Yup, according to a federal lawsuit in New York against ten securities houses, including Credit Suisse First Boston and Merrill Lynch (plus several of their institutional customers), these normally cutthroat Wall Street competitors got together to levitate the prices of initial public offerings, reaping billions of dollars in illegal profits.

FORBES: Magazine Article

Yup, according to a federal lawsuit in New York against ten securities houses, including Credit Suisse First Boston and Merrill Lynch (nyse: MER - news - people ) (plus several of their institutional customers), these normally cutthroat Wall Street competitors got together to levitate the prices of initial public offerings, reaping billions of dollars in illegal profits.

FORBES: Wall Street Worries