24:02,500 | 00:24:07,310 | We'll look at any proposal they have. It all has to be within our fiscal means. | We'll look at any proposal they have. It all has to be within our fiscal means. |
363 | 00:24:07,310 | 00:24:09,580 | People with AIDS live in the streets of New York City. | People with AIDS live in the streets of New York City. |
364 | 00:24:09,580 | 00:24:12,680 | And that's the policy of this administration. It's not a mistake. | And that's the policy of this administration. It's not a mistake. |
365 | 00:24:12,680 | 00:24:17,950 | We, who are proud of being gay, are sick to death of being made victims | We, who are proud of being gay, are sick to death of being made victims |
366 | 00:24:17,950 | 00:24:20,350 | by those who are ashamed of being gay. | by those who are ashamed of being gay. |
367 | 00:24:21,960 | 00:24:26,990 | For Koch, there's a lot of countervailing pressure, not to devote any resources. | For Koch, there's a lot of countervailing pressure, not to devote any resources. |
368 | 00:24:27,630 | 00:24:31,100 | To devote any meaningful resources, or to put any real energy | To devote any meaningful resources, or to put any real energy |
369 | 00:24:31,100 | 00:24:35,970 | behind the effort to combat AIDS would have just played into his critics. | behind the effort to combat AIDS would have just played into his critics. |
370 | 00:24:36,170 | 00:24:42,110 | For Koch, it was no secret that he was rumored to be a closeted homosexual himself. | For Koch, it was no secret that he was rumored to be a closeted homosexual himself. |
371 | 00:24:42,110 | 00:24:48,250 | This has nothing to do with sexual orientation, with what you do in your home. | This has nothing to do with sexual orientation, with what you do in your home. |
372 | 00:24:49,120 | 00:24:54,190 | [Mahler] Koch had years to do something, to do more. And really did nothing. | [Mahler] Koch had years to do something, to do more. And really did nothing. |
373 | 00:24:54,190 | 00:25:01,560 | I mean it's one of the most shameful aspects of Koch's legacy. Koch really fails. | I mean it's one of the most shameful aspects of Koch's legacy. Koch really fails. |
374 | 00:25:01,560 | 00:25:05,870 | The glitz and glamour were fading and the fun had turned into fear. | The glitz and glamour were fading and the fun had turned into fear. |
375 | 00:25:05,870 | 00:25:08,600 | The fantasy was coming to an end. | The fantasy was coming to an end. |
376 | 00:25:12,240 | 00:25:15,670 | As the 80s wore on, a rot was setting in acroet. | As the 80s wore on, a rot was setting in acroet. |
377 | 00:25:15,680 | 00:25:19,210 | A stunning arrest had left traders with dark secrets of their own | A stunning arrest had left traders with dark secrets of their own |
378 | 00:25:19,210 | 00:25:21,910 | scrambling to keep up appearances. | scrambling to keep up appearances. |
379 | 00:25:21,920 | 00:25:25,620 | But one financial wizard knew the game was almost up. | But one financial wizard knew the game was almost up. |
380 | 00:25:25,620 | 00:25:29,260 | And he'd play his final hand in a bid to save himself. | And he'd play his final hand in a bid to save himself. |
381 | 00:25:29,260 | 00:25:31,390 | [Stewart] Boesky's lawyers said, "You're guilty. | [Stewart] Boesky's lawyers said, "You're guilty. |
382 | 00:25:31,390 | 00:25:36,200 | "And your only hope is to cooperate and get some lenience." | "And your only hope is to cooperate and get some lenience." |
383 | 00:25:36,600 | 00:25:42,230 | Boesky agreed to act as an undercover agent on behalf of the government. | Boesky agreed to act as an undercover agent on behalf of the government. |
384 | 00:25:43,800 | 00:25:49,310 | Making a deal with Boesky was going to allow Giuliani to bring down Michael Milken. | Making a deal with Boesky was going to allow Giuliani to bring down Michael Milken. |
385 | 00:25:49,310 | 00:25:52,750 | Michael Milken | Michael Milken |
386 | 00:25:52,750 | 00:25:55,950 | He wasn't just a big fish. He was the biggest fish. | He wasn't just a big fish. He was the biggest fish. |
387 | 00:25:55,950 | 00:25:58,680 | Mike Milken is only 42 years old. | Mike Milken is only 42 years old. |
388 | 00:25:58,690 | 00:26:04,590 | And yet in 1986, Manhattan Ink Magazine said he may have earned over $200,000 million. | And yet in 1986, Manhattan Ink Magazine said he may have earned over $200,000 million. |
389 | 00:26:04,590 | 00:26:11,030 | This is how big Mike Milken was. If he wrote a letter saying he could finance a very big deal | This is how big Mike Milken was. If he wrote a letter saying he could finance a very big deal |
390 | 00:26:11,030 | 00:26:13,330 | maybe a couple of billion dollars, | maybe a couple of billion dollars, |
391 | 00:26:13,330 | 00:26:18,640 | that letter was like money to Wall Street. Nobody doubted it. | that letter was like money to Wall Street. Nobody doubted it. |
392 | 00:26:18,640 | 00:26:20,440 | [newsreader] Milken has raised millions | [newsreader] Milken has raised millions |
393 | 00:26:20,440 | 00:26:24,180 | by selling high interest, high risk junk bonds to take over companies. | by selling high interest, high risk junk bonds to take over companies. |
394 | 00:26:24,180 | 00:26:28,850 | Including $600 million for a deal involving Ivan Boesky. | Including $600 million for a deal involving Ivan Boesky. |
395 | 00:26:28,850 | 00:26:34,050 | If you were Ivan, the most important person in the world is Michael Milken. | If you were Ivan, the most important person in the world is Michael Milken. |
396 | 00:26:34,060 | 00:26:38,290 | The takeover era, none of it happens without Michael Milken. | The takeover era, none of it happens without Michael Milken. |
