Memo to US bishops, II
By Diogenes (articles ) | May 04, 2004
In other headline news, today, a once-powerful Wall Street figure faces up to 2 years in jail after his conviction on charges of covering up criminal activities by his subordinates.
This is a big story, because: 1) Frank Quattrone was convicted because he authorized an email message asking employees to purge their files of potentially incriminating evidence; 2) In his heyday Quattrone was a really big figure on Wall Street; you could compare his status with-- oh, say, that of Cardinal Mahony in the US hierarchy.
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Posted by: extremeCatholic -
May. 04, 2004 12:02 PM ET USA
(full disclosure, I work in the same industry as Quattrone) A critical difference between FQ and the case of the bishops is that CSFB cut FQ loose after an internal investigation. Based upon what was disclosed and not denied, he was already condemned ethically by Wall Street. The only question was whether it was a criminal offense and now we that answer. By the way, if Martha Steward only had held on to her Imclone stock, it would today be a profitable holding. The stock rebounded.