What makes the rich steal? In his novel The Embezzler, Louis Auchincloss delved into the true story of Richard Whitney, a patrician financier who lost it all. Photograph by RoyalFive In the 1930s, Richard Whitney was one of the most respected figures on Wall Street. A four-time president of the New York Stock Exchange, Whitney had won fame in 1929 when, with the backing of leading bankers, his ostentatious buying temporarily halted frantic selling on the trading floor. Related stories by Daniel Akst A decade later, his reputation lay in tatters. By 1938, it emerged that Whitney had covered huge losses in his own portfolio by embezzling from others, including the New York Yacht Club, which he served as treasurer, and his father-in-law’s estate. To many people, he became a symbol of the rot they perceived at the core of American finance, and he served more than three years in Sing Sing for his crimes.