397 | 00:26:38,290 | 00:26:42,090 | He is the Wizard of Oz that makes it all possible. | He is the Wizard of Oz that makes it all possible. |
398 | 00:26:42,100 | 00:26:46,530 | He creates the sea that Ivan Boesky swims in. | He creates the sea that Ivan Boesky swims in. |
399 | 00:26:47,070 | 00:26:51,740 | [Madrick] Milken had a lot of information about deals because people would come to him | [Madrick] Milken had a lot of information about deals because people would come to him |
400 | 00:26:51,740 | 00:26:54,470 | to finance their bids for another companies. | to finance their bids for another companies. |
401 | 00:26:55,110 | 00:26:58,440 | [Stewart] Part of this relationship was Milken would tell Boesky | [Stewart] Part of this relationship was Milken would tell Boesky |
402 | 00:26:58,450 | 00:27:01,180 | that he wanted him to take positions in various companies. | that he wanted him to take positions in various companies. |
403 | 00:27:01,180 | 00:27:04,820 | Boesky did it. None of this was disclosed. | Boesky did it. None of this was disclosed. |
404 | 00:27:04,820 | 00:27:06,790 | Milken would get half, Boesky would get half. | Milken would get half, Boesky would get half. |
405 | 00:27:06,790 | 00:27:11,960 | That's illegal. Boesky was a foot soldier compared to Michael Milken, | That's illegal. Boesky was a foot soldier compared to Michael Milken, |
406 | 00:27:11,960 | 00:27:17,400 | the general who orchestrated takeover after takeover. And they developed this relationship | the general who orchestrated takeover after takeover. And they developed this relationship |
407 | 00:27:17,400 | 00:27:22,840 | where eventually Milken raised a billion dollars in capital for Boesky. | where eventually Milken raised a billion dollars in capital for Boesky. |
408 | 00:27:22,840 | 00:27:29,040 | Michael Milken was the king fish and if he could bring the king fish down, | Michael Milken was the king fish and if he could bring the king fish down, |
409 | 00:27:30,440 | 00:27:32,410 | why wouldn't they give him a deal? | why wouldn't they give him a deal? |
410 | 00:27:34,650 | 00:27:37,480 | [Stewart] Ivan Boesky was over. He was dead. | [Stewart] Ivan Boesky was over. He was dead. |
411 | 00:27:37,490 | 00:27:41,020 | And so he agreed to cooperate with the government. | And so he agreed to cooperate with the government. |
412 | 00:27:41,020 | 00:27:46,160 | And wear a wire and meet with Michael Milken. | And wear a wire and meet with Michael Milken. |
413 | 00:27:47,900 | 00:27:51,830 | So he went out to Los Angeles and set up a meeting. | So he went out to Los Angeles and set up a meeting. |
414 | 00:27:51,830 | 00:27:56,700 | Where else? Well, Ivan Boesky's hotel, the Beverley Hills Hotel. | Where else? Well, Ivan Boesky's hotel, the Beverley Hills Hotel. |
415 | 00:27:57,340 | 00:28:02,510 | [Pitt] When Mr. Boesky was outfitted with a wire, | [Pitt] When Mr. Boesky was outfitted with a wire, |
416 | 00:28:02,510 | 00:28:05,510 | the agent who was assigned to the case | the agent who was assigned to the case |
417 | 00:28:05,510 | 00:28:12,380 | gave him a t-shirt for him to wear, to which the wire would be attached. | gave him a t-shirt for him to wear, to which the wire would be attached. |
418 | 00:28:12,390 | 00:28:17,260 | This was problematic because Mr. Boesky was known | This was problematic because Mr. Boesky was known |
419 | 00:28:17,260 | 00:28:19,730 | to break out in a rash | to break out in a rash |
420 | 00:28:19,730 | 00:28:26,170 | if any material worth less than $600 | if any material worth less than $600 |
421 | 00:28:26,170 | 00:28:27,770 | touched his skin. | touched his skin. |
422 | 00:28:28,040 | 00:28:33,440 | Nonetheless, he put the t-shirt on and wore the wire. | Nonetheless, he put the t-shirt on and wore the wire. |
423 | 00:28:34,110 | 00:28:36,510 | [Stewart] The drama of that meeting | [Stewart] The drama of that meeting |
424 | 00:28:36,510 | 00:28:40,610 | where Boesky knew he was recording the most important man | where Boesky knew he was recording the most important man |
425 | 00:28:40,610 | 00:28:45,780 | in American finance, and was in the course of implicating him, | in American finance, and was in the course of implicating him, |
426 | 00:28:46,620 | 00:28:50,160 | somebody must have been sweating in that room. Maybe they both were. | somebody must have been sweating in that room. Maybe they both were. |
427 | 00:28:51,530 | 00:28:56,530 | It didn't start as well as Boesky might have been hoping for. | It didn't start as well as Boesky might have been hoping for. |
428 | 00:28:56,530 | 00:29:01,200 | It wasn't like Milken stepped right up and, you know, helped himself to a fruit plate | It wasn't like Milken stepped right up and, you know, helped himself to a fruit plate |
429 | 00:29:01,200 | 00:29:04,970 | and then started saying, "Oh right Ivan, remember when we did this, this and this. | and then started saying, "Oh right Ivan, remember when we did this, this and this. |
430 | 00:29:04,970 | 00:29:06,340 | "And what we're gonna do about it"? | "And what we're gonna do about it"? |
431 | 00:29:07,270 | 00:29:11,910 | But then Boesky brought up a $5.3 million payment. | But then Boesky brought up a $5.3 million payment. |
432 | 00:29:12,350 | 00:29:17,750 | [Pitt] At some point in their business relationship there was a demand | [Pitt] At some point in their business relationship there was a demand |
433 | 00:29:17,750 | 00:29:22,190 | for a payment by Mr. Milken of $5.3 million. | for a payment by Mr. Milken of $5.3 million. |
434 | 00:29:22,190 | 00:29:24,720 | [Stewart] And Milken didn't say, "Oh I don't know what you're talking about." | [Stewart] And Milken didn't say, "Oh I don't know what you're talking about." |
