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


To: John Mansfield who wrote (2721)10/16/1998 1:59:00 PM
From: NickSE  Respond to of 9818
 
FED'S FERGUSON RELATES Y2K PROBLEM WITH COUNTERPARTY RISK

LONDON (MktNews) - Remembering that an exchange rate problem in a "small economy in Southeast Asia" was enough to spread market turmoil worldwide, Federal Reserve Governor Roger Ferguson Friday said a massive computer failure at midnight on the last day of 1999 is not a possibility to take lightly.

"The current global financial upset has reminded us that the world is truly interdependent and that counterparty and country risks can be, and are, reevaluated quickly," Ferguson said in remarks prepared for a gathering of Year 2000 computer glitch experts.

Ferguson, Chairman of the Joint Year 2000 Council, said, "These uncertain economic times create a difficult backdrop for keeping the appropriate level of focus on long-term challenges, such as the Year 2000 problem."

With the timing of the expected widespread computer failures near that of the introduction of the euro, there is contention for scare computer resources, he said, as well as for management attention.

But Ferguson said the coincidence of timing may have benefits. "The euro conversion experience may be seen as a leading indicator for the Year 2000 weekend that will follow a year later," he said. "If things proceed well, many may interpret that as lessening the pressure, and efforts to prepare for Year 2000 might appear to have a lower priority."

The interdependence of financial institutions, markets and payment systems "and the overall dependence by firms on the readiness of the public infrastructure, make it very important for firms and countries to share information on the status of plans and preparations," he said.

In spite of all the effort, "some countries will probably not be as prepared as we would hope," he said. "Time will run out for a few; however, that should not stop all countries and firms from continuing their best efforts."

Contingency planning, he said, "should be recognized as a legitimate exercise, not an admission that you expect failure in the core effort of preparing for Year 2000."

[TOPICS: MNSFED]

08:31 EDT 10/16

© 1998 Market News Service, Inc.



To: John Mansfield who wrote (2721)10/16/1998 1:59:00 PM
From: jwk  Read Replies (1) | Respond to of 9818
 
Progress?

Banks Will Share Millennium Bug Plans On Internet

LONDON (Reuters) - Five financial institutions have agreed to make public their plans for fixing the millennium computer bug.

The Global 2000 Coordinating Group said in a statement Friday that JP Morgan, Citibank and Merrill Lynch of the United States, DBS Bank of Singapore and UBS of Switzerland will shortly display detailed assessments of the progress they are making on the Internet.

Global 2000, which comprises 180 financial institutions from 37 countries, said it had released an analytical tool to allow institutions worldwide to evaluate their readiness.

Experts believe computers may crash at midnight Dec. 31, 1999, because many systems store dates using only the last two digits of the year and cannot cope with the double zeros of 2000. Computers may shut themselves down or spew out erroneous data when their year counters roll over from 99 to 00.

Banks and financial institutions are in the forefront of efforts to combat the problem, but much work remains.

''To facilitate ease of access to this (millennium readiness) data, these firms will publish their self-assessments on their individual web sites and will link these disclosure statements to the Global 2000 web site at www.global2k.com,'' Global 2000 said in a statement.

The statement was released at the Global Year 2000 summit conference organized by the 29-member Organization for Economic Cooperation and Development, the World Bank and the International Chamber of Commerce.

''When used by the world financial community, the Global 2000 self-assessment will provide the public with the unprecedented ability to assess the state of readiness of the international financial community to meet the challenge of the year 2000,'' the statement said.

Tim Shepheard-Walwyn, chairman of Global 2000, said knowledge of the bug among computer users is often incomplete.

''Global 2000 calls upon all financial regulators to endorse the comprehensive approach which we have today adopted and to use it as the basis for requesting information from financial firms and reviewing the adequacy of their year 2000 programs,'' Shepheard-Walwyn said in a statement.

''We call upon the financial community to release the results of their assessments at the earliest possible time,'' he said.



To: John Mansfield who wrote (2721)10/16/1998 2:00:00 PM
From: John Mansfield  Respond to of 9818
 
'Paul Milne of c.s.y2k: Transcript of today's CNN Y2K Broadcast.

'From:
fedinfo@halifax.com
do 22:16

Subject:
Transcript of today's CNN Y2K Broadcast.

Here is the transcript of my part on The CNN program today. The URL for the
Whole transcript is at the bottom.

=============

When we come back, we are going to talk about one of the folk's who's own
family is taking the idea of protecting themselves from any Y2K fallout into
their own hands. Be right back.

(COMMERCIAL BREAK)

TILLOTSON: Welcome back.

The direst of the Y2K predictions go something like this: computers, like
dominoes, crash around the world, transportation, communications, electrical
power are disrupted, theoretically, world wide. Then there's shortages of food
and medical supplies. Anarchy is unleashed.

