Clock skew with hyperthreading and high load?

[Hal Nine]

I have a Intel(R) Xeon(TM) CPU 2.40GHz (stepping 9) running under 2.4.24
with hyperthreading enabled.  I have noticed that, under extremely high
loads (high swap usage including, but this may not be relevant) the system
clock looses a lot of seconds.  For example, when running ntpdate against
a reliable time source every hour, on some runs it corrects only fractions
of seconds, but on other runs it ajusts up to 200 seconds (during exactly
those periods of high load).

Is this a known problem?  Any good solutions/workarounds?

h
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