Companies are spending a lot of money to remedy their Y2K problems...

Companies are spending a lot of money to remedy their Y2K problems, according to statistics released by Institutional Shareholder Services. ISS found nine companies plan to spend more than $500 million preparing for 2000: Citigroup, $900 million; General Motors, $780 million; Bell Atlantic, $674 million; AT&T, $640 million; General Electric, $575 million; BankAmerica, $550 million; Philip Morris, $550 million; American Express, $543 million; and Lucent Technologies, $535 million. The average Y2K budget for companies in the S&P 500 index is $77 million, compared with $29 million for firms in the Russell 3000 index, according to the study.