All over this country, there are pockets of survivalists and people who are,
perhaps, just prudent, stocking up on food and water, taking to the hills,
bracing for the onslaught. And Paul Milne is one of them.

He's on the phone with us from his family's refuge in the Virginia
countryside.

Paul, thank you for talking with us.

PAUL MILNE, PREPARED FOR Y2K: Good morning, Mary.

TILLOTSON: So, you've got 20 acres and five children and planning to have
other family members join you.

MILNE: That's right.

TILLOTSON: Tell us why you are not a nut. I think you're well aware that there
are many people out there who think, if you're this worried about a mere
computer problem on New Year's Day, 2000, you're not paddling with all of your
oars in the water.

MILNE: Well, to date, there's not one major entity in any industry on the face
of the earth that's compliant. There's less than 300 working days to go. Not
one is set to go.

TILLOTSON: I'm interested in what sort of homework you did. And did you
suddenly overnight come to the realization, you better do something yourself,
or was this a growing concern of yours? How did you talk your wife and kids
into it?

MILNE: Well, it's not really a matter of talking anybody into anything. When
you look at the evidence and the facts, you see that not enough has been done
any place on the face of the earth. And the rest of the countries in the world
are, on average, 18 to 24 months behind us. And we don't even have a chance of
getting close to making it.

So, we're likely going to be in a position where the things that we rely upon
to live are not going to be available anymore, and that means that it's only
socially responsible to prepare for those things yourself.

TILLOTSON: And you say you've got enough food to last how many years, months,
for how many people?

MILNE: In the neighborhood of two years for 20 people.

TILLOTSON: All right, and you're expecting, as we've talked, you and I, before
that some other family members will be joining you on your -- You say you've
never owned a gun before, but you've gotten one now.

MILNE: That's correct. If it's -- there's the potential that a self-defense
situation may occur. And I do not like having even so much as a shotgun on my
property, but self-defense may become an issue. I would rather have it than
not have it in case I need it.

TILLOTSON: Stay with us, Paul.

========

TILLOTSON: Paul, are you still on with us from Virginia. Paul Milne?

MILNE: Say again?

TILLOTSON: You are still there. That's all I needed to hear, just your voice.
To put this into perspective before we say goodbye to you, you're hoping
against hope, are you not, that this doesn't happen. You just want to be set
if it does.

MILNE: I'm not sure I understand the question.

TILLOTSON: Well, I assume from what I've heard you have told our staff, that
you are certainly not sitting around hoping that there is an international
global economic and telecommunication collapse on New Year's Day, 2000, but
you think that is...

MILNE: No, of course I don't hope that that will happen, but it's absolutely
beyond doubt that it will occur, and if you are in a populated area like New
York or Boston or Los Angeles, you don't stand a chance.

TILLOTSON: I've got to ask you: did you move from someplace to get into the
Virginia countryside?

MILNE: Just outside of New York City.

TILLOTSON: Well, I -- I take your point.

We've got to take one more break. We'll be right back. Stay with us.

(COMMERCIAL BREAK)

TILLOTSON: Welcome back to our last couple of minutes.

========

TILLOTSON: I'm going to interrupt because I do want bring I want to bring Paul
Milne back in before we have to say good-bye for the day.

Paul, you say you do not considered yourself a survivalist. Have you have come
up with a word, what are you?

MILNE: Well, I think that calling someone a survivalist is a
mischaracterization...

TILLOTSON: But it does bring fatigues and semi-automatic guns...

(CROSSTALK)

MILNE: There's no doubt that the very, very fine delicately- woven chain of
interdependancies in going to be broken, and if you are reliant upon the rest
of society to provide things that you need, you are sorely mistaken.

TILLOTSON: I've got to ask you, you are sitting out there in the Virginia
woods, five hours out of Washington, D.C. You've clearly got a telephone. Are
you, at this point, computer dependent in any other way?

MILNE: Not dependent on anything.

TILLOTSON: All right. You are in an admirable and unusual situation then, but
have taken steps to see it that way.

We thank all of our guests coming in today: Gail Shaffer, J.C. Herz, Moira
Gunn, Paul Milne from Virginia.

===============

I only got a few brief lines in. I was a bit disappointed. But, it was a
start. Since the show this morning I have already gotten four e-mails from
newspapers around the country wanting to do stories. The word is getting out.

cnn.com



To: John Mansfield who wrote (2721)10/16/1998 11:45:00 PM
From: foobert  Read Replies (1) | Respond to of 9818
 
During the great depression I think it was. . . .

5 cents for a gopher tail.

But now-

>>3000 guilders for millennium bug.

This is progress.