American Greed Episode 16: Robbing Hollywood's A-List | Soaking the Rich at Auction

Case File

Robbing Hollywood's A-List & Soaking The Rich at Auction
Robbing Hollywood's A-List & Soaking The Rich at Auction   

Case 1: Robbing Hollywood's A-List

  • The Money Manager
  • Dana Giacchetto manages money for Hollywood's biggest stars including Cameron Diaz, Ben Affleck and Leonardo DiCaprio. He loves the limelight as much as his clients.
  • The Cassandra Group
  • Giacchetto's investment advisory boutique caters to the crowd he knows best... musicians, artists and actors. His strategy is simple and conservative. He invests in blue chip stocks and corporate bonds.
  • The Scam
  • By late 1999, the "rock and roll broker" falls out of fashion with his clients. Nearly $10 million dollars is missing from client accounts! American Greed shares the story of how Dana Giacchetto's desire for success was overcome by greed.

Case 2: Soaking the Rich at Auction

  • Sotheby's
  • Alfred Taubman is a New York billionaire. He buys a controlling share in Sotheby's and transforms the firm into a dynamic, global brand. By the end of the 90's, the art market is strong. The two largest auction firms, Christie's and Sotheby's, are enjoying healthy profits.
  • The Collection for Sale
  • The Canadian multi-millionaire Herbert Black is looking to sell items from his collection at auction. He contacts Christie's and Sotheby's. They recite the exact same price structure! Black senses something is wrong.
  • The Investigation
  • An insider believes Christie's and Sotheby's have a back-room deal. The Justice Department investigates. American Greed takes a behind-the-scenes look at the rarefied world of art auctions and the two firms that dominate the business.

Web Extras

  • Dana Giacchetto

    Dana Giacchetto advises Hollywood's hottest stars... and finds his own fame and fortune. But, his star-power fades when nearly $10 million goes missing!

  • Sotheby's Magic Man

    He's an art collector, the former chairman of Sotheby's and a convicted felon. Alfred Taubman takes us inside the price-fixing scandal at Christie's and Sotheby's.

  • Read termination letters from Hollywood stars.

  • Read some of the notes documenting the price-fixing conspiracy.