Inclusion Criteria

DISEASE CHARACTERISTICS:

- Diagnosis of multiple myeloma (MM)

- Previously untreated asymptomatic disease

- No requirement for immediate chemotherapy for active MM, such as hypercalcemia
from myeloma or painful bone lesions

- No solitary plasmacytoma

- Measurable or evaluable disease as defined by one of the following:

- Serum monoclonal protein ≥ 1.0 g by protein electrophoresis

- More than 200 mg of monoclonal protein in the urine by 24-hour electrophoresis

- Measurable soft tissue plasmacytoma by physical exam with ruler or by MRI or
positron emission tomography/CT scan

- If the only measurable lesion is the plasmacytoma, it must be ≥ 1.5 cm in 1
dimension

- Must have ≥ 10% plasma cells as measured on the bone marrow aspirate, bone marrow
biopsy, or labeling index

- No amyloidosis

PATIENT CHARACTERISTICS:

- Performance status 0-2

- Absolute neutrophil count ≥ 1,500/mm³

- Platelet count ≥ 100,000/mm³

- Hemoglobin ≥ 8.0 g/dL

- Creatinine ≤ 2.0 mg/dL (elevation above normal range should not be felt to be related
to myeloma)

- Not pregnant or nursing

- Negative pregnancy test

- Fertile patients must use 2 methods of effective contraception 4 weeks before,
during, and for 4 weeks after completion of study treatment

- No uncontrolled infection

- No other active malignancy

- No New York Heart Association class III or IV heart disease

- No pre-existing neuropathy ≥ grade 2

- No concurrent major dental work

PRIOR CONCURRENT THERAPY:

- See Disease Characteristics

- Prior corticosteroids (for nonmalignant disorders) allowed

- Prior therapy with experimental agents not shown to have significant activity in MM,
such as clarithromycin, dehydroepiandrosterone, and anakinra allowed

- No prior thalidomide or corticosteroids for MM

- No more than 3 doses of IV zoledronate or pamidronate within the past 12 months

- At least 3 months since prior radiotherapy, including radiotherapy for solitary
plasmacytoma

- No concurrent oral bisphosphonate therapy for osteoporosis