435 | 00:29:24,730 | 00:29:28,630 | Or "where did that come from?" He knew about the $5.3 million payment. | Or "where did that come from?" He knew about the $5.3 million payment. |
436 | 00:29:28,930 | 00:29:33,500 | Boesky said something like, "You know I think I still owe you more money on that. | Boesky said something like, "You know I think I still owe you more money on that. |
437 | 00:29:33,500 | 00:29:34,900 | "How should I pay you?" | "How should I pay you?" |
438 | 00:29:34,900 | 00:29:37,470 | That was as close as there was | That was as close as there was |
439 | 00:29:37,470 | 00:29:43,840 | to what in common verbiage would be called a smoking gun. | to what in common verbiage would be called a smoking gun. |
440 | 00:29:45,750 | 00:29:48,710 | [Stewart] Michael Milken was doomed. | [Stewart] Michael Milken was doomed. |
441 | 00:29:51,050 | 00:29:52,580 | [newsreader] On this Columbus Day, | [newsreader] On this Columbus Day, |
442 | 00:29:52,590 | 00:29:55,050 | the man leading the parade as Grand Marshall | the man leading the parade as Grand Marshall |
443 | 00:29:55,060 | 00:29:59,490 | was Rudolph Giuliani. If he is a hero to Americans of Italian descent, | was Rudolph Giuliani. If he is a hero to Americans of Italian descent, |
444 | 00:29:59,490 | 00:30:04,560 | it may be because he has attained the prestigious position of US Attorney. | it may be because he has attained the prestigious position of US Attorney. |
445 | 00:30:04,570 | 00:30:09,030 | It may be because he has come to be regarded as the most dynamic crime buster | It may be because he has come to be regarded as the most dynamic crime buster |
446 | 00:30:09,040 | 00:30:12,540 | since the days of Thomas Dewey in New York City. Or it may be | since the days of Thomas Dewey in New York City. Or it may be |
447 | 00:30:12,540 | 00:30:17,140 | because he has jailed the heads of four of the five mafia families in New York. | because he has jailed the heads of four of the five mafia families in New York. |
448 | 00:30:17,140 | 00:30:19,510 | [Jerry Capeci] Once Gotti killed Paul Castellano | [Jerry Capeci] Once Gotti killed Paul Castellano |
449 | 00:30:19,510 | 00:30:22,380 | obviously he became public enemy number one. | obviously he became public enemy number one. |
450 | 00:30:22,380 | 00:30:25,280 | [George Gabriel] The focus is on John and his power. | [George Gabriel] The focus is on John and his power. |
451 | 00:30:25,290 | 00:30:27,590 | He made himself the target 'cause he was the boss. | He made himself the target 'cause he was the boss. |
452 | 00:30:27,590 | 00:30:31,560 | It just created a sort of a frenzy within law enforcement to try and make a case on him. | It just created a sort of a frenzy within law enforcement to try and make a case on him. |
453 | 00:30:31,560 | 00:30:34,230 | [Capeci} It's something that we have to go after right now. | [Capeci} It's something that we have to go after right now. |
454 | 00:30:34,230 | 00:30:36,760 | We gotta go get Gotti. We gotta go get Gotti. | We gotta go get Gotti. We gotta go get Gotti. |
455 | 00:30:39,170 | 00:30:43,300 | A celebrity godfather unlike anything the world had ever seen before. | A celebrity godfather unlike anything the world had ever seen before. |
456 | 00:30:44,340 | 00:30:47,870 | [Bruce Mouw] He looks the part, like a rock star. | [Bruce Mouw] He looks the part, like a rock star. |
457 | 00:30:47,880 | 00:30:50,040 | He's living the life. | He's living the life. |
458 | 00:30:50,040 | 00:30:53,110 | The more famous he got, the more the public seemed to forget how ruthless he was. | The more famous he got, the more the public seemed to forget how ruthless he was. |
459 | 00:30:53,110 | 00:30:56,680 | Whenever I see him walking he always has a marvelous smile on his face. | Whenever I see him walking he always has a marvelous smile on his face. |
460 | 00:30:56,680 | 00:30:59,020 | In fact I admire the way he dresses. | In fact I admire the way he dresses. |
461 | 00:30:59,020 | 00:31:01,890 | And the Feds were growing increasingly frustrated. | And the Feds were growing increasingly frustrated. |
462 | 00:31:01,890 | 00:31:05,320 | John fancied himself to be a mobster's mobster. | John fancied himself to be a mobster's mobster. |
463 | 00:31:05,330 | 00:31:08,630 | It was important for him to show everyone he was the... | It was important for him to show everyone he was the... |
464 | 00:31:08,630 | 00:31:13,600 | not just the toughest as far as fiercest, but he was an invincible boss. | not just the toughest as far as fiercest, but he was an invincible boss. |
465 | 00:31:13,600 | 00:31:15,630 | You just didn't wanna cross him. | You just didn't wanna cross him. |
466 | 00:31:15,640 | 00:31:19,400 | [newsreader] Earlier this year, Romuald Piecyk, a refrigeration mechanic, accused Gotti | [newsreader] Earlier this year, Romuald Piecyk, a refrigeration mechanic, accused Gotti |
467 | 00:31:19,410 | 00:31:24,110 | and an associate of beating and robbing him in a dispute over a double parked car. | and an associate of beating and robbing him in a dispute over a double parked car. |
468 | 00:31:25,580 | 00:31:29,880 | I mean that's just typical John. Commands power over hundreds of ruthless people. | I mean that's just typical John. Commands power over hundreds of ruthless people. |
469 | 00:31:29,880 | 00:31:34,290 | And he gets into a parking dispute with a guy and gets out of the car and smacks him. | And he gets into a parking dispute with a guy and gets out of the car and smacks him. |
