Quattrone and IPO allocations — Wrong!

Media making much this weekend of ex-investment banker Frank Quattrone’s supposed admissionof having a role in IPO allocations. People think he said one thing on Thursday to his own lawyer, and something else on Friday to the prosecutor.
If only that were true. Quattrone is too clever for that. On Thursday he said that he didn’t make decisions about IPO allocations; On Friday he talked about recommendations & suggestions that he had made. While the distinction might seem like a fine one, it is the one on which his case balances: How much influence did Quattrone really have?
[Source: Financial Times]