The trial of former CSFB IPO King Frank Quattrone started as scheduled on Monday. The banker is standing trial on two counts of obstruction of justice and one charge of witness tampering. Here's the latest:
Reuters reports that Quattrone appeared relaxed as he entered the courtroom. Dressed in a sports jacket, maroon-coloured tie and khakis, so-called 'Silicon Valley attire', the former CSFB man apparently joked with his legal team and was cheered on by his mum.
The day was spent on jury selection and the defense team is said to want to find 'cowboys' - people who aren't likely to just follow the status quo. Ironic really, when you think that for most of the trial the prosecution will spend its time trying to prove that it was Quattrone himself, because of his alleged actions, who was the cowboy. Jury selection is key as, to get a conviction, the decision of the jury would have to be unanimous.
A star government witness is said likely to be another former CSFB staffer, lawyer David Brodsky, now in private practice. He is expected to testify that he told Quattrone about certain regulatory inquiries at CSFB before the banker sent out his e-mail to his staff urging them to 'catch-up on file cleaning'. It is this e-mail that is central to the case against Quattrone. The case continues.