On 20 August, 2001, Credit Suisse First Boston (CSFB) appointed Davis Polk & Wardwell partner Gary Lynch as its general counsel. The move was heralded by CSFB as a key part of its drive to become an ethical bank following investigations into its activities during the dotcom boom.

Significantly, Lynch was to report directly to the chief executive, John Mack. “My predecessor was two levels down from the chief financial officer and I think that said something,” Lynch told Business Week.