Reviving the defunct First Boston name to rebadge Credit Suisse's investment bank might restore some luster to the Swiss lender’s dealmaking operations, or at least, it may be a step closer to setting the division free, says johnsfoley.
, whose trading desk lost $100 million in the late 1980s. Frank Quattrone led the firm to dotcom-boom glory before being prosecuted for obstruction of justice, winning on appeal and ultimately settling the case. By 2006, Credit Suisse First Boston was once again just Credit Suisse.
For those who care about financial history, however, there’s genuine cachet. First Boston helped lead the 1980s takeover boom under dealmaking buccaneers Joe Perella and Bruce Wasserstein. It invented feverishly, driving the adoption of junk bonds, mortgage-backed securities and derivatives. CSFB was also one of the first foreign banks to capitalize on Russia’s emergence from the ruins of the Soviet Union, even if it led to heavy losses later.
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