USA Today Y2K Articles - today

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USA Today had a series of articles about Y2K and a panel of experts to give their opinions

http://www.usatoday.com/2000/century/news/ready0.htm

Linkmeister? a little help here?

-- ExCop (yinadral@juno.com), September 22, 1999

Answers

This is a good question.

Will the public be notified at some point in the New Year that Y2K is no longer a concern?

Press releases and communications from industry associations, the FCC, and the President's Council will be continuing, showing the status as the time change moves westward. Nothing formal such as an "all clear" is planned at this point. Individual companies will be keeping their customers informed of their status.

-- y2k dave (xsdaa111@hotmail.com), September 22, 1999.


I'll give it a try,

let's see...

Link

-- Homer Beanfang (Bats@inbellfry.com), September 22, 1999.


From the USA TODAY article:

Mike Griffin, president and COO of Statewide Savings Bank, Jersey City, N.J.: There isn't a person out there today that's talking about running to their bank to get their money because of the hurricane (Hurricane Floyd). There isn't a group out there talking about the safest place for your money is somewhere other than ... in their bank. Even if that bank might be blown away by the hurricane and all of its computer systems may not be there.

Why? Great contingency planning, great backup planning on the part of the banking industry. We have worked for the last five years in the banking industry on the "find it, fix it, test it" programs.

We have 10,300 banks in the United States. The federal regulators have gone in to take a look at and evaluate them. We're proud to say, and very pleased to say, that today, 99.5% of America's banks have been rated the highest possible rating by their federal regulators on their plan toward being prepared for Y2K. Eleven institutions in the country were rated unsatisfactory.

Maney: Can we have a list of those 11, please?

Griffin: That's probably not necessary because even if you are a depositor at any one of those 11 banks, your money is insured by the FDIC (Federal Deposit Insurance Corp.) ...

[FDIC Chairman, Donna Tanoue: "As of September 15, only 27 FDIC-insured financial institutions had Y2K supervisory rating of less than satisfactory. That is twenty seven out of the 10,273 banking and savings institutions that we insure." - LOL, they should get their stories straight.]

Reporter: I don't think there's a universal sense that the banking industry is in jeopardy of collapsing, but there certainly is a feeling on the part of my 80-year-old parents that maybe they should have $500 cash come Jan. 1 for that long weekend to be on the safe side.

Griffin: That's perfectly all right. I wouldn't recommend that you take any more than you normally would for a long weekend [...]

=================================================== From Silicon Investor:

A quiz question from the 1929 market collapse & follow-on bank failures ...

What was more causitive for the banks that collapsed? - withdrawals by small depositors? - withdrawals by large depositors?

ANSWER:

Withdrawals by the BIG depositors...they were connected, & warned by the bank owners. The little guys left their money in ...

The individual who conducted research in 1936 was Lauchlin Currie who'd come to the Federal Reserve from Harvard in 1934. Prior to Currie's primary research (unemployed ex-bankers plowing thru records), it simply wasn't known. [...] David Eddy

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=11288596

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

Bank of America's latest SEC 10-Q Y2K disclosure:

"... it is likely that one or more events may disrupt the [Bank of America] Corporation's normal business operations."

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=11294337

59 Federal days until 2000

-- Cheryl (Transplant@Oregon.com), September 22, 1999.


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