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

AMZN 229.12

-0.2%

3:59 PM EST

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To: Victor Lazlo who wrote (142480)	5/23/2002 7:37:03 AM
From: H James Morris	Read Replies (2) of 164684

Here's some more good news from Wall Street. This should improve investor confidence. >>ALBANY, N.Y. -- Citigroup Inc.'s Salomon Smith Barney investment banking division decided yesterday to change compensation for its stock analysts, one day after Merrill Lynch & Co. settled charges that its stock analysts misled investors. Salomon will adopt the same analyst compensation ground rules to remove conflicts of interest that Merrill Lynch accepted in a deal with New York Attorney General Eliot Spitzer that also included a $100 million fine. Spitzer had accused Merrill Lynch's analysts of touting shares so the firm would win highly profitable investment banking business. He strongly encouraged the firm's rivals to comply with the settlement's terms, saying they were also being scrutinized. In a memo sent to Salomon employees yesterday, Chairman and Chief Executive Mike Carpenter said the settlement sets "a new industry standard necessary to maintain investor confidence and provide a useful template for the rest of the industry to follow." Carpenter said Salomon "will separate completely the evaluation and compensation of equity research analysts from investment banking."

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