470 | 00:31:34,290 | 00:31:38,160 | "You don't know who I am?" And the guy didn't really know who he was. | "You don't know who I am?" And the guy didn't really know who he was. |
471 | 00:31:38,160 | 00:31:42,060 | [newsreader] When the victim, Romuald Piecyk, learned who Gotti was, | [newsreader] When the victim, Romuald Piecyk, learned who Gotti was, |
472 | 00:31:42,060 | 00:31:43,930 | he suddenly couldn't remember who hit him. | he suddenly couldn't remember who hit him. |
473 | 00:31:43,930 | 00:31:46,330 | Romuald Piecyk knew not to be in court | Romuald Piecyk knew not to be in court |
474 | 00:31:46,330 | 00:31:49,300 | pointing his finger at the boss of the Gambino crime family. | pointing his finger at the boss of the Gambino crime family. |
475 | 00:31:49,300 | 00:31:50,540 | He all of a sudden got amnesia. | He all of a sudden got amnesia. |
476 | 00:31:50,540 | 00:31:52,100 | He wouldn't testify, he knew nothing. | He wouldn't testify, he knew nothing. |
477 | 00:31:52,110 | 00:31:54,670 | And it became known as the "I forgotti case." | And it became known as the "I forgotti case." |
478 | 00:31:56,210 | 00:31:59,980 | John Gotti walked out of court a free man. | John Gotti walked out of court a free man. |
479 | 00:32:02,180 | 00:32:07,190 | Because he was so respected and feared, he had a banner that you can't touch him. | Because he was so respected and feared, he had a banner that you can't touch him. |
480 | 00:32:07,760 | 00:32:09,590 | So he was doing whatever he wants. | So he was doing whatever he wants. |
481 | 00:32:10,220 | 00:32:15,090 | Law enforcement officials decided we definitely have to figure out a way to stop him. | Law enforcement officials decided we definitely have to figure out a way to stop him. |
482 | 00:32:15,100 | 00:32:17,830 | The eastern district started their own case on John Gotti. | The eastern district started their own case on John Gotti. |
483 | 00:32:17,830 | 00:32:21,800 | Based on historical Rico, some hijackings, some other stuff. | Based on historical Rico, some hijackings, some other stuff. |
484 | 00:32:22,200 | 00:32:24,200 | [Capeci] So John Gotti was charged with murder, | [Capeci] So John Gotti was charged with murder, |
485 | 00:32:24,200 | 00:32:29,410 | with being involved in several racketeering activities along the way. | with being involved in several racketeering activities along the way. |
486 | 00:32:29,410 | 00:32:31,480 | Including loan sharking, gambling... | Including loan sharking, gambling... |
487 | 00:32:31,480 | 00:32:36,210 | [newsreader] It's alleged that Gotti operated out of the Bergen Hunt and Fish Club. | [newsreader] It's alleged that Gotti operated out of the Bergen Hunt and Fish Club. |
488 | 00:32:36,220 | 00:32:39,480 | From there, he led his men in an number of criminal activities, | From there, he led his men in an number of criminal activities, |
489 | 00:32:39,490 | 00:32:42,150 | including extortion, racketeering and murder. | including extortion, racketeering and murder. |
490 | 00:32:42,390 | 00:32:45,590 | The expectation, really, from the squad was he was gonna get convicted. | The expectation, really, from the squad was he was gonna get convicted. |
491 | 00:32:46,290 | 00:32:50,200 | When he showed up at the courthouse, there were more news reporters | When he showed up at the courthouse, there were more news reporters |
492 | 00:32:50,200 | 00:32:53,030 | and cameras there than had ever been there before I think. | and cameras there than had ever been there before I think. |
493 | 00:32:53,030 | 00:32:55,300 | [newsreader] Mr. Gotti, are you concerned about the trial? | [newsreader] Mr. Gotti, are you concerned about the trial? |
494 | 00:32:55,300 | 00:32:58,440 | [Capeci] He had a smile on his face and when he was asked... | [Capeci] He had a smile on his face and when he was asked... |
495 | 00:32:58,440 | 00:33:00,310 | [newsreader] Are you the new head of the Gambino family? | [newsreader] Are you the new head of the Gambino family? |
496 | 00:33:00,310 | 00:33:02,710 | You know, about being the boss of the crime family, | You know, about being the boss of the crime family, |
497 | 00:33:02,710 | 00:33:06,080 | he said I'm the boss of my wife and kids at home. | he said I'm the boss of my wife and kids at home. |
498 | 00:33:06,950 | 00:33:08,950 | This is how brazen this guy was. | This is how brazen this guy was. |
499 | 00:33:08,950 | 00:33:12,120 | At his own trial on a break, he singles me out in the back of the room, | At his own trial on a break, he singles me out in the back of the room, |
500 | 00:33:12,120 | 00:33:14,720 | "Hey who are you?" So I told him who I was. | "Hey who are you?" So I told him who I was. |
501 | 00:33:14,720 | 00:33:17,160 | I said, "Yeah, you know, I work on the Gambino squad | I said, "Yeah, you know, I work on the Gambino squad |
502 | 00:33:17,160 | 00:33:22,830 | with Bruce Mouw." He said, "Oh well you go back and tell Bruce I'm going home." | with Bruce Mouw." He said, "Oh well you go back and tell Bruce I'm going home." |
503 | 00:33:23,330 | 00:33:26,670 | I said, "All right I'll deliver the message. I'll tell you what. | I said, "All right I'll deliver the message. I'll tell you what. |
504 | 00:33:27,740 | 00:33:30,270 | "You go home, I'll come and congratulate you. | "You go home, I'll come and congratulate you. |
505 | 00:33:30,740 | 00:33:33,540 | [Bruce Cutler] Do you know what was meant by that? | [Bruce Cutler] Do you know what was meant by that? |
506 | 00:33:33,540 | 00:33:37,780 | Do you know what was in Mr. Gotti's mind when he said that? | Do you know what was in Mr. Gotti's mind when he said that? |
507 | 00:33:37,780 | 00:33:38,940 | [Investigator Wright] Yes sir. | [Investigator Wright] Yes sir. |
