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Technology Stocks : Information Architects (IARC): E-Commerce & EIP

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To: Jeffrey S. Mitchell who wrote (3701)	12/12/1997 2:29:00 AM
From: sibe	Read Replies (1) of 10786

>Subject: Re: Cost Disclosures >From: year2000-discuss@year2000.com > >Check out the Business Section of the Chicago Tribune, Nov. 20, 1997. >There's an article entitled "Scramble to catch year 2000 bug is on" >and has the following items related to your question: > >First Chicago NBD: estimates $100 million >Chase Manhattan: budget $250 million >Bank America: estimates about as much as Chase ------------------------------- I would be very cautious about taking these figures as gospel. I attended a conference where the speaker was from the Government of Canada. This speaker worked very closely with the major Canadian banks, and he said that the figures they were publishing for Y2k expenditures were inaccurate, and the banks knew it. At that time, (a few months ago), the quoted figure was around $100M (CDN) per bank. His opinion was that it was closer to $500M (CDN). All of the banks knew the real figures, but none would disclose them due to business reasons.

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