CSFB To Pay $100 Million For Doing Nothing Wrong

from the uh,-right dept

CSFB has apparently agreed to $100 million to settle an SEC investigation about how they were giving out shares in IPOs. For about a year now, they’ve been talking about accusing some of the investment banks of doing something illegal by using IPO shares as a “bribe” of sorts to get other business, or to set special “restrictions” on IPO shares in order to boost the price of those shares. Of course, like any of these “settlements” CSFB isn’t actually admitting they did anything wrong. They’re just paying the SEC to leave them alone. Back in May we had talked about why CSFB was likely to be the fall guy for the investment banking community because they lacked the same political clout as some of the other investment banks.

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