Frank Quattrone got leave to appeal his conviction earlier today, whilst overturning his conviction would be a vindication for him and be a sense of relief to family and close friends he has already been sentenced and found guilty.The NASD have punished him, his career as a banker finished and those who used to associate with him scattered to the four winds for fear of being tainted by association.
Quattrone ultimately was punished for the sins of the many:
- The equity and market analysts who hyped the industry
- The bank directors who looked the other way in the name of profits
- The pension fund managers looking for easy money
- The media for lapping up the lies and half-truths without questions
- PR people for being the ringmasters of a four-ring circus of companies, bankers, analysts and the media
- And most importantly we the people for being gullible enough to believe the rubbish the told us in their marketing brochures
Quattrone is a sinner: particularly against style and fashion if you have a look at his ties and the John Holmes moustache, but we should not ignore the plank in our own eyes when looking at the thorn in his.