DISEASE CHARACTERISTICS:

• Diagnosis of previously untreated, stage I-III multiple myeloma confirmed by:

  • Bone marrow plasmacytosis with at least 10% plasma cells or sheets of plasma cells or biopsy-proven plasmacytoma

  • At least 1 of the following:

    • M-protein in serum or urine
    • Osteolytic lesions on radiograph (generalized osteoporosis qualifies only if bone marrow aspirate contains at least 20% plasma cells)

• Measurable disease

  • Serum M-protein at least 1.0 g/dL by serum protein electrophoresis
  • Urine M-protein (light chain) excretion greater than 200 mg/24 hours by urine protein electrophoresis
  • Biopsy-proven, measurable plasmacytoma(s) of soft tissue
  • Bone marrow plasmacytosis of at least 20%
• No smoldering multiple myeloma
• No nonsecretory myeloma
• No localized plasmacytomas
• No monoclonal gammopathy of undetermined significance
• No primary systemic amyloidosis
• No cord compression or CNS complication unless controlled by appropriate therapy
• Concurrent registration on the ancillary laboratory protocol E-3A93 required except for participants from South African institutions

PATIENT CHARACTERISTICS:

Age:

• 18 and over
• Patients age 70 and over eligible if considered able to tolerate study therapy

Performance status:

• Under age 70: Known EGOG performance status
• Age 70 and over: ECOG 0-2

Life expectancy:

• Not specified

Hematopoietic:

• Absolute neutrophil count at least 1,000/mm^3
• Platelet count at least 50,000/mm^3
• No thrombophlebitis within the past 6 months

Hepatic:

• Bilirubin no greater than 2.0 mg/dL
• SGOT no greater than 2.5 times upper limit of normal (ULN)
• Alkaline phosphatase no greater than 2.5 times ULN

Renal:

• Creatinine no greater than 5.0 mg/dL
• No renal disease
• No hyperuricemia unless controlled by appropriate therapy

Cardiovascular:

• No myocardial infarction within the past 6 months
• No hypertension requiring treatment other than diuretics and/or beta blockers, angiotensin-converting enzyme inhibitors, or calcium channel blockers
• Blood pressure greater than 140/90 mm Hg must be treated and maintained below 170/100 mm Hg on antihypertensives

• No significant arrhythmia within the past 3 months, i.e.:

  • Sustained atrial or ventricular arrhythmia requiring antiarrhythmic drugs
  • Documented multifocal premature ventricular contractions requiring therapy
  • Ongoing requirement for antiarrhythmia drugs except digoxin to control the ventricular rate of atrial fibrillation that has been chronic for more than 1 year
• Ejection fraction normal by echocardiogram or MUGA scan if history of congestive heart failure or myocardial infarction
• No angina requiring nitrates or beta blockers

Pulmonary:

• No pulmonary emboli within the past 6 months

Other:

• No AIDS
• No concurrent reversible condition (e.g., infection, hyperviscosity syndrome) unless controlled by appropriate therapy
• No other malignancy within the past 5 years except nonmelanomatous skin cancer or carcinoma in situ of the cervix
• Not pregnant or nursing
• Negative pregnancy test
• Fertile patients must use effective contraception

PRIOR CONCURRENT THERAPY:

Biologic therapy:

• Concurrent epoetin alfa allowed for control of anemia

Chemotherapy:

• No prior chemotherapy

Endocrine therapy:

• Concurrent corticosteroids for hypercalcemia allowed

Radiotherapy:

• No prior radiotherapy to more than 15% of bone marrow
• Concurrent radiotherapy allowed if delay of systemic therapy would pose undue risk to patient

Surgery:

• More than 5 years since prior surgery for other cancer

Other:

• See Cardiovascular
• Concurrent bisphosphonates or other agents for hypercalcemia allowed
• No concurrent anticoagulants