"Former star investment banker Frank Quattrone was found guilty Tuesday of allegedly trying to obstruct a federal investigation into Credit Suisse First Boston's IPO allocation processes. USA Today noted that Quattrone 'is the first prominent Wall Street insider to face jail time since former 1980s junk bond king Michael Milken was sentenced in 1990.'Maybe I'm just too demanding. I...will...go...watch...Friends...Final...
The Milken comparison is apt, because history will show that just as Milken was needlessly prosecuted, so too was Frank Quattrone.
In his book 'The Seven Fat Years,' the late Robert Bartley's classic account of the 1980s economic revival, the author noted that he could not dispute the assertion that companies funded by Michael Milken's high yield bonds 'accounted for nearly all the job growth in the decade of the 1980s.'
Picking up where Bartley left off, University of Chicago law professor Daniel Fischel wrote in his legal account of the Milken era ('Payback') that there was 'certainly no evidence that he (Milken) engaged in any conduct that had ever before been considered criminal.'"