Clinton'd Fed Appointee "very uncertain" about overseas financial readiness... : LUSENET : TimeBomb 2000 (Y2000) : One Thread

His comments about the US readiness are very positive - but even his "prepared" text is extremely gloomy about overseas readiness....

He even cites as "good news" that these foreign markets began asking for more information just 6 months ago....and apparently, most have not come close to finishing yet.

Yes, they tested some transactions a month ago - but only with a few companies....this from his press release in this link:

< Let me emphasize that I am somewhat less certain, not fearful. Given the wide variety of institutions and systems around the world, and obvious difficulties in systematically collecting definitive and current information regarding Year 2000 readiness, no one can know for certain all of the international outcomes of the century date change.

However, in my role as Chairman of the Joint Year 2000 Council, which is an international group of financial regulators representing banking, insurance, and securities regulators, as well as central bankers and payment system overseers, I have information that helps bring some of the issues into clearer focus.

The preparation of our domestic payments links is bolstered by the fact that foreign financial services firms are generally believed to be among the best prepared in their respective countries. We do know that the largest, most internationally active firms are making good progress toward preparedness. They are forced to do so in order to remain viable in their home markets and globally.

I also know that awareness among financial regulators is high. The Joint Year 2000 Council has held meetings in all regions of the globe. These regional meetings have been attended by regulators from over 100 countries. Similarly, the United Nations hosted a meeting for Year 2000 Coordinators in June, which was attended by representatives of more than 170 countries. These public sector efforts are mirrored by regional meetings held by leading members of the private sector. Surveys of international financial regulators, as well as my own conversations with many of them, also have demonstrated that a recognition of the problem increasingly has been translated into concrete plans and actions, many of which have gathered momentum in the last six months."


For example, only 100 countries "attended" a meeting at one task force. Yourdon reported on the UN meeting - said most attending had not yet begun their remediation and testing. Some were asking "what is the problem..."


The international readiness - in the most advanced sector (banking and finance - appears dismal indeed.

-- Robert A. Cook, PE (Kennesaw, GA) (, August 09, 1999


Notice how the number of meetings seems to be associated with working on the problem instead of awareness which is what these meetings are all about.

-- Mike Lang (, August 09, 1999.

And another copy here...

Interesting little snippet.


AUGUST 9, 1999




HELP WANTED. President Clinton is looking for a talented mid-career military professional who would be willing to take on the challenge of being program examiner for command, control, communications, computers and intelligence programs throughout the Defense Department and intelligence communities. While the perfect candidate would be somebody who is familiar with DOD and intelligence IT issues and is skilled in financial and economic analysis, we would recommend a lifetime subscription to Federal Computer Week to help you navigate through the maze of three-letter acronyms.

If FCW is not enough to keep you ahead of the curve, try mailing this Chinese proverb to the program offices of DOD's most problematic IT endeavors: "Of all the stratagems, to know when to quit is the best." Those of you with a taste for adventure can call (202) 606-2700 to request application forms.

-- Diane J. Squire (, August 09, 1999.

C4i Help Wanted! And this Forum knows just the person ... the Why Paul Milne Is A Polly originator. Hhhmmm. Curious. Hope he includes that thread in his portfolio ;-)

-- Ashton & Leska in Cascadia (, August 09, 1999.

I wonder what ever happened to C4i? That thread he/she started sure was an eye-opener. As the box compresses, it would be interesting to get an insider's view of how frantic the federal rats are becoming. 144 days......

-- Ninh Hoa (, August 09, 1999.

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