Insider Trading And Irish Oys

The recent pardon President Trump awarded convicted financier Mike Milken recalls my appearance on the off-off-Broadway stage with another jailbird, arbitrageur and J. Press customer Ivan Boesky. Milken’s fate was originally determined when Boesky pleaded guilty to securities fraud implicating Milken’s inside trading stock manipulation. 

“Oy, dot muzt be de texxis cab,” was my stage character’s opening line responding to a honking car offstage as the curtain rose on the 1976 Van Dam Theatre revival of 1920s vintage classic “Abie’s Irish Rose.”

One of the demands of my leading role as well-to-do immigrant widower Solomon Levy was affecting a Yiddisher dialect, a chore I was eminently familiar with from memories of dear Grandma Jenny Press (wife of J. Press founder Jacobi) and her struggles with the English language often sending me and cousin David into hysterics that prompted a slap on the puss from angry mother, Aunt Marion.

The off-off-Broadway showcase production was sold out for all its eight performances thanks to cast member Ivan Boesky, arbitrageur and corporate takeover speculator. A decade later the December 1, 1986 cover of Time Magazine, featured his prominence in the Wall Street insider trading scandals of the 1980s. Thanks to a plea bargain, he only served 2 years of his 3 1/2 year sentence at California’s Lompoc Federal Prison along with coughing up a $100 million fine.

I met Ivan in the early ’70s, fellow member of my beloved now long gone City Athletic Club. During its 90 year run City AC was the respected West 54th Street Jewish equivalent of the New York Athletic Club. Ivan regularly preyed upon its four squash courts, spending hours strategizing his game with the club pro. Beside his squash talent he possessed an eccentric wit nourished in childhood behind the counter at his father’s Detroit delicatessen. The Boesky pastrami-on-rye genes prompted our Borscht Belt repartée playing off each other at the club’s second-floor bar.

Ivan also showed off an extensive J. Press wardrobe of similar midnight gray clear finish worsted suits always paired with semi-formal starched white broadcloth straight-collar shirts against English Macclesfield, Spitalsfield or Swiss Lace Grenadine silk ties.

One afternoon after a shvitz and swim in the club’s fifth floor lap pool he tossed me a question. “Richard, doing any theatre lately?” I filled him in on my role in the upcoming production of the 1920s runaway hit, “Abie’s Irish Rose.” Ivan’s face lit up. “I love acting. Anything in it for me?” I gave him the phone number of the director who called me shortly thereafter. “Hey, this guy Boesky is a scream. I gave him the part of your nosy neighbor Isaac Cohen.”

Run throughs took place after closing hours at J. Press, 16 East 44th Street. We rehearsed stage business on the premises on the mezzanine amidst sport coats and trousers adjacent to the shipping room with senior J. Press shipping clerk Clifford White busily packing suits for next day UPS delivery.

Limousines blocked the Van Dam Street Theatre entrance busily disgorging Ivan F. Boesky & Co. customers pouring into the shabby lower East Side 120-seat venue that defined 1970s off-off-Broadway. 

My interlude from J. Press was received well by trade paper Show Business. The review regaled “Irish Oys,” calling Ivan Boesky’s performance “amusing.” The critic continued, “Richard Press has a magnetic and endearing quality as Solomon Levy.”

After the curtain came down and stage lights dimmed, I returned to peddling tweeds. As for Ivan Boesky:

Oy, don’t ask. 

RICHARD PRESS



Leave a comment

All comments are moderated before being published