from the AP...

10/20/98 WASHINGTON (AP) -- Regulators are cracking down on brokerage firms for allegedly failing to fully disclose their computer readiness for the year 2000. The Securities and Exchange Commission has charged 37 brokerage firms with failing to fully report on their computer systems' preparedness for conversion to the year 2000. It's the first time the government has enforced regulations relating to the year 2000 disclosure requirement, SEC officials said. The firms face civil penalties ranging from $5,000 to $25,000. ______________________________________________________________________

Question: Which is worse, disclosing your status and losing business and revenue because of a lack of a public lack of confidence or keeping quiet and paying $5,000 to $25,000. Something tells me that this kind of penalty is pocket change.

Can the SEC take further legal action to compel them to disclose this information?

Mike_______________________________________________________

-- Michael Taylor (mtdesign3@aol.com), October 20, 1998

Answers

Hey Michael,

Thanks for bringing this news release to our attention. I went to the SEC website (sec.gov) and copied the entire article, including the offending firms. Makes you wonder how much of our UNVERIFIED government agencies compliance percentage is...how would you say... inaccurate, to use a kinder, gentler term.

I like your take on the economics of closing or disclosing your readiness for 2000.

I do have to ask the question...If you are in design, don't you use a MAC? If so, you've been 2000 year compliant for more than a decade. Why are you so interested in Y2K, other than the obvious, you have all your investments in brokerage accounts with one of those "bad boys" in the SEC report?

Good post, keep search for the truth.

Larry

-- Larry Olney (taxman@kincyb.com), October 24, 1998.

Hey Larry,

I do use a Macintosh but my clients don't, along with the majority of other businesses and utilities. ____________________________________________________________________

-- Michael Taylor (mtdesign3@aol.com), October 27, 1998.