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WALL STREET'S Y2K PLAN: Cut Assets, Close Early and Check Overseas May 26, 1999 - By RANDALL SMITH and LYNN COWAN Staff Reporters of THE WALL STREET JOURNAL NEW YORK -- Wall Street securities firms are likely to slash their assets at year end in a bid to head off potential year-2000 computer problems. That's one of the predictions of a Y2K task force, led by former Federal Reserve Bank of New York President Gerald Corrigan, which Tuesday issued a blueprint for how top securities executives should shape their contingency plans for possible market disruptions. Mr. Corrigan, now co-chairman of the risk committee at Goldman Sachs Group Inc., said at a media briefing that the likelihood of problems requiring a marketwide shutdown "is very very small, bordering the minuscule." ============================================================ The cognitive dissonance is EAR shattering. Listen very carefully to what was written. They plan to what??? SLASH their assets. They plan to SLASH their assets for what? They plan to SLASH their assets for a risk that they say - "is very very small, bordering the minuscule." This is laughable in the extreme. I have prepared for Y2K because I believe it to be a HIGH probability. I see a BIG risk. A BIG risk, not a miniscule risk. By their own admission the risk is negligible yet they plan to SLASH their assets. BWAHAHAHAAHAHAHAHAHAHAHA! When does anyone go to this extent to protect themselves from what they claim is a MINISCULE risk? BWAHAHAHAHAAHAHAHAHAHAHAHAH! Stop it!! Yer killin' me. Stop it, I tell ya! --- Paul Milne If you live within five miles of a 7-11, you're toast. == Sent via Deja.com deja.com == ---Share what you know. Learn what you don't.--- greenspun.com ROFLMAO - He doesn't hold back, does he?? This thread is solely to track what's going on with Wall Street, SEC, Federal Reserve bank, etc. relative to Y2K. Anything that relates to finance & investments. Cheryl | ||||||||||||
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