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Technology Stocks : Y2k Why the stock-market will collapse within days/week
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To: JBTFD who wrote (145)5/27/1998 8:23:00 AM
From: Henry Volquardsen  Read Replies (1) of 185
 
Mark,
I'm not sure where the worst effects globally will be from Y2K. That is why I am monitoring this thread as well. I had some info about the utility industry because the discussion on this thread prompted me to contact some people I know in the industry.
As far as the banking industry is concerned I think that at least for major institutions the situation will get handled. My firm has been looking at the problem pretty aggressively. Like many large firms, we have a lot of internally developed software. At this stage I believe we have checked out all our own systems and are now concentrating on specialized applications written on vendor software. I have a high degree of confidence that my own firm will be compliant. I think the same thing can be said for most major financial institutions. The Fed has also indicated that they will be compliant and has made it clear that they will provide liquidity to the system if there are payment difficulties due to Y2K. Ss the risk of a major default in the financial industry is not large. If there is risk it is more likely to be with smaller banks that do not have the resources to attack the problem aggressively.

Henry
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