To all: This may have already been posted. It's from the
Information Week daily newswire dtd 6/10/98
TOP STORIES
_____Senate To Probe Corporate Year 2000 Disclosures_____
Sen. Bob Bennett (R-Utah), chairman of the recently created
Senate Committee on the Year 2000 Technology Problem, will
hold a hearing today to examine if stronger efforts are
necessary to get companies to comply with year 2000
disclosure guidelines. A second hearing, set for Friday,
will investigate how ready the nation's energy utilities
are for the date-change problem.
Officials of the Securities and Exchange Commission, which
has set rules for what corporations must disclose on year
2000 projects as part of their financial filings, will
testify at today's hearing, as will Steven Hock, CEO of
Triaxys Research in Missoula, Mont. Triaxys examined 250
corporate financial filings with the SEC and found that 15%
provided no year 2000 information, while 32% used such vague
language as to leave investors clueless about the status of
their projects or the risks involved, according to Hock.
Friday's hearing into the state of preparedness among
utilities addresses heightened concerns among year 2000
managers who have been unable to receive progress reports
from their utilities. In calling for the hearing, Bennett
estimated that the odds for a nationwide failure of the
power grid are about 40%.
Officials from the Nuclear Regulatory Commission and the
Energy Department are scheduled to testify at Friday's
hearing, as is John Koskinen, chairman of the President's
Council on Year 2000 Conversion. --Bruce Caldwell |
