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 : CSGI ...READY FOR TAKE-OFF! -- Ignore unavailable to you. Want to Upgrade?

To: tech who wrote (2408)	2/11/1998 7:08:00 PM
From: tech	Read Replies (3) \| Respond to of 3391

Now back to the real matters at hand. Is it just me or is everyone starting to see and increase in the amount of news regarding the Year 2000 problem ? _________________ Typical Organization ___________________ 1996: Yes, there is a problem looming, but it is not that big of a deal.. We may not even be exposed to it, and if we are, we will easily be able to meet the deadline and it won't cost that much to fix it. : : 1997: Yes, there is a problem, it may be a big deal, we are exposed to it, the costs are a little more than we thought, but we should be able to meet the deadline and be able to budget properly. : : 1998 (Q1 to Q2): Yes there is a BIG problem, we are very exposed to it, the costs are going through the roof, we have not budgeted properly, we will attempt to fix as much of it we can internally and outsource the rest. If everything goes well, we may finish on time. : : 1998 (Q3 to Q4): Oh shit!, The problem is bigger than we ever imagined, we are completely exposed and we may go out of business if we don't address it, the costs have gone through the roof and still rising, we have exhausted our budget and we are still not compliant, we failed in the attempted to do some of the work internally, we were not able to keep sufficient staff, yet alone, be able to hire more people to work on the problem, resources can't be found, There is no way we will finish in time....WE NEED HELP! The activity is starting to increase..... The flood gates are due to open shortly.... stay tuned.

To: tech who wrote (2408)	2/11/1998 7:12:00 PM
From: tech	Read Replies (1) \| Respond to of 3391

Lawmakers Warn of Banking Chaos. It May Be Too Late.______________(news) Link: msnbc.com Senators and Congressmen have warned the FDIC that it's moving too slowly. The FDIC insures America's banks and thrift institutions. An FDIC spokesman says everything is just fine. It's all on schedule. Don't worry. This is a Reuter's story posted on MSNBC (Feb. 10). * * * * * * * - BOB BENNETT,Republican U.S. senator from Utah "YOU NEED TO DO more and you need to do it faster," Bob Bennett, a Utah Republican who chairs the financial services subcommittee of the Senate Banking Committee, told Federal Deposit Insurance Corp. officials. . . . "Unless more leadership and commitment are brought to bear on this problem, I fear a potential for financial chaos for many bank customers," Bennett warned. The FDIC insures deposits at more than 11,000 banks and savings institutions. Together, these institutions are responsible for more than $6 trillion in assets and have insured deposits totaling in excess of $2.7 trillion. The agency also supervises 6,200 institutions, which on average have $250 million in assets. "If Year 2000 issues are not adequately addressed, key automated bank systems - affecting trillions of dollars in assets, transactions and insured deposits - are subject to serious consequences ranging from malfunction to failure," Jack Brock, a GAO official, said in testimony before Bennett's panel. . . . That means automatic teller machines, wire transfer systems, check clearing, security vaults and even telephone systems may not work on Jan. 1, 2000. . . . Michael Zamorski, deputy director of the FDIC's division of supervision, assured the Senate panel that his agency is cooperating with other federal and state bank regulators to help combat potential troubles among banks and regulators. Zamorski said the FDIC has identified a "small percentage" of institutions that are not acting as quickly as they should but said the "great majority" of FDIC-supervised institutions are taking appropriate action. "We are aggressively monitoring institutions where we have identified problems and, where we do not see prompt improvement, are pursuing more stringent supervisory action," Zamorski said.

To: tech who wrote (2408)	2/11/1998 7:19:00 PM
From: tech	Read Replies (1) \| Respond to of 3391

BM Plans to Be Euro-Compliant in 2001 _________________________(news) Link: integrationmanagement.com In a lengthy report on the Euro currency computer programming task, a brief note appears on IBM's plans. IBM is neither Euro-compliant nor 2000-compliant. Its concern over y2k is forcing it to delay Euro-compliance, which indicates how important IBM takes 2000-compliance. It has decided not to meet the 1999 deadline for Euro-compliance, which (the banks believe) will be worth billions of dollars. Why isn't the company that gave us the modern computer compliant? If it's so easy to repair, why has IBM not succeeded? The next time someone tells you, "it's been solved," print out this page and hand it to him. This appeared in INTEGRATION MANAGEMENT (Feb. 2). * * * * * * * IBM's consulting group in London has pooled 15 to 20 analysts and program managers to help clients with euro conversion, and they're supported by consultants from IBM Global Services, according to Nacamuli. Together, they serve 40 to 50 clients, mostly banks and financial institutions and a handful of multinationals. IBM offers EMU impact analysis, consulting on building new business requirements and strategies, as well as stay-in-place scenarios for determining the minimum needed to be able to survive. Once clients decide what they want to do, IBM offers project management, a database of compliance rules, strategic consulting and training programs. Interestingly, IBM is putting off its own conversion to the euro until 2001, instead it is going to continue working on the Year 2000 problem, sources say.