Date:    03/31/2000  8:19 AM
Subject: Proposed Regulation FD

Dear Sirs,
     
I am sending this as an individual and the opinions expressed in this letter 
are mine and not necessarily my firm's.
     
The current system of disclosure is not only bad for individual investors, 
but it is bad for the markets as a whole. The ability of companies to 
selectively disclose material information to some sources and to receive 
good coverage as a result makes for a mockery of free flow of ideas and 
information. 
     
Analysts and brokers of Wall Street have a really good deal at the moment. 
Currently the major role that analysts seem to fill is in accepting explicit 
guidance from a company about what its quarterly earnings are going to be, 
whispering that information to institutional clients first, and then 
slapping either a "buy" or "strong buy" label and some "price target" on 
that information when they get a chance later to type it up. Given a level 
playing field, analysts are going to have to learn how to earn their keep by 
creating some sort of value from their analyses, rather than just being the 
people who get to hear first what's going on with companies.
     
I recommend that regulation FD (Fair Disclosure) be implemented. 
     
Regards,
     
Bob Smentkowski
Senior Analyst
investorIQ.com