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Where are all your 'friends' now, Frank
From: Dave Farber <dave () farber net>
Date: Fri, 07 Mar 2003 13:25:31 -0500
Where are all your 'friends' now, Frank? The National Association of Securities Dealers (NASD) finally dropped the hammer on Credit Suisse First Boston banker Frank Quattrone Thursday, charging him with violating a host of industry regulations. The NASD alleges Quattrone, who took ventures like Cisco Systems, Netscape Communications and Amazon.com public, undermined the independence of Credit Suisse First Boston's research analysts and ran afoul of securities industry rules against "spinning" -- allocating shares of plum IPOs to key executives in the hopes of securing their company's investment banking business. According to the NASD, some 300 executives, known as "Friends of Frank" from the valley and elsewhere, availed themselves of Quattrone's beneficence, among them VeriSign Chairman and Chief Executive Stratton Sclavos ,who received between 350 and 10,000 shares in each of 37 IPOs handled by Credit Suisse between February 2000 and May 2001. Quattrone, for his part, disputes the charges and contends regulators are trying to make him the fall guy for Wall Street's excesses during the '90s. In a statement issued late Thursday, Howard Heiss, a lawyer for Quattrone, called the allegations unfair and unfounded. "The NASD charges are completely without merit and represent an unprecedented attempt to take punitive action against an individual for conduct that was legal at the time and widespread throughout the industry," Heiss said. http://www.siliconvalley.com/mld/siliconvalley/5335424.htm ------------------------------------- You are subscribed as interesting-people () lists elistx com To manage your subscription, go to http://v2.listbox.com/member/?listname=ip Archives at: http://www.interesting-people.org/archives/interesting-people/
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- Where are all your 'friends' now, Frank Dave Farber (Mar 07)