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Technology Stocks : Discuss Year 2000 Issues

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To: C.K. Houston who wrote (5624)	5/4/1999 11:40:00 AM
From: C.K. Houston	Read Replies (2) of 9818

FEDS LOSE BILLIONS ON Y2K =============================================================== Wired News Report - May 3, 1999 Congressional auditors have found that federal agencies have lost track of the billions of dollars they requested to rid their computers of Y2K glitches. Slipshod accounting is commonplace, says a report released Monday by the US General Accounting Office. Of the 24 largest federal agencies, only seven kept track of how much they spent on Y2K fixes over the last three years. Costs are skyrocketing. "Estimated costs of Y2K activities for the 2000 fiscal year have increased by over 700 percent during the last year," the report said. The 2000 fiscal year begins 1 October 1999, and the estimated total repair cost for the largest agencies is now US$7.5 billion. Government officials have also spent hundreds of millions of dollars designated for Y2K repairs on non-urgent and unrelated projects, the GAO said ... wired.com Cheryl

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