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To: Bob Kim who wrote (103668)	5/19/2000 5:14:00 PM
From: Sam Citron	Respond to of 164684

Bob, I do not think that "asymmetric dissemination" is kosher though I do agree it is standard practice. It is standard practice because the SEC is doing little more than paying lip service to the concept of the level playing field and the integrity of the market. I believe you may have misinterpreted my earlier remarks. I merely suggested that Henry Blodget did not deserve to be flogged for having the courage or naivete to allow us to gaze at this unseemly side of the sell-side analysis business. Henry is merely an agent who is acting according to the rules and norms of his principal, Merrill Lynch. If Merrill Lynch truly has rules forbidding analysts to advise certain clients of recommendations before other clients, he seems blissfully unaware of them. There is nothing to suggest that these so-called rules, which seem to have no consequences for those who break them, are little more than a convenient means for the employer to attempt to insulate itself from potential liability caused by the predictable overzealousness of the employee. In any case, the more important issue is not the asymmetry between the disclosure to favored institutional clients versus ordinary clients of Merrill Lynch, but rather the prior disclosure of the revenue projection in a private telephone conversation between the company and the favored analyst, instead of via a public release such as a press release and public conference call.

To: Bob Kim who wrote (103668)	5/21/2000 3:06:00 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Bob, re: analysts. I thought this might interest you. >Grading the analysts The earnings season is winding down, so who among Wall Street' s thousands of analysts got their forecasts right? BulldogResearch.com, a Web site started this month, keeps track of such matters, naming the top three analysts for each company based on the accuracy of quarterly earnings forecasts. Among other things, the site rates analysts on the performance of their stock picks. Goldman Sachs and Donaldson, Lufkin & Jenrette and Bear Stearns already have signed on to the service, authorizing disclosure of their analysts' names and track records. Others, including Merrill Lynch, Lehman Brothers and First Boston, are not yet doing so. -- New York Times News Service Btw What about the slut of all sluts. Morgan Stanley...not even a mention.Hmmmmmm