In 2003 it was revealed that Frank Quattrone, once a star investment banker at Credit Suisse First Boston, had been allocating shares in upcoming initial public offerings (IPOs) of technology companies to “movers and shakers” in Silicon Valley, known as the “friends of Frank,” in return for the understanding that they would push future IPOs to his unit at Credit Suisse (Quattrone and Credit Suisse earned huge fees from IPO deals). 37 The shares were difficult to obtain and typically appreciated significantly immediately following the IPO. Is this behavior ethical?