Inclusion Criteria

DISEASE CHARACTERISTICS:

- One of the following histologically confirmed diagnoses:

- Acute myeloid leukemia (AML)

- Newly diagnosed de novo AML in patients over 60 years old with the
following poor-risk features:

- Antecedent hematologic disorder

- Complex karyotype or other adverse cytogenetics

- Stem cell immunophenotype

- AML arising from myelodysplastic syndromes (MDS)

- Secondary AML

- Relapsed or refractory AML, including primary induction failure

- MDS

- Poor-risk, defined as the following:

- International Performance Score at least 1.5

- More than 10% marrow blasts

- Cytopenias in at least 2 lineages

- Refractory anemia with excess blasts (RAEB)

- RAEB in transformation

- Chronic myelomonocytic leukemia

- Acute lymphoblastic leukemia (ALL)

- Newly diagnosed de novo ALL in patients over 60 years old with the
following poor-risk features:

- Complex karyotype or other adverse cytogenetics

- Mixed lineage immunophenotype

- Relapsed or refractory ALL, including primary induction failure

- Chronic myelogenous leukemia (CML)

- CML in accelerated phase or blast crisis

- Interferon-refractory CML in chronic phase

- Multiple myeloma (MM)

- Relapsed or refractory, including prior autologous stem cell
transplantation

- Acute promyelocytic leukemia

- Prior treatment with tretinoin

- Ineligible for arsenic trioxide

- No evidence of active coagulopathy

- Low-risk for developing clinically significant coagulopathy during study

- Low tumor burden by marrow aspiration at time of relapse

- No prior coagulation-related sequelae (deep vein thrombosis, pulmonary
embolism, or CNS thrombosis or bleed)

- Failure after primary induction therapy or relapse after complete remission allowed
if patient received no more than 3 courses of prior induction/reinduction therapy

- Not eligible for curative stem cell transplantation

- No hyperleukocytosis with at least 50,000/mm^3 leukemic blasts

- No active CNS leukemia

- No plasma cell leukemia

- No amyloidosis resulting in major organ dysfunction

PATIENT CHARACTERISTICS:

Age:

- 18 and over

Performance status:

- ECOG 0-2

Life expectancy:

- Not specified

Hematopoietic:

- See Disease Characteristics

- No disseminated intravascular coagulation

- No hyperviscosity

Hepatic:

- AST/ALT no greater than 2 times normal

- Alkaline phosphatase no greater than 2 times normal

- Bilirubin no greater than 1.5 times normal

Renal:

- Creatinine no greater than 1.5 times normal

- No uncorrected hypercalcemia

Cardiovascular:

- See Disease Characteristics

- LVEF at least 45% by MUGA or echocardiogram

- No intrinsic impaired cardiac function, including any of the following:

- Myocardial infarction within the past 3 months

- Prior severe coronary artery disease

- Cardiomyopathy

- Congestive heart failure

Other:

- No active uncontrolled infection

- Not pregnant or nursing

- Negative pregnancy test

- Fertile patients must use effective contraception

PRIOR CONCURRENT THERAPY:

Biologic therapy:

- See Disease Characteristics

- At least 1 week since prior growth factors (epoetin alfa, filgrastim [G-CSF],
sargramostim [GM-CSF], interleukin [IL]-3, or IL-11)

- At least 4 weeks since prior autologous stem cell transplantation

- No prior allogeneic stem cell transplantation

- No concurrent immunotherapy

Chemotherapy:

- See Disease Characteristics

- At least 3 weeks since prior chemotherapy and recovered

- At least 24 hours since prior hydroxyurea or mercaptopurine for prevention of
leukostasis

- No concurrent chemotherapy

Endocrine therapy:

- Not specified

Radiotherapy:

- At least 2 weeks since prior emergency radiotherapy to large soft tissue or lytic
bony lesions for MM

- No concurrent radiotherapy

Surgery:

- Not specified

Other:

- At least 24 hours since other prior noncytotoxic agents for prevention of leukostasis

- No other concurrent antitumor therapy