508 | 00:33:39,180 | 00:33:40,510 | You read his mind? | You read his mind? |
509 | 00:33:40,510 | 00:33:42,080 | I think it's fairly obvious-- | I think it's fairly obvious-- |
510 | 00:33:42,080 | 00:33:44,350 | Do you know what's in his mind now, Investigator Wright? | Do you know what's in his mind now, Investigator Wright? |
511 | 00:33:44,350 | 00:33:45,950 | No, sir, I do not. | No, sir, I do not. |
512 | 00:33:45,950 | 00:33:47,250 | Take a look at him and tell me what he's thinking about. | Take a look at him and tell me what he's thinking about. |
513 | 00:33:47,250 | 00:33:48,920 | I wish I knew. | I wish I knew. |
514 | 00:33:49,820 | 00:33:52,020 | [Capeci] Bruce Cutler was John Gotti's attorney. | [Capeci] Bruce Cutler was John Gotti's attorney. |
515 | 00:33:52,030 | 00:33:55,760 | He was an outspoken, in-your-face defense lawyer. | He was an outspoken, in-your-face defense lawyer. |
516 | 00:33:56,430 | 00:34:02,500 | At John Gotti's trial he picked up the indictment and slammed it into the waste paper basket. | At John Gotti's trial he picked up the indictment and slammed it into the waste paper basket. |
517 | 00:34:02,500 | 00:34:04,140 | And said it was garbage. | And said it was garbage. |
518 | 00:34:04,410 | 00:34:07,940 | In a New York courtroom today there was elation and shock. | In a New York courtroom today there was elation and shock. |
519 | 00:34:07,940 | 00:34:10,040 | John Gotti is said by federal prosecutors | John Gotti is said by federal prosecutors |
520 | 00:34:10,040 | 00:34:12,540 | to be the newest, most powerful mafia-- | to be the newest, most powerful mafia-- |
521 | 00:34:12,550 | 00:34:14,180 | The trial lasted half a year. | The trial lasted half a year. |
522 | 00:34:14,750 | 00:34:18,220 | [newsreader] Witnesses allege that when the verdict was read, Gotti smirked | [newsreader] Witnesses allege that when the verdict was read, Gotti smirked |
523 | 00:34:18,220 | 00:34:21,920 | and shouted at prosecutors, "Shame on them." | and shouted at prosecutors, "Shame on them." |
524 | 00:34:25,760 | 00:34:27,560 | [Capeci] It was a stunning victory for him. | [Capeci] It was a stunning victory for him. |
525 | 00:34:27,560 | 00:34:29,590 | And a stunning defeat for the government. | And a stunning defeat for the government. |
526 | 00:34:30,530 | 00:34:34,200 | My partner and I the day of his acquittal just go right to the Queens Club, | My partner and I the day of his acquittal just go right to the Queens Club, |
527 | 00:34:34,200 | 00:34:35,770 | that's where this guy's going. | that's where this guy's going. |
528 | 00:34:35,770 | 00:34:38,770 | We see John, I jump out of the car and I walk up and said, | We see John, I jump out of the car and I walk up and said, |
529 | 00:34:38,770 | 00:34:40,610 | "Right I don't know if you remember me, | "Right I don't know if you remember me, |
530 | 00:34:40,610 | 00:34:43,640 | "I'm George Gabriel, I told you I'd come and congratulate you if you won. | "I'm George Gabriel, I told you I'd come and congratulate you if you won. |
531 | 00:34:43,640 | 00:34:45,610 | "Congratulations. I'll be seeing you." | "Congratulations. I'll be seeing you." |
532 | 00:34:45,610 | 00:34:49,280 | Thank god they weren't armed because John probably thought he was getting hit. | Thank god they weren't armed because John probably thought he was getting hit. |
533 | 00:34:50,280 | 00:34:53,850 | [Capeci] As it turned out, however, it was a bogus acquittal. | [Capeci] As it turned out, however, it was a bogus acquittal. |
534 | 00:34:53,850 | 00:34:55,690 | The jury had been bought and paid for. | The jury had been bought and paid for. |
535 | 00:34:55,690 | 00:35:00,030 | One of the jurors agreed on a price of $60,000. Which they gave to him | One of the jurors agreed on a price of $60,000. Which they gave to him |
536 | 00:35:00,030 | 00:35:01,790 | and he was to hold out during the trial. | and he was to hold out during the trial. |
537 | 00:35:01,800 | 00:35:03,760 | And he was one of the reasons why they got an acquittal. | And he was one of the reasons why they got an acquittal. |
538 | 00:35:03,930 | 00:35:10,070 | [Capeci] During deliberations, the juror convinced the jury that John Gotti was not guilty | [Capeci] During deliberations, the juror convinced the jury that John Gotti was not guilty |
539 | 00:35:10,070 | 00:35:12,870 | of the crimes that he was accused of. | of the crimes that he was accused of. |
540 | 00:35:13,310 | 00:35:16,940 | [Gabriel] By the time be gets acquitted from that trial, | [Gabriel] By the time be gets acquitted from that trial, |
541 | 00:35:16,940 | 00:35:19,850 | he's becoming this folk hero, even to the mob. | he's becoming this folk hero, even to the mob. |
542 | 00:35:19,850 | 00:35:24,620 | The government can't get him. People are now even more fearful of the mob because, god, | The government can't get him. People are now even more fearful of the mob because, god, |
543 | 00:35:24,620 | 00:35:28,050 | you can't even put this guy in jail. Everyone knows he killed a boss. | you can't even put this guy in jail. Everyone knows he killed a boss. |
544 | 00:35:28,060 | 00:35:29,820 | He's doing all this stuff. You can't touch him. | He's doing all this stuff. You can't touch him. |
545 | 00:35:29,820 | 00:35:34,530 | The guy against whom charges could not and would not stick. | The guy against whom charges could not and would not stick. |
546 | 00:35:34,530 | 00:35:36,190 | You'll never get this guy. He's untouchable. | You'll never get this guy. He's untouchable. |
547 | 00:35:36,200 | 00:35:40,300 | In New York today they are calling John Gotti the Teflon Don. | In New York today they are calling John Gotti the Teflon Don. |
