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Sep
26
2003

The Merc’s Deborah Lohse, who also gets to go to New York, rounds up the legal arguments on Quattrone and makes the indirect observation that this trial could come at a better time, at least from Quattrone’s point of view.
The bro-ha-ha over NYSE Chairman Dick Grasso’s resignation and the continuing headlines about shareholder rights, cozy financial dealings and people who all know each other making money off those friendships isn’t helping his cause. Not at all. Particularly since Quattrone asked for — and will get — a jury trial.
Today, the AFL-CIO, which has a huge pension fund, is calling for the resignation of NYSE board member Kenneth Langone. Langone, founder of Home Depot, runs an investment bank, Invemed, which has run into trouble with the NASD over the way it allocates shares in IPOs it’s backed. Langone, in contrast to the big banks like Goldman, Morgan and, of course, Quattrone’s former employer CSFB, has vowed to fight for the right to allocate shares — and charge for it — anyway he wants. An investigation of similar behavior at CSFB is the backdrop for the “clean out those files” memo that’s at the heart of the obstruction case against Quattrone.

Share  Posted by Chris Nolan at 3:49 PM | Permalink

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