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To: Thomas G. Busillo who wrote (2455)	3/29/1999 10:08:00 PM
From: Gary M. Reed	Read Replies (1) \| Respond to of 17683

Tom, My only beef with Braverman is that he could've easily handled the questions better. Rather than vehemently deny Faber's allegations, Braverman would've looked better (and served his employer better) by saying the following: "David, I think it's safe to say that my new employer (NationsBank) recognized my previous achievements in the investment world, and brought me aboard for several reasons. NationsBank obviously felt that having an AllStar Internet analyst on board would be beneficial to our institutional clients. And it is safe to assume that NationsBank felt that my association with the firm might facilitate forming meaningful relationships with potential investment banking clients. Let's face it, when the Yahoo!s, eBays and Amazons need investment banking services, they're looking for an investment banker who can provide them with the entire package. NationsBank brought me aboard because they felt that I could provide some value into the equation. If that ultimately benefits NationsBank shareholders, then I'm doing my job. As far as my salary, well, it was/is simply what the market was willing to pay. If CNBC wanted to pay you $4 million per year for your services, would you ask them why they think you are worth so much? Or would you graciously accept their offer?" I think Braverman came on this morning, thinking that CNBC would issue an apology to him. He was obviously taken aback when Faber pressed the issue. He certainly did himself and NationsBank a dis-service when he tried to dismiss any claims that he might've been brought onboard to facilitate profitable investment banking transactions. There was no need to deny it; rather he could've put it in perspective. Let's face it, most people already realize that investment banking relationships influence a lot of what analysts write about. And vis-a-vis, a "hot" Internet company isn't going to do IB work with a firm with a lousy Internet analyst. Rather than deny it, he would've been better off explaining how his presence at NationsBank would enhance the bottom line to NationsBank shareholders. Good luck, Gary

To: Thomas G. Busillo who wrote (2455)	3/30/1999 1:36:00 AM
From: Chuzzlewit	Read Replies (1) \| Respond to of 17683

Thomas, today I did something that I have never done before. I e-mailed a complaint to CNBC concerning the Braverman interview. The following is the text: I just saw Alan Braverman and I was quite dismayed by his disingenuous answers. He would have viewers believe that there is no relationship between between his stock ratings, and his investment bank's relationship with clients. I have analyzed Amazon.com thoroughly and have come to several conclusions which I think are pertinent. First, the company has very poor operational cash flow -- only about $17MM if you strip interest income from the statement. Second, if you look at the company on an EBITDA it is nothing short of horrible. In fact, the only things propping this company up are its ability to generate funds through rapid growth of A/P, and its stock price. These considerations lead me to believe that as soon as this company stops growing it will fall apart like a Ponzzi scheme. In point of fact, the positive cash flow that the company experienced was largely due to the issuance of additional debt and the sale of stock. But Mr. Braverman did not deal with any of these issues, nor did your panel ask these questions. TTFN, CTC