… and it's not a rosy view.
That's putting it mildly. During my years as a CEO, I encountered so much immoral, corrupt behavior by investment bankers that I developed a disdain for Wall Street culture. They cared about only one thing: making money – at any cost. I experienced this first-hand: in 1995, VocalTec was approached by Netscape, who wanted to acquire us. I declined the offer and we decided to go public,. The lead bank was Hambrecht & Quist. Three days before our IPO, Netscape announced the acquisition of a direct competitor of ours. The investment bank? You guessed it: also Hambrecht & Quist! As a result of the acquisition announcement, our IPO was marred, and our shares dropped from $19.00 to 16.75. ( It did recover later)