Tuesday, August 22, 2006

Investment Banker Frank Quattrone -- All Charges Will Be Dropped

News today is that Frank Quattrone, legendary former investment banker at Credit Suisse during the dotcom boom, will have all charges dropped in his case in which the federal government had charged him with obstruction of justice.

Basically, the government claimed that during an investigation, Quattrone had ordered his underlings to destroy evidence (much like Arthur Anderson had destroyed Enron documents). After a couple trials, the first of which ended in a hung jury, both sides came to an agreement where all charges would be dropped if Quattrone stayed out of trouble for a year.

That shouldn't take much effort, really. The guy made $100 million one year. He brought amazon.com to market. He should be able to stay out of trouble for at least one year. Don't you think?