Wall Street met Main Street

14 October 2003 By Rob Cox Follow @rob1cox

Are you down with Wall Street s latest ThreeLetter Acronym courtesy of Friend of Frank Quattrone Michael Dell? If not read on. Like Blodget s POS it highlights the way the financial industry became subservient to its clients in the 1990s.

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Federal prosecutors trying to charge former Credit Suisse First Boston technology investment bank chief Frank Quattrone with obstruction of justice made public a series of emails designed to show Quattrone was involved in allocating shares in initial public offerings.

The revelations are part of an attempt by prosecutors to show Quattrone had a motive for suggesting members of his team destroy evidence related to a probe into the way the firm doled out shares in hot technology offerings.

In the email exchange from July 2000, Michael Dell, founder of the eponymous computer maker, told Quattrone his company wanted 250,000 shares of Corvis, a technology company whose IPO was expected to be heavily oversubscribed. Dell suggested that allocation of the shares would certainly help Quattrone's firm build a business relationship with Dell.

Quattrone responded in an email, and as an aside solicited Dell's opinion on the possible recruitment of a computer analyst to CSFB. Dell responded by noting the reaction of an investor relations executive, writing NFW, short for No Fucking Way.

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Wall Street met Main Street

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