Ironically, logic is often the scarcest commodity in the information technology funding process.

Consider Bank One Corp., which announced on Wednesday a fourth-quarter loss of 44 cents per share. The company, seemingly unable to assemble the basic management information necessary to understand its financial performance and earnings dynamics, continued to invest in its Web banking tar baby,, and introduced a nifty (if mostly unnoticed) person-to-person Internet funds transfer system.

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