In 2000, former investment banker Frank Quattrone was head of the technology division of Credit Suisse First Boston Corporation (CSFB), earning about $120 million per year. Quatrrone and his Tech Group did the initial public offerings (IPOs) for a great many of the dot-coms. Because of questions about those IPOs, there were several state and federal grand jury investigations of CSFB pending in the fall of 2000. On December 5, 2000, Quattrone sent the following e-mail “endorsement”: [H]aving been a key witness in a securities litigation case in south texas (miniscribe) i strongly advise you to follow these procedures. Quattrone then added an e-mail from Richard Char, another investment banker, that read: Subject: Time to clean up those files . With the recent tumble in stock prices, and many deals now trading below issue price, the securities litigation bar is expected to [sic] an all out assault on broken tech IPOs. In the spirit of the end of the year (and the slow down in corporate finance work), we want to remind you of the CSFB document retention policy [the policy was reproduced here]. [U.S. v Quattrone, 441 F3d 153 (2d Cir 2006)]