This comes from a respected source in England.
Word will eventually get out to investors, who are in denial. When their share prices reflect reality, they will no longer be in denial. They will be in a panic.
Denial will be paid for first by stock market investors.
* * * * * * * * *
SHARE prices could be in for some spectacular mood swings next year as forecasts persist that lack of year 2000 compliance could materially affect companies during the run-up to the millennium. . . .
Some IT companies are dismissive. Rockwell, the American defence firm, said the bug is taking 25 to 30 per cent less time and money than it had expected. Bill Gates, of Microsoft, has called it "little more than a headache". But Reuters, the online information company, worried the City last month by refusing to put a figure on the cost of the problem.
The issue is beginning to affect takeovers. Last week a $650 million Dutch privatisation collapsed when Getronics, the IT company bidding for Roccade, the state computer services agency, said legal worries about the bug made it too risky to proceed.