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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable? -- Ignore unavailable to you. Want to Upgrade?

To: TD who wrote (29)	5/30/1999 4:28:00 PM
From: C.K. Houston	Read Replies (1) \| Respond to of 158

Mr. Corrigan [Goldman Sachs] added that securities executives should be prepared to step in and settle problem trades disrupted by computer problems "manually," by communicating among themselves and with regulators as necessary. Such problems had arisen in 1985, during a 31-hour computer failure at the Bank of New York, Mr. Corrigan said, and in some mortgage-backed securities markets in the aftermath of the 1990 collapse of Drexel Burnham Lambert Inc. In the latter episode, he recalled, the Fed set up "a totally manual payment system" in an auditorium. [ROFLMAO - Can you imagine doing that now ... with all the day-trading going on??? They'll need a mighty big auditorium!!! Then again - if the net's down - maybe they could do it. Sure would cut down on volume.] The Goldman executive, whose report was prepared for the Securities Industry Association trade group, also warned that financial regulators should be prepared to relax capital-adequacy rules if one trading party doesn't get the cash for a trade on time as a result of "large-scale disruptions of processing activities." Legislation offering "safe harbor" from legal liability may also be needed ... Link to full article embedded in this post. Subject 28560 Click on embedded link & hit PG-DN 12 times to get there fast. Cheryl