Convenience Dictates Quattrone's Suspension

Convenience may dictate what to do with Frank Quattrone, the head of Credit Suisse First Boston's global technology group. I mean, let's be candid: There are no IPOs. There is no market for Quattrone's wares. And he is strictly bad news when it comes to the regulators.

I feel bad for Quattrone. He was the most competitive guy in the firmament and when he ruled the firmament, everything he did was acceptable. He played hardball. He used everything that an investment bank had in its arsenal -- friends and family stock, research, no coverage if you don't do the deal with us -- at the time, and he was simply better at it than everyone else.

But that whole game's over. There's nothing to lose suspending him and letting him fend for himself, a la Jack Grubman. He's a rich guy; if you cut him loose he can defend himself. He won't bring down anyone else because he was at the top of the heap.

So, convenience dictates his suspension, which happened this morning.

Should Quattrone be prosecuted? Sure, if he broke the law. But not if all he did was do what every other banker was doing, but was simply a little better and more visible about it.

I suspect it might be a little bit of both, and with his suspension, we're about to find out.

But I think if there was still an IPO market, he wouldn't be receiving such unceremonious treatment.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by clicking here. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."