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Wednesday, October 10, 2012

113. Greed, for lack of a better word, is good

X is an American business magnate and head of the high-yield bond department of Drexel Burnham Lambert, till his indictment in 1989 on 98 counts of racketeering and securities fraud, and was convicted on 6 counts of securities violations. At Drexel, his compensation exceeded $ 1 billion over a four year period, and as of 2010 he had a net worth of $ 2 billion, making him the 488th richest man in the world. Drexel went bankrupt in 1990.

Critics cite X as the epitome of wall street greed in the 1980s, and nicknamed him Junk Bond King. The character of Gordon Gekko is acknowledged to be partly inspired by X.