'> The bank will of course recover the money eventually. I don't think anyone
No it won't. It will be lost forever.
> is suggesting that your money is vaporized, but it will cause a major hassle
> for all involved to sort out what happened. Multiply one bad transaction by
> a million, and things slow to a crawl. If problems are too frequent - a few
> percent of transactions done incorrectly - the computer system is
> essentially useless, less efficient than keeping the records with pencil and
> paper.
>
> Blake Leverett
At the WDC Y2K meetings, VPs from NY financial organizations have
reported that during the 1987 stock market meltdown, the trading volume
was too large for their systems to process. After several weeks of
analysis, several companies decided to write off the anomalies, "You may
owe us millions or we may owe you millions but neither of us can
reconstruct what happened."
This is one reason that the meetings are attended by executives from
NY and the buffet is so lavish. They (I'm not naming names) are
running scared (taking Y2K seriously). WDC Y2K is their way to get the
word out, to communicate with the Fedgov that Y2K is a serious matter.
Overall, it has been a noble effort but not the success I'd hoped it
would be. I have met some interesting people at WDC Y2K, heard some
incredible stories... I have shared all I can but the comments before
and after the meetings are the most shocking.
cory hamasaki 396 Days, 9,506 Hours.
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