In this interview, we take a look at the outrageous punishment imposed on Quattrone in November 2004 by the National Association of Securities Dealers (NASD) and at the even more outrageous basis for that punishment: a lifetime banishment from the securities industry based on Quattrone's invocation of his Fifth Amendment rights. Kenneth G.
On January 27, Frank Quattrone told an appeals court that his case "illustrates what can happen when a routine e-mail is dissected out of context in the harsh glare of a courtroom." The statement was made in an appeal filed with the United States Court of Appeals for the Second Circuit.
In May 2004, Frank Quattrone, the star investment banker of the dot-com era, was convicted in federal court on two counts of obstructing justice and one count of witness tampering. He is scheduled to be sentenced on September 8 and faces up to twenty years in prison. What was the nature of Quattrone's alleged crime? He sent two e-mails, one of which endorsed a subordinate's recommendation that his colleagues carry out their firm's document-retention policy.
Many of the towering figures of the Industrial Revolution could well be described as "the compleat producer." Richard Arkwright, for example, invented radically new spinning machinery, applied waterpower to its operation, set up mills all over Great Britain, financed collateral inventions, and maintained a dominant position in the textile industry even after his patents were voided. He was the sort of inventor-engineer-capitalist-executive-marketer on which Ayn Rand based Hank Rearden.


Donate to The Atlas Society

Did you enjoy this article? If so, please consider making a donation. Our digital channels garner over 1 million views per year. Your contribution will help us to achieve and maintain this impact.

× Close Window

logo cymk 400x200

Newsletter Signup

Sign up for our email newsletter to receive the most recent news and articles directly to your inbox.