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

AMZN 248.41

+1.6%

3:59 PM EST

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To: Jan Crawley who wrote (11848)	7/27/1998 1:49:00 PM
From: Rob S.	of 164684

I wonder how long it will be before we see a flurry of inevitable class-action lawsuits against the inet stocks? The speculation by analysts has run so rampant and is so counter to anything approaching normal valuations that, IMO, a good case can be made to bring suit against the major brokerages as well as the inet firms themselves. Public firms use the investment broker relationship to shield themselves from accusations that they have helped to cause hyper valuations by issuing public statements that they advise investors and analysts such things as that "it is extremely unlikely that Amazon.com can maintain growth rates . . " and that the analysts must decide for themselves what the proper valuations should be. That is like advising the fax to 'please be gentle' as it guards the chicken coop. The 'chickens', the small investors who pour real money into the black hole these stocks are destined to resemble, has little understanding of the cross purposes their advisors play at. I think the large class action law firms will take a serious look at the inherent complicity between the major bandit brokerages and the inet firms and have the potential for truly huge lawsuits against them. The brokerages have had the attitude "sure we screw the public for hundreds of millions if not billions, so, prove it in court!" These ivy league "Teflon Don" brokerages have had a racket going for them that is bigger than any infamous mafioso has ever dreamed about. Could be clear enough in the minds of the public to be worth the law firms gamble - even if they think their case is hard to prove because of the supposed hands-off separation between the inet firms and their recommendations, the "truth of it" will soon ring true to a jury. May be a tough GO in court but is worth millions to the brokerages in potential damage to PR value alone.

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