Word: hypes
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Dates: during 2000-2000
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...worried. (Hey, you did pay for this article, didn't you?) The fact is--as the stitching-pattern makers learned the hard way--there's no corner of the so-called content industry, no bit of intellectual property, no idea, that isn't in danger of being Napsterized. "The hype is justified," insists Jupiter Communications analyst Aram Sinnreich. "Network file sharing has profound implications for the business model of the entire entertainment industry...
...Nick Leeson brought down Barings bank with $1.4 billion in fraudulent trades. At 25, Gary Hoke faked a Bloomberg news report linked to a Yahoo bulletin board in a stock scam that cost investors $93,000. At 24, Rafael Shaoulian littered financial bulletin boards with unfounded hype that enabled him to sell a stock and pocket $173,000. At 23, Mark Jakob drove down the stock of Emulex with a phony Internet report. He bought with a vengeance after the decline and made $241,000 when the hoax was discovered and the stock rebounded...
...school-age dependent. Lebed lives at home. He watches World Wrestling Federation matches. He roots for the Mets. He doesn't drive, at least not a car. But he has been in the fast lane of Wall Street swindlers for the past year, driving stocks with bogus chat-room hype that enabled him to capture $272,826 in illegal profits. Lebed settled his case with regulators last Wednesday, agreeing to disgorge the profits, plus $12,174 in interest, without admitting to any wrongdoing...
...amazing aspects of Lebed's story, or that of any Net fraudster, is that people act on the hype they see online. Large banks like Chase Manhattan pay millions of dollars a year in premiums to insure against a rogue trader like Leeson. Your best protection against a rogue Internet hypster is just not to listen. Most pump-and-dump schemes involve micro-cap stocks. That's your first tip-off. Often they hype them as likely to double or better in weeks. If you have questions, the SEC has a brochure, "Pump&Dump.con," with tips for avoiding scams...
...there," says Bob Smith, a Houston oil executive. He upgraded his computer five years ago specifically to dump his broker and trade online. He checks the financial Web postings and tunes in to chat sessions on the market. But he also does his own research and notes that the hype-and-con element of Wall Street isn't just online. "Highly paid analysts hype Internet stocks with outrageous price targets, then drop their estimates," he says. "I am sure they get their firms out of a position before they drop the bomb on the rest of the investing public...