548 | 00:35:40,300 | 00:35:44,170 | But it wasn't just law enforcement who had a score to settle with this mob star. | But it wasn't just law enforcement who had a score to settle with this mob star. |
549 | 00:35:44,170 | 00:35:47,670 | He'd broken the rules of La Cosa Nostra by killing the boss. | He'd broken the rules of La Cosa Nostra by killing the boss. |
550 | 00:35:47,670 | 00:35:50,480 | And now the families wanted blood. | And now the families wanted blood. |
551 | 00:35:50,480 | 00:35:53,610 | The Genovese family and Lokasi family were really upset. | The Genovese family and Lokasi family were really upset. |
552 | 00:35:53,950 | 00:35:58,480 | Cause they liked Paul Castellano and he's a traditional boss. There's no reason to kill him. | Cause they liked Paul Castellano and he's a traditional boss. There's no reason to kill him. |
553 | 00:35:59,150 | 00:36:03,520 | Killing the boss is like the cardinal rule you just don't go and do that. That was nuts. | Killing the boss is like the cardinal rule you just don't go and do that. That was nuts. |
554 | 00:36:03,520 | 00:36:09,390 | The Lokasi and Genovese crime families decided that Gotti had violated the rules | The Lokasi and Genovese crime families decided that Gotti had violated the rules |
555 | 00:36:09,400 | 00:36:14,000 | and was deserving of death for having killed his boss. | and was deserving of death for having killed his boss. |
556 | 00:36:19,170 | 00:36:21,570 | Police in New York City are worried about a mob war this morning | Police in New York City are worried about a mob war this morning |
557 | 00:36:21,580 | 00:36:26,310 | after an apparent gangland killing Sunday in Brooklyn. A car bomb killed one man, | after an apparent gangland killing Sunday in Brooklyn. A car bomb killed one man, |
558 | 00:36:26,310 | 00:36:29,950 | reportedly a lieutenant in one of the country's most powerful mafia families. | reportedly a lieutenant in one of the country's most powerful mafia families. |
559 | 00:36:30,550 | 00:36:35,820 | A bomb was planted under a car that Gotti was expected to be driving | A bomb was planted under a car that Gotti was expected to be driving |
560 | 00:36:35,820 | 00:36:39,120 | after a meeting at a social club in Brooklyn. | after a meeting at a social club in Brooklyn. |
561 | 00:36:41,030 | 00:36:43,230 | You plant a bomb right under John's car. | You plant a bomb right under John's car. |
562 | 00:36:45,430 | 00:36:50,100 | Fortunately for John Gotti he decided not to go to that social club. | Fortunately for John Gotti he decided not to go to that social club. |
563 | 00:36:50,440 | 00:36:55,870 | When Frank DiCico and someone who looked liked John Gotti got into the car, | When Frank DiCico and someone who looked liked John Gotti got into the car, |
564 | 00:36:56,680 | 00:36:59,510 | a button was pushed, the car blew up. | a button was pushed, the car blew up. |
565 | 00:36:59,750 | 00:37:02,650 | [newsreader] DiCico was blown to bits a short time later. | [newsreader] DiCico was blown to bits a short time later. |
566 | 00:37:02,650 | 00:37:06,450 | Police believe his death was arranged by older members of the Gambino family | Police believe his death was arranged by older members of the Gambino family |
567 | 00:37:06,450 | 00:37:11,390 | who were still angry about Castellano's murder. Gotti was clearly in trouble. | who were still angry about Castellano's murder. Gotti was clearly in trouble. |
568 | 00:37:11,390 | 00:37:15,690 | He was in trouble with Castlellano's loyalists and was in trouble with the law. | He was in trouble with Castlellano's loyalists and was in trouble with the law. |
569 | 00:37:15,700 | 00:37:18,830 | John Gotti escaped for the moment. | John Gotti escaped for the moment. |
570 | 00:37:21,270 | 00:37:25,740 | New York, in all its greedy seedy glory, had re | New York, in all its greedy seedy glory, had re |
571 | 00:37:26,570 | 00:37:28,940 | We're dying. The city is dying. | We're dying. The city is dying. |
572 | 00:37:28,940 | 00:37:31,310 | The signs were everywhere if you knew where to look. | The signs were everywhere if you knew where to look. |
573 | 00:37:33,010 | 00:37:35,650 | It was a powder keg waiting to explode. | It was a powder keg waiting to explode. |
574 | 00:37:37,650 | 00:37:42,190 | And one of Wall Street's richest men would be the spark that lit the fuse. | And one of Wall Street's richest men would be the spark that lit the fuse. |
575 | 00:37:42,190 | 00:37:43,560 | [people yelling and bells ringing] | [people yelling and bells ringing] |
576 | 00:37:44,020 | 00:37:50,300 | It's November 14th, 1986. The SEC announced a press conference. | It's November 14th, 1986. The SEC announced a press conference. |
577 | 00:37:50,800 | 00:37:52,600 | [newsreader] After the stock markets closed, | [newsreader] After the stock markets closed, |
578 | 00:37:52,600 | 00:37:55,200 | the SEC announced the biggest crackdown ever | the SEC announced the biggest crackdown ever |
579 | 00:37:55,200 | 00:38:00,010 | in an insider trading case. Ivan Boesky admitted that he had cashed in | in an insider trading case. Ivan Boesky admitted that he had cashed in |
580 | 00:38:00,010 | 00:38:03,310 | on insider information, which was not available to the public. | on insider information, which was not available to the public. |
581 | 00:38:03,310 | 00:38:10,220 | The SEC put out a press release saying that Ivan Boesky had been charged with insider trading. | The SEC put out a press release saying that Ivan Boesky had been charged with insider trading. |
582 | 00:38:10,220 | 00:38:13,020 | That became known as Boesky Day. | That became known as Boesky Day. |
