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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 247.35

+0.4%

Jan 9 9:30 AM EST

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To: H James Morris who wrote (124876)	5/10/2001 12:54:03 PM
From: Glenn D. Rudolph	Read Replies (3) of 164684

"WASHINGTON, May 9 (Reuters) - About two dozen securities firms have agreed to pay roughly $4.5 million to settle charges they defrauded municipalities nationwide through so-called "yield-burning" practices, lawyers said on Wednesday. Dwight Brock, clerk of the Circuit Court of Collier County, Florida, who brought the groundbreaking 1998 class action suit against the 25 brokerages, welcomed the preliminary settlement approval by Judge John Steel of the U.S. District Court for the Middle District of Florida this week. Thomas Grady of Florida-based Grady and Associates, who represented Brock, told Reuters none of the 25 brokerages admitted wrongdoing in settling claims that they charged inflated prices for U.S. Treasury securities which localities nationwide bought to help refinance more expensive debt. The high prices "burn" down the yield to comply with tax regulations. " When are we going to start getting criminal charges? The sluts make enough money the fine does not matter but locking up management might make them think twice. Maybe the sluts could first to a secondary for some firms that handle private prisons so we can handle the extra criminals.

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