Thursday, August 24, 2006

Stay Out of Trouble, Get a Check for $120 Million

Remember when Lee Iacocca was trying to save Chrysler by initiating the first rebate program with the tag-line, "Buy a car, get a check"?  After entering into a deferred prosecution agreement that will result in the dismissal of all charges after one year, former star investment banker Frank Quattrone may be looking at a $120 million payday if he can keep his nose clean.  The Wall Street Journal Law Blog (here) discusses a report that Quattrone entered into an agreement with Credit Suisse (former Credit Suisse First Boston, or CSFB) when the left the firm at the time of his indictment that if he were cleared of the charges he would receive $120 million worth of restricted stock and deferred compensation awarded to him while he led its high tech investment banking group.  The terms of the deferred prosecution agreement (here) are not particularly onerous, requiring that Quattrone "refrain from violation of any law (federal, state, and local)" and that he "shall associate only with law-abiding persons."  With $120 million waiting at the end of the year, Quattrone's car will be easy to identify in the Bay Area -- it will be the only one driving one mile per hour under the speed limit on 101, and it may even be made by Daimler-Chrysler. (ph)

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