Fred, I've been investing since 1982 and have been wildly bullish till about a year ago. Rest assured, Fred, I'm no Mary Poppins Polyanna Patsy.
Fred, what do you make of this story? Could it happen right here in the USA?
Y2K threatens bank in UK
Financial watchdog warns major firm is at serious risk from bug
June 25, 1999: 9:39 a.m. ET
LONDON (CNNfn) - A major international financial company operating in Britain is at serious risk from the millennium bug, the nation's financial watchdog warned Friday.
In addition to the unidentified firm, seven smaller finance houses are also in serious danger, according to Michael Foot, head of the Financial Services Authority's supervision unit.
The FSA, which regulates all investment activity in Britain, reported that there were now only eight companies in its high-risk category concerning preparations for the consequences of the date-induced glitch that might affect computers on Jan. 1, 2000.
Two months ago, the agency listed 32 companies as high risk out of the 400 or so it monitors as so-called high and medium impact groups.
The difficulties are far from over, Foot warned. "We see the next couple of months as crucial…[for the most at-risk firms] time is very short indeed."
He expects all financial institutions operating in Britain to complete their preparations for the millennium by the end of September, "or if not, to tell us why not, what remains to be done, and by when." stories
Britain's $12B Y2K hit - March 29, 1999
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U.K. banks face censure - March 18, 1999
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Financial Services Authority
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CNNfn Special Report: Y2K countdown
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