The Banksters

0x3…6f4

ERC721

CSFB, as the lead underwriter of hot IPOs for companies such as VA Linux Systems Inc., Selectica, Gadzooks Networks, and MP3.com, had control over the allocation of most of the shares in these IPOs. In exchange for some of the highly- coveted stock in such hot IPOs, CSFB wrongfully extracted from certain customers a large share of the huge profits those customers made in quickly selling (or flipping) the IPO stock bestowed on them by CSFB. * Specifically, CSFB allocated shares of IPOs to more than 100 customers who, in return, funneled between 33 and 65 percent of their IPO profits to CSFB. These customers typically flipped the stock on the day of the IPO, often gaining tremendous profits. They then transferred a share of their flipping profits to CSFB by way of excessively high brokerage commissions (ranging from $0.19 per share to $3.15 per share – in contrast to the typical rate of about $0.06 per share). The customers paid these commissions on uneconomic, limited-risk trades in highly liquid, exchange- traded shares unrelated to the IPO shares – trades that they effected for the sole purpose of paying IPO flipping profits back to CSFB. For more info visit https://www.sec.gov/news/press/2002-14.txt

Name

604

Owner

0x5Ed592557b6A29908B7d50305cA01904a4529cF4

ID#604

Rarity

X-LO:86%