So Frank Quattrone, once the poster child of Wall Street greed, is back in business again. And no wonder he's been smiling the last few days!
The guy who had been charged with hindering an investigation into whether Credit Suisse had been rigging IPOs is likely to collect $100 million to $120 million in back pay from Credit Suisse, just as long as he keeps his nose clean and stays out of trouble, reports Bloomberg.
There are two lessons we learn from this.
Number one: it's easier for prosecutors to get CEOs on fraud charges, than it is to get bankers.
And secondly, it highlights the rise of the deferred deal and legal specialists say that's more to do with saving face for the prosecutors than it is about justice, reports The Wall Street Journal.
You can read the full WSJ report here.
Deferred deals came into use mainly during the 1970s when they were were used against juvenile delinquents and small-time criminals. The aim then, apparently, was to get them to clean up their act.
But while they are being used against companies now, this deal really rubs the Government's nose in it. Unlike other deals, Quattrone wasn't even asked to acknowledge any responsibility.
It really is a return to business as usual, in every which way. And it's a warning for us to expect many more of these sorts of deals.
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