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For those who know about Y2K and for those who are not sure but want a bank with foresight just incase consider Bank of Boston symbol BKB website bankboston.com. I have been watching BKB for about three months, basically watching them go up and learning about them. I feel comfortable with what they have done to get ready for Y2K, what they continue to do in this regard especially in terms of reducing exposure in areas such as derivatives, weak loans and using Y2K as a competitive tool to enhance the company. I went ahead and took a position today. I will also be establishing an account with them next week. For me, BKB represents both a Y2K play and a strong bank play. The company will split its stock 2:1 in June. In doing your own research check the following and do your own due diligence. At a minimum, I'm sure the articles below will cause you to ask some hard questions of your current bank, you probably will not like what you hear/fail to hear relative to BKB: 1. In Tony Keyes' book "AN Investor's SURVIVAL GUIDE" a transcript of a radio program with Steve McManus- Bank of Boston's Communications Director, Year 2000 Program is provided on pp. 249-265. The interview took place on 31 Jan 97 2. Bank Boston is the First Bank in the Nation to Receive Certification for Addressing The Millennium Challenge bankboston.com BankBoston is Responding to the Challenge bankboston.com 3. "THE RISK TO FINANCIAL SERVICES INDUSTRY AND CONSUMERS AS A RESULT OF THE YEAR 2000 COMPUTER PROBLEM." ORAL TESTIMONY - WASHINGTON , DC JULY 10, 1997 bankboston.com 4. To get a feel for various bank's exposure to derivatives check out the 25 May 1998 Time Magazine pp.46-50. This should be considered in light of current problems in Asia and it doesn't appear to be getting better anytime soon. Additionally these countries are way behind when it comes to Y2K. The link below has the article but not the table that shows the risk for the various banks. Needless to say Bank Boston has the lowest Risk as a % of bank's net worth at 34% while Morgan Guaranty has the highest at 1114%. The Banks' Nuclear Secrets Shaky economies in Asia aren't good places for delicate financial instruments like DERIVATIVES. The fires engulfing Indonesia could scorch American banks pathfinder.com Regards, Brian Malloy | ||||||||||||||
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