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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable? -- Ignore unavailable to you. Want to Upgrade?

To: C.K. Houston who wrote (116)	7/25/1999 11:48:00 AM
From: C.K. Houston	Respond to of 158

Merrill Lynch's most recent 10-Q filing.... "In light of the interdependency of the parties in or serving the financial markets, there can be no assurance that all Y2K problems will be identified and remedied on a timely basis or that all remediation will be successful. Disruption or suspension of activity in the world's financial markets is also possible." "In some non-U.S. markets in which Merrill Lynch does business, the level of awareness and remediation efforts relating to the Y2K problem are thought to be less advanced than in the U.S. Management is unable at this point to ascertain whether all significant third parties will successfully address the Y2K problem. Merrill Lynch will continue to monitor third parties' Year 2000 readiness to determine if additional or alternative measures are necessary." "The failure of exchanges, clearing organizations, vendors, service providers, clients and counterparties, regulators, or others to resolve their own processing issues in a timely manner could have a material adverse effect on Merrill Lynch's business, results of operations, and financial condition." "There can be no assurance that the costs associated with remediation efforts will not exceed those currently anticipated by Merrill Lynch, or that the possible failure of such remediation efforts will not have a material adverse effect on Merrill Lynch's business, results of operations, or financial condition." "The renovation phase of Merrill Lynch's Year 2000 efforts, as described in the 1998 Annual Report, was approximately 99.7% completed as of April 16, 1999, and production testing was approximately 99.1% completed as of that date. In March and April 1999, Merrill Lynch continued its participation in U.S. industrywide testing sponsored by the Securities Industry Association." 209.208.199.147 No one really knows what's going to happen, in spite of best efforts. All it takes is one weak link at a key point ... Cheryl 159 Days until 2000