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Technology Stocks : Discuss Year 2000 Issues
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To: Bill Ounce who wrote (888)1/14/1998 2:09:00 PM
From: Joseph E. McIsaac  Read Replies (1) of 9818
 
<< The Y2K fire is about to break out. 200/hour is cheap, you're not paying firemen to sit around any more, you're paying Red Adaire to put out burning oilwells. Try 2,000/hour, try 20,000/hour. >>

My company Market Partners ran into our first example of this sort of situation recently. Last week we were approached by a $20 billion-in-assets bank (a mid-size, regional bank) about helping them with their Y2K program. What's interesting are the facts about this issue:

1. Their problem started when their other service provide (a big 6er) DUMPED them (literally) for a more lucrative offer.
2. They are facing a fixed deadline that is immutable (in this case, their OCC examination is in 5 weeks). Sounds like 12/31/99.
3. They will pay us a ridiculous amount of money to help them get their program in shape in time.
4. We can't help them regardless of the money -- we don't have the man-power and there's just too much to do with the time they have left.

It's a miniature example of what we're going to see, IMHO.
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