583 | 00:38:14,960 | 00:38:18,990 | [newsreader] Boesky said he would plead guilty and cooperate with federal authorities | [newsreader] Boesky said he would plead guilty and cooperate with federal authorities |
584 | 00:38:18,990 | 00:38:22,260 | in a widening investigation of insider trading, | in a widening investigation of insider trading, |
585 | 00:38:22,260 | 00:38:27,270 | which experts believe could involve other prominent Wall Street figures. | which experts believe could involve other prominent Wall Street figures. |
586 | 00:38:27,700 | 00:38:31,370 | [Auletta] The rotten apple theory that applied to Dennis Levine | [Auletta] The rotten apple theory that applied to Dennis Levine |
587 | 00:38:31,370 | 00:38:32,840 | was a defense that was crumbling. | was a defense that was crumbling. |
588 | 00:38:33,010 | 00:38:35,940 | The barrel had some problems. And some rot in it. | The barrel had some problems. And some rot in it. |
589 | 00:38:37,340 | 00:38:40,410 | When all of a sudden Ivan became, truly, Ivan the Terrible, | When all of a sudden Ivan became, truly, Ivan the Terrible, |
590 | 00:38:40,410 | 00:38:43,010 | when that headline ripped across the Street, | when that headline ripped across the Street, |
591 | 00:38:43,420 | 00:38:47,790 | I think true paranoia really set in that everybody could be exposed. | I think true paranoia really set in that everybody could be exposed. |
592 | 00:38:47,790 | 00:38:50,720 | Because he touched so much of Wall Street. | Because he touched so much of Wall Street. |
593 | 00:38:50,720 | 00:38:53,530 | [newsreader] To try to win leniency for himself, | [newsreader] To try to win leniency for himself, |
594 | 00:38:53,530 | 00:38:55,990 | Boesky cooperated with federal officials | Boesky cooperated with federal officials |
595 | 00:38:56,000 | 00:39:01,030 | in secretly taping telephone conversations with other Wall Street operators. | in secretly taping telephone conversations with other Wall Street operators. |
596 | 00:39:01,030 | 00:39:05,840 | I remember when that news struck .It was like all the air went out of the room. | I remember when that news struck .It was like all the air went out of the room. |
597 | 00:39:05,840 | 00:39:08,540 | He dealt with everyone. | He dealt with everyone. |
598 | 00:39:08,710 | 00:39:13,480 | [newsreader] For those who dealt and spoke with Boesky, now a period of anxious waiting. | [newsreader] For those who dealt and spoke with Boesky, now a period of anxious waiting. |
599 | 00:39:13,480 | 00:39:16,580 | [newsreader] All over Wall Street, they're practically jumping out windows. | [newsreader] All over Wall Street, they're practically jumping out windows. |
600 | 00:39:16,980 | 00:39:20,690 | Paranoia ran rampant. It was like everybody on Wall Street | Paranoia ran rampant. It was like everybody on Wall Street |
601 | 00:39:20,690 | 00:39:26,220 | was suddenly thinking, "Oh god, did I ever talk to Ivan Boesky? What'd I say? What did he say?" | was suddenly thinking, "Oh god, did I ever talk to Ivan Boesky? What'd I say? What did he say?" |
602 | 00:39:26,230 | 00:39:29,290 | And of course there were some people who realized they were in trouble. | And of course there were some people who realized they were in trouble. |
603 | 00:39:29,300 | 00:39:32,930 | [Rita Braver] As one former SEC official put it, this is like arresting | [Rita Braver] As one former SEC official put it, this is like arresting |
604 | 00:39:32,930 | 00:39:37,070 | the madam of a brothel and finding her private book of clients. | the madam of a brothel and finding her private book of clients. |
605 | 00:39:37,970 | 00:39:42,770 | [Burrough] Boesky Day was a deep and profound shock to the system. | [Burrough] Boesky Day was a deep and profound shock to the system. |
606 | 00:39:42,780 | 00:39:46,180 | And because of the nebulous nature of insider trading, | And because of the nebulous nature of insider trading, |
607 | 00:39:46,180 | 00:39:47,980 | the fact that you may just be | the fact that you may just be |
608 | 00:39:47,980 | 00:39:51,520 | trading on a tip and not know that it came from illegal information, | trading on a tip and not know that it came from illegal information, |
609 | 00:39:51,520 | 00:39:53,420 | you know, that's a legitimate fear. | you know, that's a legitimate fear. |
610 | 00:39:53,420 | 00:39:56,020 | If I traded on a bunch of tips in 1987 | If I traded on a bunch of tips in 1987 |
611 | 00:39:56,020 | 00:39:59,820 | and I suddenly learned that my cousin's cousin knew Ivan Boesky, | and I suddenly learned that my cousin's cousin knew Ivan Boesky, |
612 | 00:39:59,830 | 00:40:02,460 | I'm worried. Is Boesky naming me? | I'm worried. Is Boesky naming me? |
613 | 00:40:02,460 | 00:40:05,600 | As further disclosures resulting from the Boesky affair | As further disclosures resulting from the Boesky affair |
614 | 00:40:05,600 | 00:40:09,200 | may weaken public confidence in financial markets... | may weaken public confidence in financial markets... |
615 | 00:40:09,800 | 00:40:13,740 | [Stewart] And that fear had an impact on the stock market. | [Stewart] And that fear had an impact on the stock market. |
616 | 00:40:14,210 | 00:40:16,070 | [newsreader] In addition to stunning the financial world, | [newsreader] In addition to stunning the financial world, |
617 | 00:40:16,080 | 00:40:18,910 | the Ivan Boesky affair has had an immediate effect | the Ivan Boesky affair has had an immediate effect |
618 | 00:40:18,910 | 00:40:20,310 | on takeover stocks. | on takeover stocks. |
619 | 00:40:20,310 | 00:40:24,450 | As the SEC continues its big chill against insider trading. | As the SEC continues its big chill against insider trading. |
