Difference between revisions of "Credit Suisse First Boston"

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{{Infobox_Company  
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| company_name = Credit Suisse First Boston (CSFB)
| company_name = CS First Boston
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| company_logo =  <!-- use the syntax: [[Image:imgname.jpg]] for this, or leave it blank -->
 
| company_logo =  <!-- use the syntax: [[Image:imgname.jpg]] for this, or leave it blank -->
| key_people =    <!-- CEO, President, etc, don't need to list everybody -->
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| key_people =    Credit Suisse Group CEO Brady W. Dougan was CSFB's last CEO
| foundation =    <!-- Year founded -->
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| foundation =    1988 - rebranded 2006 }}
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Credit Suisse First Boston (CSFB) was a high-flying tech-boom broker and financier in the late 1990s that was brought low some years later by a federal investigation into its Initial Public Offering ([[IPO]]) practices. The CSFB business was eventually folded into [[Credit Suisse Investment Banking]] (CSIB) and its brand retired in 2006.
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{{Infobox Midpage Need Sponsor}}
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== Rise ==
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== History ==
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CSFB had its roots in a co-operation agreement between Zurich-based retail bank [[Credit Suisse]] and Boston-based securities broker First Boston (FB) Corporation forged in 1978.<ref>{{cite web|url=http://www.workazoo.com/Employers/ViewWiki.aspx?cid=30|name=Credit Suisse Group|org=Workazoo.com|date=April 24, 2008}}</ref> CS gained a controlling stake in FB a decade later and renamed the new brokerage Credit Suisse FB. CSFB prospered during the 1990s Internet boom and in mid-2000 paid a staggering $11.5 billion for rival brokerage Donaldson Lufkin & Jenrette (DLJ), pricing DLJ shares at three times book value.<ref>{{cite web|url=http://www.thedeal.com/dealscape/2006/08/this_date_in_deal_history_csfb.php|name=This date in deal history: CSFB buys DLJ|org=TheDeal.com|date=April 24, 2008}}</ref>
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== Products and Services ==
 
  
== Key People ==
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== Fall ==
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CSFB's problems began soon after, in early 2001, when lead technology banker [[Frank Quattrone]] became the subject of a federal investigation into the way CSFB allocated IPO shares.<ref>{{cite web|url=http://www.lawyershop.com/news/practice-areas/criminal-law/white-collar-crimes/securities-fraud/lawsuits/credit-suisse/|name=Credit Suisse First Boston Company Profile|org=LawyerShop.com|date=April 24, 2008}}</ref> In January 2002 CSFB settled with the [[U.S. Securities and Exchange Commission]] (SEC) for $100 million over complaints brought by the SEC stemming from the probe,<ref>{{cite web|url=http://www.sec.gov/litigation/litreleases/lr17327.htm|name=SEC sues CSFB for IPO violations; CSFB will pay $100 million|org=Securities & Exchange Commission|date=April 24, 2008}}</ref> and ended further SEC probes in 2003 at a cost of another $200 million.
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== References ==
 
== References ==
 
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Revision as of 16:40, 4 November 2009

Credit Suisse First Boston (CSFB)
Founded 1988 - rebranded 2006
Key People Credit Suisse Group CEO Brady W. Dougan was CSFB's last CEO


Credit Suisse First Boston (CSFB) was a high-flying tech-boom broker and financier in the late 1990s that was brought low some years later by a federal investigation into its Initial Public Offering (IPO) practices. The CSFB business was eventually folded into Credit Suisse Investment Banking (CSIB) and its brand retired in 2006. Template:Infobox Midpage Need Sponsor

Rise

CSFB had its roots in a co-operation agreement between Zurich-based retail bank Credit Suisse and Boston-based securities broker First Boston (FB) Corporation forged in 1978.[1] CS gained a controlling stake in FB a decade later and renamed the new brokerage Credit Suisse FB. CSFB prospered during the 1990s Internet boom and in mid-2000 paid a staggering $11.5 billion for rival brokerage Donaldson Lufkin & Jenrette (DLJ), pricing DLJ shares at three times book value.[2]


Fall

CSFB's problems began soon after, in early 2001, when lead technology banker Frank Quattrone became the subject of a federal investigation into the way CSFB allocated IPO shares.[3] In January 2002 CSFB settled with the U.S. Securities and Exchange Commission (SEC) for $100 million over complaints brought by the SEC stemming from the probe,[4] and ended further SEC probes in 2003 at a cost of another $200 million.


References

  1. Credit Suisse Group. Workazoo.com.
  2. This date in deal history: CSFB buys DLJ. TheDeal.com.
  3. Credit Suisse First Boston Company Profile. LawyerShop.com.
  4. SEC sues CSFB for IPO violations; CSFB will pay $100 million. Securities & Exchange Commission.