The first edition of this preprint contained a gruesome error that is corrected in the present version. The error was in the determination of the Iwasawa module for an exceptional 2-adic local field F. The original version reduced to two possibilities and then claimed that only one of these could actually occur. It turns out that both cases occur, depending on the parity of the degree d of F over the 2-adic rationals. The mistake does not affect the homotopy-type of the ``reduced K-theory spectrum''; it only affects the connecting map in the fibre sequence defining this spectrum. As a result, the sequel ``General linear group homology of a 2-adic local field'' remains correct as written.