They're all dirty
Don't kid yourself, the banks that didn't keep their email, in violation of SEC compliance policy, are hiding something. Frank Quattrone of Credit Suisse First Boston sent a mail in November 2000 to an analyst asking what investment banking business had been "extracted" in exchange for the research coverage.
In regards a Yahoo downgrade, CSFB analyst Jamie Kiggen wrote in email in March, according to the Boston Globe: ''The wait for revenue from these guys has been awfully long.''
In other words, they'd held off downgrading long enough, hoping for ibanking revenue, that it was time to punish Yahoo. But, the report says, he still "called himself a 'revenue kind of guy,' saying he would maintain the hold rating so he wouldn't jeopardize potential revenue, or business, with Yahoo. That despite the fact Credit Suisse had no business with Yahoo at the time."
That same year, Kiggen was named a "third team" Institutional Investor All-America Research team member. He was a runner-up in 2001.
Posted by Mitch Ratcliffe at November 27, 2002 09:50 AM | TrackBack