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Technology Stocks : 2000 Date-Change Problem: Scam, Hype, Hoax, Fraud
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To: Cheeky Kid who wrote (880)9/20/1998 8:35:00 PM
From: David Eddy  Read Replies (1) of 1361
 
Sire -

A fax machine I read about failed Y2K compliance, the only problem was the date displayed on the header of the page was incorrect, hardly a serious problem, the fax machine still functioned. Is a company going to go out of business because of that problem?

It's all relative. Depends what's being transmitted on that faxed document. Obviously no documents were transmitted by fax machine in the early 1900s.

However...in the early '80s I worked on an International Letters of Credit (L/C) system. To the best of my knowledge it is still in daily use at two of North America's largest money center banks.

Unfortunately the way I wrote the code that actually prints the L/Cs will show December 31, 1999 and January 1, 1900, because I hardcoded the ", 19". Normally this really wouldn't make a whole lot of difference, except that what this system is producing is legal contracts plus documentary attachments called bankers acceptances.

FYI... BANKERS ACCEPTANCE = MONEY!!!!

One final detail. I asked a lawyer how this oversight would be handled under UCC (Uniform Commercial Code). My question stumped him & he had to research the answer. The answer he came back with is the worst of all possible...the UCC does not cover that case...it will most likely have to be left up to the courts to decide.

Stuff like this is why Y2K is nasty serious.

- David
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