Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Ken who wrote (6925)	7/21/1999 11:44:00 PM
From: C.K. Houston	Respond to of 9818

To: Ken who wrote (6925)	7/22/1999 12:44:00 AM
From: Ken	Respond to of 9818

Great! Yourdon is back!Check out his new Y2K material at yourdon.com

To: Ken who wrote (6925)	7/22/1999 12:46:00 AM
From: Ken	Respond to of 9818

This is very bad!Text: Clinton Signs Y2K Legislation into Law (Y2K Act protects companies from litigation) (680) President Clinton has signed what he calls "extraordinary, time-limited legislation" to protect U.S. companies working on solutions to the Y2K computer problem from unwarranted lawsuits. Clinton said in a White House statement issued July 20 that companies that have taken "reasonable measures" to inform others about how they can avoid harm from Y2K failures may be hit with Y2K suits seeking compensation should there be significant failures or disruptions as the Year 2000 begins. "Responsible companies fear that they will spend millions or more defending Y2K suits, even if they bear little or no responsibility for the harm alleged," Clinton said. He expressed the hope that the new legislation, called the "Y2K Act," will help screen out frivolous claims without blocking legitimate suits. Following is the text of Clinton's statement: (begin text) THE WHITE HOUSE Office of the Press Secretary July 20, 1999 STATEMENT BY THE PRESIDENT Today I have signed into law H.R. 775, the "Y2K Act." This is extraordinary, time-limited legislation designed to deal with an exceptional and unique circumstance of national significance -- the Y2K computer problem. In signing this legislation, I act in the belief and with the expectation that companies in the high technology sector and throughout the American economy are serious in their remediation efforts and that such efforts will continue. Many have worked hard to identify the potential for Y2K failures among their systems and products, taken reasonable measures to inform those who might be injured from Y2K failures of steps they could take to avoid the harm, and fixed those systems and products, where feasible. If nonetheless there are significant failures or disruptions as we enter the Year 2000, plaintiffs will turn to the courts seeking compensation. Responsible companies fear that they will spend millions or more defending Y2K suits, even if they bear little or no responsibility for the harm alleged. Frivolous litigation could burden our courts and delay relief for those with legitimate claims. Firms whose productivity is central to our economy could be distracted by the defense of unwarranted lawsuits. My Administration sought changes to make the Y2K Act balanced and fair, protecting litigants who are injured and deserve compensation. We achieved some additional protections. For example, the Y2K Act was modified to ensure that the Federal law leaves intact the State law doctrines of unconscionability that protect unwary consumers and small businesses against unfair or illegal contracts and that public health, safety, and the environment are protected, even if some firms are temporarily unable to comply fully with all regulatory requirements due to Y2K failures. In addition, the Y2K Act expressly exempts Y2K actions involving private securities claims arising under the Securities Act of 1933 and other Federal securities laws that do not involve actual or constructive awareness as an element of the claim (e.g., section 11 of the 1933 Act). More generally, actions by the Securities and Exchange Commission are excluded from the definition of "Y2K Action." This is narrow, time-limited legislation aimed at a unique problem. The terms of the statute should be construed narrowly to create uniform Federal rules for Y2K actions in the areas specified in the bill, and to leave in place State law not in direct conflict with the bill's provisions. Moreover, my signature today in no way reflects support for the Y2K Act's provisions in any other context. I hope that we find that the Y2K Act succeeds in helping to screen out frivolous claims without blocking or unduly burdening legitimate suits. We will be watching to see whether the bill's provisions are misused by parties who did little or nothing to remediate in order to defeat claims brought by those harmed by irresponsible conduct. In the remaining days of 1999, I hope that the business community redoubles its efforts at remediation. Preventing problems before they start, and developing contingency plans when necessary, are still the best solutions to the Y2K problem. WILLIAM J. CLINTON (end text)

To: Ken who wrote (6925)	7/22/1999 12:56:00 AM
From: Ken	Respond to of 9818

VERY GRIM:US OFFICIAL;< disrupt worldwide flow of goods and services, sparking havoc and.. Y2K Glitch Likely To Disrupt Trade: U.S. Official :http://news.excite.com/news/r/990721/17/news-yk-global Updated 5:18 PM ET July 21, 1999 By Jim Wolf WASHINGTON (Reuters) - The 2000 computer glitch is likely to disrupt the worldwide flow of goods and services, perhaps sparking havoc and unrest in some countries, a top State Department official said in remarks prepared for Congress and obtained Wednesday. With less than six months left before the technology-challenging date change, "the global picture that is slowly emerging is cause for concern," said Jacquelyn Williams-Bridgers, the State Department's inspector general. "Our assessments suggest that :http://news.excite.com/news/r/990721/17/news-yk-global ... In some unnamed countries "there is a clear risk that electricity, telecommunications and other key systems will fail, perhaps creating economic havoc and social unrest," Williams-Bridgers said. She made her comments in written testimony prepared for a hearing on global corporate readiness Thursday before a special Senate panel looking into the problem. An advance copy was obtained by Reuters. "Y2K-related disruptions in the international flow of goods and services are likely," she said, adding that "a breakdown in any part of the supply chain would have a serious impact on the U.S. and world economies." ... Williams-Bridgers, whose office has been assessing international Y2K readiness, did not name the countries said to be most at risk of encountering social upheavals. But she said key sectors in the republics of the former Soviet Union and other former Eastern bloc nations have "a relatively high probability of Y2K-related failures." Industrialized countries, on the other hand, were generally found to be at low risk of having Y2K-related infrastructure failures, particularly in the finance sector. Still, 11 of 39 of these countries were reported to be at "medium risk" of encountering transportation failures. And nine of 39 were reported to be at a medium or high risk of failure in telecommunications, energy or water services. From 52 to 68 developing countries out of the 98 rated were said to have a medium or high risk of Y2K-related failure in the telecommunications, transportation and/or energy sectors. But "the relatively low level of computerization in key sectors of the developing world may reduce the risk of prolonged infrastructure failures," Williams-Bridgers said. Overall about half of the 161 countries assessed by U.S. officials were reported to be at medium to high risk of Y2K-related failures in their telecommunications, energy and/or transportation sectors. To assess others' readiness, U.S. diplomats used a standard survey to collect information on host countries' Y2K programs, vulnerability to short-term economic and social turmoil, reliance on technology in key infrastructure sectors and the status of Y2K corrective efforts. Williams-Bridgers said the State Department planned to notify "select" nations of its concerns about Y2K-related problems that could affect American citizens living or traveling abroad. The department's Bureau of Consular Affairs "will bring those concerns to the attention of the traveling public in September," when it begins blowing the whistle on nations it views as Y2K laggards, she said.