Breyer is Managing Partner of Accel Partners, a venture capital firm based in
Palo Alto, California, and a former management consultant with McKinsey &
Company in New York. He is critical of the excesses of the Internet bubble
years in Silicon Valley. This interview was conducted in May 2001.
She was an analyst and portfolio manager at T. Rowe Price from 1992 through
1997, then went on to become Director of Internet Research at DMG Technology
Group and later Director of Internet/New Media Research at Credit Suisse First
Boston Technology Group, where she worked under Frank Quattrone, head of CSFB's
technology banking. She argues that the Internet bubble was a period in which
"stocks stopped making sense," and that although there was a troubling shift in
research standards during the boom, blame for the bubble's excesses must
ultimately be shared by Wall Street, the media, and investors alike. This
interview was conducted in May 2001.
A former analyst with Bear Stearns who covered Internet stocks, he tells
FRONTLINE that he doesn't agree that naïve public investors were duped by
Wall Street analysts during the Internet bubble. He argues that the public was
clamoring for Internet IPOs and that individual investors got hurt by spending
too much time trading stocks rather than focusing on a company's long-term
outlook. He also says that he "didn't give much thought" to why he never issued
a "sell" recommendation. This interview was conducted in August 2001.
A veteran investment banker, he's the founder, chairman, and chief executive of
W.R. Hambrecht & Co. The firm's innovative OpenIPO
uses the Internet to allocate IPO shares to the public through a "Dutch auction" process.
Hambrecht argues that the "Dutch auction" model is the best way to make the IPO
allocation process "transparent" and "nonpreferential," and that it is more
equitable to investors and, ultimately, more lucrative for the companies going
public. In 1968, Hambrecht co-founded Hambrecht & Quist, an investment
banking firm specializing in emerging high-growth technology companies.
Interviewed in July 2001, he was the only investment banker who would talk to
FRONTLINE during the making of "Dot Con."
Hoag and Kimball founded Technology Crossover Ventures (TCV), a Silicon Valley
venture capital firm, in 1995. During the tech bubble, TCV posted over 100
percent gains in its portfolios for several years running, one of the best
investing records in Silicon Valley. In mid 2000, TCV was able to attract $1.6
billion to form the largest technology venture capital fund in U.S. history.
According to Fortune magazine, between 1995 and 1999 TCV lost money on
only 2 out of the 76 companies in which it invested. This interview was
conducted in May 2001.
Chairman of the Securities and Exchange Commission (SEC) from 1993 to 2001,
Levitt built a reputation as an outspoken critic of the conflicts of interest
pervading securities analysis and of how Wall Street used the financial media
and the advertising industry as conduits of stock-market hype. In this
interview, conducted in May 2001, Levitt discusses how he approached the issues
of analysts, the media, and advertising, and argues that Wall Street's
integrity is crucial to maintaining public confidence in the financial
Executive editor at Fortune magazine and the author of A Piece of the
Action: How the Middle Class Joined the Money Class (1994), Nocera
discusses what he calls the "moral degradation" on Wall Street in the late
1990s, and says that "nobody" -- including Fortune and The Wall
Street Journal -- "thought the party was going to end." This interview was
conducted in September 2001.
He is an analyst and portfolio manager for The Capital Group, which overseas
The American Funds, one of the largest mutual fund families in the world.
Siminoff tells FRONTLINE that the perception that institutional funds profited
enormously from their IPO allocations during the Internet bubble is not
entirely accurate. He argues that for large, multibillion-dollar funds, the
profits from flipping IPO stocks comprised a small fraction of the funds'
overall value. This interview was conducted in May 2001.
Pulliam and Smith are staff reporters at The Wall Street Journal. They
were the first to report on the SEC and Justice Department investigations into
IPO practices, beginning with articles that appeared on Dec. 6 and Dec. 7,
2000, and they have continued to cover the story ever since. In December 2001,
they reported that Credit Suisse First Boston had agreed to pay a $100 million
settlement, the fifth largest in Wall Street history, to resolve the SEC's
investigation into its alleged IPO abuses. Here, in interviews with FRONTLINE
in August 2001 and January 2002, they discuss the current status of the
investigations, the background, key players such as Frank Quattrone, and how
the investigations have affected Wall Street.
A senior partner at Milberg Weiss Bershad Hynes & Lerach LLP, he is a
leading practitioner in the fields of securities, insurance, environmental,
antitrust, and consumer litigation, often representing plaintiffs in class
actions. His firm has filed 110 lawsuits against scores of companies and seven
investment banks alleging IPO fraud and price manipulation. Weiss tells
FRONTLINE that he believes the investment banks conspired to manipulate the
market by creating an illusion of post-IPO liquidity and momentum through
kickbacks and other illegal actions. This interview was conducted in May 2001.
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