Technology bust indigestion continues
After the jailing Frank Quattrone, the public reaming of numerous equity analysts (Jack Grubman and Henry Blodget to name but two), the merchant banks and the collapses of numerous dotbombs, the San Jose Mercury reports that former leading technology orientated investment fund Firsthand is being investigated by the Stock Exchange Commission following allegations of misrepresentation of how funds were managed. The fund crashed from a high of eight billion to about 900 million USD. More details here.
Note: CBS Marketwatch reported late yesterday that Quattrone has been banned from banking for life by the national adjudicatory council of the National Association of Securities Dealers (NASD). You can read the official press release here.