<ARTICLE>      5
<LEGEND>       THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL  INFORMATION
               EXTRACTED FROM  THE QUARTERLY REPORT PURSUANT  TO SECTION
               13 OR 15(d) OF THE SECURITIES  EXCHANGE  ACT  OF 1934 FOR
               THE QUARTERLY PERIOD ENDED March 31, 2000.
</LEGEND>
<MULTIPLIER> 1,000

                                                     
<PERIOD-TYPE>                                           3-MOS
<FISCAL-YEAR-END>                                       DEC-31-1999
<PERIOD-START>                                          JAN-01-1999
<PERIOD-END>                                            MAR-31-2000
<CASH>                                                     137,446
<SECURITIES>                                               448,061
<RECEIVABLES>                                                    0
<ALLOWANCES>                                                     0
<INVENTORY>                                                      0
<CURRENT-ASSETS>                                           587,325
<PP&E>                                                       3,848
<DEPRECIATION>                                                   0
<TOTAL-ASSETS>                                             591,541
<CURRENT-LIABILITIES>                                       66,857
<BONDS>                                                          0
<PREFERRED-MANDATORY>                                       16,429
<PREFERRED>                                                      0
<COMMON>                                                        34
<OTHER-SE>                                                 506,103
<TOTAL-LIABILITY-AND-EQUITY>                               591,541
<SALES>                                                          0
<TOTAL-REVENUES>                                             4,600
<CGS>                                                            0
<TOTAL-COSTS>                                                    0
<OTHER-EXPENSES>                                             8,059
<LOSS-PROVISION>                                                 0
<INTEREST-EXPENSE>                                             123
<INCOME-PRETAX>                                            177,977
<INCOME-TAX>                                               (47,940)
<INCOME-CONTINUING>                                        130,037
<DISCONTINUED>                                                   0
<EXTRAORDINARY>                                                  0
<CHANGES>                                                        0
<NET-INCOME>                                               130,037
<EPS-BASIC>                                                $3.92
<EPS-DILUTED>                                                $3.56