Tech bubble banker banned for life
I'm sorry Mr Dell, but Frank can't come to the phone right now
Tech bubble banker Frank Quattrone, who in September was sentenced to 18 months jail time for obstructing a grand jury, obstructing federal regulators and witness tampering, won't be the go-to guy when he gets back. The industry's self-regulator, the NASD, imposed a lifetime ban on him yesterday, overturning an earlier ban and $30,000 fine imposed in January.
Perhaps Microsoft can find him a job. Quattrone was convicted for advising his staff to delete their email during a grand jury probe into Credit Suisse First Boston's investment business. In the ongoing Burst antitrust case against Microsoft, it has emerged that Redmond executive Jim Allchin told staff: "Do not be foolish, do not archive your e-mail" (in an instruction made in 1996). Burst discovered that 35 weeks from a period when Burst and Microsoft were in discussions could not be retrieved, and at one stage, five employees spontaneously, individually and without consultation of any kind, decided to delete their Burst-related emails.
What with Quattrone's talent for handling major IPOs, and Microsoft's talent for spontaneous combustion, it could be a fruitful partnership.
Quattrone is at large pending the outcome of an appeal. ®
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