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To: Sully- who wrote (31011)	8/29/2000 8:51:11 PM
From: Dealer	Respond to of 35685

Story just keeps getting better and better........dealie

To: Sully- who wrote (31011)	8/29/2000 9:42:20 PM
From: Sully-	Respond to of 35685

Interesting info gleaned from the G&K thread....... To: gdichaz who wrote (30720) From: Fred Manzo Tuesday, Aug 29, 2000 7:51 PM ET Reply # 30728 of 30737 Newsweek, page 32, book excerpt. "In his new book, 'The Fortune Tellers,' press critic Howard Kurtz says the bull market has created a Wall Street media machine that thrives on rumor and misinformation and is secretly influenced by traders, CEOs, and biased analysts. Few investors break the code." Hype is Hip on CNBC. "The trigger-finger media misfired again last week when Bloomberg News, CNBC, Dow Jones and others blindly touted a press release - which turned out to be an utter fraud - about accounting problems at the fiber-optic firm Emulex, whose stock plummeted more than 50 percent in just 15 minutes. It was published first, ask questions later. But the game is rigged in legal ways as well, for moneymen, using their cozy ties to the media heavies, often have vested interested in pushing certain stocks. These fund managers and brokerage analysts not only keep contradicting each other, they are frequently wrong, having failed to foresee either the spectacular rise in the tech-heavy Nasdaq in 1999 or the dramatic crash in both the Dow and the Nasdaq last spring. And since the media need a steady stream of prognosticators to help them peddle the prospects of instant riches, almost no one holds them accountable. When Merrill Lynch's Henry Blodget urged people last year to buy Amazon.com - and the stock fell by two thirds before this summer - few journalists mentioned the unfortunate plunge during Blodget's subsequent talking-head appearances. Worse, the financial media all but ignore disturbing conflicts of interest when they trumpet the relentless recommendations by Wall Street firms. Merrill Lynch hired Blodget - replacing an analyst who argued that Amazon was worth one eighth as much - to compete for the cyberworld's investment-banking business against Morgan Stanley's Mary Meeker and other hotshot Net analysts (Such pursuits help explain why only 0.3 percent of analysts' recommendations last year were to sell.)" - Fred