Date:    12/16/1999  4:24 PM

Subject: Selective Disclosure - End it!

     
       Michael Lewis, author of Liar's Poker, put the matter succinctly
several months ago when he wrote about selective
       disclosure being the financial scandal of the 1990s. "Wall Street
analysts are hungrier than ever for information not generally
       available to the public. Without it they have nothing to offer to
the large sophisticated investors from whom their brokers are
       trying to pluck commission dollars. So badly do the Wall Street
analysts require inside information these days that they will
       shape their opinion to maximize the likelihood of being included
in these closed-door meetings with the company CFO. They
       won't be crass about it; indeed they must preserve at least the
appearance of independence, lest their advice lose all
       credibility with investors. But they will almost certainly
refrain from criticizing the company that feeds them exclusive
       information too pointedly, to prevent being cut off from the
information, and the other various goodies a fast-growing company
       can bestow on a Wall Street firm (fees!)."
     
     
This country was based upon the principles of liberty and justice for 
all.  Please strike a blow in this direction by eliminating Selective 
Disclosures.
     
            Gerald Ludwig