Frank Quattrone - the onetime, high-flying Wall Street banker who spent years in legal limbo - is now advising Google CEO Eric Schmidt, as the Internet giant maps out its gameplan in the increasingly complex Microsoft takeoever battle of Yahoo, according to the NYTimes.

This is a brilliant launch move for Quattrone and his new San Francisco-based investment bank, Qatalyst Group. Take the biggest name in Internet history, and advise them for what I'm guessing is a nominal fee. How can't all the pieces fall into place? 

Moreover, right now, the drama between Yahoo and Microsoft (and now News Corp, which is in talks with Microsoft about a joint bid for Yahoo, and Time Warner AOL) is what defines the weather in the mergers and acquisitions environment.

So, if Quattrone and his colleagues can get pretty close to the movers and shakers, they'll be pretty close enough to predict the M&A weather patterns.

Some may say that it's not a surprise to see Quattrone working with Google. Schmidt's been a public fan. This is what Schmidt had to say about Qatalyst when the company was announced last month. "The launch of Qatalyst is an important development for the technology industry. Frank and his team bring unparalleled industry knowledge, a unique 25-year market perspective and candid, insightful judgment that CEOs greatly value on important strategic initiatives," said Schmidt, in a Dow Jones article.

Google is Quattrone's highest-profile transaction since announcing his re-entry into the investment banking business in March. His ascent back in the game is quite a reversal of fortune for a man who was charged with obstruction of justice back in 2003. At the time, prosecutors accused Quattrone of impeding an investigation into how "hot" stocks were given to preferred clients at Quattrone's then employer - Credit Suisse First Boston.

Those charges were eventually dropped in 2006. Quattrone was given a new lease on life. And, it looks like he's not only back in the game with the biggest Internet name, he's in a great position to sign up more clients. Brilliant.