Frank Quattrone is as controversial as ever.
The tech banker left a career at big Wall Street firms after the bursting dot-com bubble prompted an investigation into how initial public offering shares were allocated.
(He was accused of obstructing justice and witness tampering but a conviction on those charges was overturned.)
The ex-Morgan Stanley, Deutsche Bank, and Credit Suisse banker founded his own investment bank, Qatalyst Group, in 2008 and has been advising on deals again since.
But not everyone who encounters Quattrone is pleased with his work, the Wall Street Journal’s Maureen Farrell reports.
In one recent instance, Farrell reports, online coupon site Ebates paid Qatalyst the equivalent of $1 million an hour after the investment bank basically negotiated a fee and then became “hard to reach.”
In the end, Ebates’ ended up negotiating with its buyer, Tokyo-based ecommerce company Rakuten, directly.
Ebates cofounder Paul Wasserman told the Journal he would not hire Qatalyst if he could do it over again.