Wget with -O and -k

Hiya,
using wget with -k and -O together wget cannot change the links in the
document.

wget -k -O nytimes.html
http://www.nytimes.com/ref/membercenter/help/privacy.html

produces the following error messages
privacy.html: No such file or directory
Converting privacy.html... nothing to do.
Converted 1 files in 0.00 seconds.

This bug is in 1.8.1 & 1.8.2

Thanks
-- 
Jennifer Freeman