620 | 00:40:24,450 | 00:40:26,250 | Wall Street is based on psychology. | Wall Street is based on psychology. |
621 | 00:40:26,250 | 00:40:30,690 | People are guessing and if suddenly the guessing turns dark | People are guessing and if suddenly the guessing turns dark |
622 | 00:40:30,690 | 00:40:34,560 | and you, "Say oh my god, more people are gonna get indicted on insider trading," | and you, "Say oh my god, more people are gonna get indicted on insider trading," |
623 | 00:40:34,560 | 00:40:37,900 | panic sets in and people start abandoning stocks. | panic sets in and people start abandoning stocks. |
624 | 00:40:37,900 | 00:40:41,400 | And the abandoned stocks, the stock market drops. | And the abandoned stocks, the stock market drops. |
625 | 00:40:41,400 | 00:40:43,540 | The market was off more than 40 points. | The market was off more than 40 points. |
626 | 00:40:43,540 | 00:40:48,110 | [newsreader] Small investors checking on their stocks during their lunch hour blamed Boesky. | [newsreader] Small investors checking on their stocks during their lunch hour blamed Boesky. |
627 | 00:40:48,110 | 00:40:52,380 | It's not fair. It's like if you've got money you can do whatever you want. | It's not fair. It's like if you've got money you can do whatever you want. |
628 | 00:40:52,380 | 00:40:57,220 | I don't think it's fair for someone to really know so much before I do. | I don't think it's fair for someone to really know so much before I do. |
629 | 00:40:57,480 | 00:41:02,650 | Small investors have a right to believe that our markets are honest. | Small investors have a right to believe that our markets are honest. |
630 | 00:41:03,020 | 00:41:07,730 | That they are not being manipulated. That there are no Boeskys out there. | That they are not being manipulated. That there are no Boeskys out there. |
631 | 00:41:07,730 | 00:41:13,400 | It's incredibly important that the market function in a way that's as fair as possible. | It's incredibly important that the market function in a way that's as fair as possible. |
632 | 00:41:13,400 | 00:41:17,070 | And that people believe that it's functioning in a way that's as fair as possible. | And that people believe that it's functioning in a way that's as fair as possible. |
633 | 00:41:17,070 | 00:41:22,010 | For every dollar of profit that's made by an Ivan Boesky, who breaks the rules, | For every dollar of profit that's made by an Ivan Boesky, who breaks the rules, |
634 | 00:41:22,010 | 00:41:26,010 | there's a dollar that's lost by somebody else in the market. | there's a dollar that's lost by somebody else in the market. |
635 | 00:41:26,010 | 00:41:31,550 | Millions of Americans depend on the stock market for financial security, retirement. | Millions of Americans depend on the stock market for financial security, retirement. |
636 | 00:41:31,550 | 00:41:34,090 | If people begin to think that the game is rigged, | If people begin to think that the game is rigged, |
637 | 00:41:34,090 | 00:41:36,550 | then the stock market as we know it is over. | then the stock market as we know it is over. |
638 | 00:41:36,560 | 00:41:41,430 | [Susan Lee] Unless you're an inside member of this inside club, you cannot make money. | [Susan Lee] Unless you're an inside member of this inside club, you cannot make money. |
639 | 00:41:42,630 | 00:41:49,000 | Boesky was a really big deal. It was a signal moment in modern American history. | Boesky was a really big deal. It was a signal moment in modern American history. |
640 | 00:41:49,000 | 00:41:52,040 | Both because of the gaudy displays of wealth. | Both because of the gaudy displays of wealth. |
641 | 00:41:52,040 | 00:41:55,810 | Because of the financial overreach. Because of the crimes. | Because of the financial overreach. Because of the crimes. |
642 | 00:41:55,810 | 00:41:57,540 | [newsreader] Boesky's troubles may not end | [newsreader] Boesky's troubles may not end |
643 | 00:41:57,540 | 00:42:01,580 | with the $100 million repayment of profits and penalties. | with the $100 million repayment of profits and penalties. |
644 | 00:42:01,880 | 00:42:05,350 | [newsreader] Boeksy has agreed to plead guilty to a criminal charge. | [newsreader] Boeksy has agreed to plead guilty to a criminal charge. |
645 | 00:42:05,350 | 00:42:07,490 | The maximum sentence is five years. | The maximum sentence is five years. |
646 | 00:42:07,820 | 00:42:10,490 | [L. William Seidman] If he's guilty as charged, | [L. William Seidman] If he's guilty as charged, |
647 | 00:42:10,490 | 00:42:13,490 | and if we had capital punishment for white collar crimes, | and if we had capital punishment for white collar crimes, |
648 | 00:42:13,490 | 00:42:16,760 | I'd say he'd be a prime candidate. | I'd say he'd be a prime candidate. |
649 | 00:42:16,760 | 00:42:19,000 | Wall Street's biggest enigma had been exposed | Wall Street's biggest enigma had been exposed |
650 | 00:42:19,000 | 00:42:21,430 | and the repercussions would be far reaching. | and the repercussions would be far reaching. |
651 | 00:42:22,500 | 00:42:27,540 | [Troy] The hangover is economic. The hangover is cultural. The hangover is political. | [Troy] The hangover is economic. The hangover is cultural. The hangover is political. |
652 | 00:42:27,540 | 00:42:30,880 | But most disturbing of all, the hangover is moral. | But most disturbing of all, the hangover is moral. |
653 | 00:42:31,710 | 00:42:35,580 | in the 1980s is the old cliché: A greed crime. | in the 1980s is the old cliché: A greed crime. |
653 | 00:42:31,710 | 00:42:35,580 | in the 1980s is the old cliché: A greed crime. | in the 1980s is the old cliché: A greed crime. |