Breaking Point

A grim twist in the Boesky case

In his glory days, John Mulheren Jr. was one of Wall Street's most eccentric and puzzling figures. The 38-year-old investment whiz, who headed his own arbitrage firm, reportedly earned up to $25 million a year but sometimes wore leather pants and hockey jerseys to the office. His acquaintances ranged from former Treasury Secretary and White House Chief of Staff Donald Regan to Rock Star Bruce Springsteen, who lives near Mulheren in Rumson, N.J. All along, though, there were, inevitable questions about Mulheren's success. As a risk arbitrager who speculated in volatile takeover stocks, he was a member of a tight clique...

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