Days Of Reckoning For Tech Banks
from the looking-for-the-fall-guy dept
A few months back we had a bunch of articles about who everyone was going to blame for the tech downturn. It seems that the consensus is starting to be technology investment banks - since they're easy targets. The Industry Standard has an article looking at what's happening to the tech investment banking world. As people wait to see what happens to Frank Quattrone and Mary Meeker, it's not hard to see the parallels between the past few years and what happened with the junk bond kings of the 80s. The fact is that investment bankers are there to make money - and they're always going to do what they can to make money. It's an industry who's whole purpose is based on greed, so I find it hard to believe that anyone is really that "shocked" by what happened. Everyone has known that there have been conflict of interests in investment banking for years, but no one seemed to care until people started losing money.
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