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Pastimes : MANIPULATION IS RAMPANT --- Can We Stop It? -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (134)	5/13/2002 12:14:06 AM
From: Dave Gore	Respond to of 589

Note: see next post <eom>

To: HairBall who wrote (134)	5/13/2002 12:15:31 AM
From: Dave Gore	Read Replies (1) \| Respond to of 589

LG, yes, IPO manipulation was yet another huge source of deceit, and lots of people got hurt. from the article: "Systemic manipulation by some of Wall Street's most respected firms, they say, may have fueled those eye-popping IPOs as much as investors' infatuation with the profitless pioneers of the new economy. "This was one of the great greed drives of history," says Jeff Bronchick, chief investment officer at money management firm Reed Connor & Birdwell in Los Angeles, who as a rule doesn't buy IPOs. "People stepped on a lot of kids to get to the fire exits, to get money. The blame game is bull, because everyone was in on it. But if you break the law and there's a record of it, you deserve to get punished." ..."filed a far-reaching lawsuit alleging that seven large securities underwriters -- among them Credit Suisse First Boston and Morgan Stanley -- colluded in an attempt to manipulate prices on hot IPOs and boost their gains. In their complaint, Lovell and Sirota charge that their dozen or so nightingales, all of them important clients of the defendant firms, were told -- in conversations never publicly disclosed -- that the only way they could obtain precious shares in sizzling IPOs like those of Ariba, Marimba, and UPS was to agree to remit as much as a third of their gains to the underwriters."

To: HairBall who wrote (134)	5/13/2002 12:33:23 AM
From: Dave Gore	Read Replies (1) \| Respond to of 589

Since this thread was often the #1 Hot Topic all weekend, that must mean many have bookmarked it, because not many are posting. That's fine, but please help E-mail. Help us make a difference. So far, better accounting standards and new analyst reporting regulations are coming. But we've got more to go. Stock price manipulation for one. We all can make a difference. It is only because of our e-mails, phone calls and outrage, that most (not all) politicians, news media, and regulatory bodies (especially the SEC) even pay any attention. PLEASE HELP: E-MAIL THESE ORGANIZATIONS AND PEOPLE 1) Your State Senators senate.gov 2) Mr. Levin's website, head of the Senate Subcommittee dealing with these things: levin.senate.gov 3) SEC website: sec.gov 4) NASD website: nasd.gov 5) Wall Street Journal: wsj.com 6) CNBC website: cnbc.com 7) Dept. of Justice: doj.gov Anybody else you can think of...your local newspaper, etc.