2000 Date-Change Problem: Scam, Hype, Hoax, Fraud

To: Bill Wexler who wrote ()	7/28/1998 2:24:00 AM
From: Bill Wexler	of 1361

The Y2K hoax continues to disappoint doomsday investors. After countless thousands of posts with dire predictions of massive Y2K problems and equally massive profits for Y2K consulting and remediation firms, it turns out that (as I correctly predicted) the whole Y2K issue was (and continues to be) overblown hype, and the most intelligent thing an investor could have done over the past year was to short just about any Y2K company. A quick check of my suggested Y2K short portfolio (ACLY, DDIM, IMRS, VIAS, ZITL) will confirm that all of these stocks have suffered massive declines - all except IMRS, which is up about 35% from my rec. date (5/31/97). IMRS, interestingly, abandoned its focus on Y2K some time ago. ZITL has proven itself to be a complete fraud, though Y2K cultists and crooked stock promoters shamelessly continue to hype this garbage stock. I was, am, and will continue to be 100% correct about the Y2K hoax.

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To: Schultz who wrote (800)	7/30/1998 11:27:00 AM
From: Jeffrey S. Mitchell	of 1361

According to the publication "AKO Banking on Insurance": To date, the FDIC has issued 105 warnings and three cease-and- desist orders to banks that were slow to update their own systems for the millennium". I've also seen it published that 38% of programmers say they will take their money out of banks before 2000. Now that's scary. Of course Bill will just say this is all nonsense. And why not. Words are cheap. The ironic thing is, the more Y2K stocks go down because of lack of demand -- as people like Bill hope -- the bigger the potential problem will be down the road as companies finally throw in the towel and ask for help. Right now no CIO would dare risk his job admitting his staff can't handle the problem. - Jeff

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To: Bill Wexler who wrote (797)	8/7/1998 11:17:00 PM
From: David Eddy	of 1361

Bill - The Y2K hoax continues to disappoint doomsday investors. I'll grant you that there's been considerable room to slip some less than entirely savory 'investments' onto the table while flying the Y2K label... However, I'm still unclear as to whether or not you separate the reality (or not) of the Y2K problem from the Y2K stock story. This inquiring mind would love to know. As always, my position is that we have a major problem on our hands for the fundamental reason that when counting with two digit numbers, there is no number after 99. Period. Full STOP! And then factor in the reality that software projects have an abysmal track record for being delivered on time and with promised/expected functionality. (I won't even stoop to consider budget expectations.) Back to you... <g> - David

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To: Scarecrow who wrote (805)	8/10/1998 10:50:00 AM
From: jwk	of 1361

Scarecrow -- score one for the lunatic fringe! They've apparently saved our bacon. Since they've taken Y2K concerns out to -- and over -- the edge, all the other stuff (like the findings of the Bennette/Dodd Senate Committee hearings,etc.) don't matter. As long as loonies are running wth the idea, it can't hurt us! Cool. Also, if you've seen the MSNBC article on the current status of European Y2K concerns, you'll see that they only expect 1 in 6 companies to have difficulties. That's over 83% of companies which won't. Now then, if any of the healthy majority depend on the 16% of the rotten apples ....... oh yeah, I almost forgot -- see above, the loonies have taken Y2K concerns over the edge so we don't need to worry about it.

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