DIARY: 'Gold rush' comments sees dot.com comms defend its reputation

Comments from Edelman Worldwide CEO Richard Edelman to PRWeek's

Reputation.com conference have provoked a tough response from the

dot.com communications sector.



Speaking at the event earlier this month, Edelman told delegates that

the PR industry had been a partner in the 'gold rush' mentality that

drove share prices in the rash of start-ups through the roof.



According to Edelman, whose firm has been the subject of recent takeover

speculation after numerous meetings with Publicis CEO Maurice Levy, the

industry was responsible for creating 'hype and buzz at all cost ...

failing to demand accountability and test the claims.'



He concluded by referring to the effect of PR on investors: 'I'm not

sure that without the hype and press these guys would have spent the

dough.'



Citigate Technology MD David Joseph disputed the claims, suggesting that

'the media were more than willing to jump on the bandwagon without the

work of publicists'.



He added that he believed a second wave of dot.com firms would follow,

adding: 'Every revolution has casualties, and that has nothing to do

with the hype surrounding it.'



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