New Senate Y2K Hearings - "What in the World Will Happen?" : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Hey everyone, there was another hearing held today by the Senate's Y2K committe. It is entitled "What in the World Will Happen?" Funny, but the comments by the CIA were not linked.....

Can someone out there link this address for everyone?



-- Pam (, October 13, 1999


The testimony of Nick Gogerty of International Monitoring is especially trenchant. Be sure to read his addendum on global finance risk, as well as his open testimony. see

-- argh (, October 13, 1999.


-- Stash (, October 13, 1999.

[snip] International institutional banking is a global network. International Monitoring believes threats to international banking could pose the greatest Y2K risk. A separate 44-page section of the statement has been submitted that covers these risks. At this point, we do not feel it is prudent to publicly discuss the detailed risks faced by international banking in a broad media forum such as the one before us today. A rapid change in the awareness of Y2K risks could affect amounts measured in the trillions of dollars and put international finance itself at systemic risk. Y2K will shift banks operating and market risk environments significantly. We strongly advise regulators and those providing fiscal oversight in the public and private sectors to consider the implications of these risks. [snip]

Interesting that the 44-page statement is "imprudently" available on the website. Read it before they yank it off!

-- argh (, October 13, 1999.

Senate Y2K Committee

Hearing on International Preparedness: What in the World Will Happen?

Opening Statements:

Senator Robert F. Bennett (R-Utah), Chair

Senator Christopher J. Dodd (D-Conn.), Vice-Chair

(HTML & PDF Files)

Admiral Robert Willard
Joint Staff, Department of Defense
(Closed Briefing - classified information)

Bonnie R. Cohen
Under Secretary for Management
Department of State

Larry Gershwin
National Intelligence Officer
Central Intelligence Agency
HTML at CIA web-site...

Michael J. Copps
Assistant Secretary for Trade Development
Department of Commerce

James L. Price
Chief Economist, Department of Commerce
(no written testimony)

Nick Gogerty
International Monitoring
Addendum: global finance paper

Howard Rubin
Cap-Gemini, YES Corps

Hon. James Moody
President and CEO

Statements for the Record

Jacquelyn Williams-Bridgers, State Department Inspector General

Bruce McConnell, International Y2K Coordination Center
Or HTML at ICC web-site...

James Bond, World Bank


For the Adobe Acrobat PDF file challenged...

Whenever you have the complete internet PDF code of a document, you can send an e-mail to Adobe for an instant, automatic text conversion...

Send to:

The Subject line can be anything, but ONLY one pdf code can be in the body of the message... just the code... no message. Within a couple minutes Adobe will send you back a text converted copy. Youll miss the graphics, but it allows the Adobe Acrobat challenged to see what its all about.

(If for any reason it doesnt convert, try resending or contact the Adobe web-site folks for help).

Try it, A SEPARATE E-MAIL, for each of the Senate pdf codes listed above.


-- Diane J. Squire (, October 13, 1999.

Thanks for the links, Diane & Stash. One was missed, however. Nick Gogerty's "Addendum: Global Finance Paper" has a separate link from the one given above. It is at

The link above is for the open testimony"International Monitoring"

-- argh (, October 13, 1999.

Tried to have Adobe translate the Gogerty bit but they sent back a message stating that "permission settings cannot be converted" 8^(

-- Rich Miller (, October 13, 1999.

I tried the Adobe conversion that Diane suggests, just to see what happened. I got back the same message as did Rich Miller for Gogerty's open testimony file. But Adobe did send me the conversion for the Addendum by Gogerty. I would post it hear except that it is preceded by this: *Pages 1--44 from Bank Risk* The information contained herein was developed from analyst research. Entire contents are under Copyright 1999 by International Monitoring. All rights reserved. Reproduction of this publication in any form without prior written permission is forbidden. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. International Monitoring does not guarantee the accuracy or completeness of this information, and shall have no liability related to possible errors, omissions, or interpretations. Any opinions expressed are subject to change without notice. Additional Information available on request. www. intl-monitoring. com

-- argh (, October 13, 1999.

I just watched the testimony on Cspan. The last half was riviting. It is going to be repeated, I would check it out.

C-SPAN Networks Schedule

-- Brian (, October 14, 1999.

I read Mr. Gogertys' testimony and also the others, and noticed their disapproval over the false sense of security Americans have developed. Unfortunately, I think it a bit too late. I also think "informing and not inflaming" so biased by ones own personal opinions, beliefs, and perceptions that it is hopeless. One persons flame is anothers yawn. They can't get around the fact that to be informed of the truth does require actions be taken by the individual. It requires people to stock up on food for a very long winter to say the least.

I also beg to differ that America is politically stable and will be stable through the very grave days ahead. Bill Clinton cannot forever be discussing how fragmented this society is for Mr. Gogerty, or anyone else, to claim the USA is politically or socially "stable."

I do not think the US dollar is going to be in international demand or in high demand.

It appeared to me after reading it all the American people have just been launched forward as the new third world nation. The nations children already score as such and so we can confidently assume the fate has been sealed.

-- Paula (, October 14, 1999.

Sen. Bennett's opening remarks:


Beyond the economic and security implications, there will almost certainly be a cry for humanitarian relief from some developing countries suffering Y2K failures in their infrastructures. How will the U.S. respond to such a cry? Will we have the resources, and whom should we help first? To answer these questions, we will need to develop a well-conceived policy that anticipates the demand for a U.S.response to a range of Y2K failures effecting humanitarian, strategic, and economic interests worldwide. We cannot take a policy-by-CNN approach.


Whom should we help FIRST Sen. Bennett? How about taking care of the people right at in your own home first. Americans move to the front of the line.


-- beej (, October 14, 1999.

Good links, Diane. Oh, and good morning, to you, and to all.

Greshwin's testimony can be found over at the CIA at:

Haven't had the chance to read and digest all this yet, but looks like there's some meat here.


-- Pinkrock (, October 14, 1999.


I can't get that url to work for me. Is it correct?

-- Dog Gone (, October 14, 1999.

Ah, this is better

L ink to CIA statement

-- Dog Gone (, October 14, 1999.

Thanks guys, will fix the above links.


Jacquelyn L. William-Bridgers testimony is usually good. Not linked yet on Senate site but may show up here...

U.S. State Department
Remarks, Testimony, and Briefings


See also...

Biography: Bridgers, Jacquelyn L. Williams, Inspector General
State Department bridgers.html

-- Diane J. Squire (, October 14, 1999.


On the Adobe conversion, if it doesn't work the first time, try it again. Check to see that there are no gaps in the code too.


-- Diane J. Squire (, October 14, 1999.

International Y2K Coordination Center (ICC)

13 October 1999
Testimony of Bruce W. McConnell
Director, IY2KCC

Before the United States Senate


Whats New... International Y2K Cooperation Center... WhatsNew.htm

-- Diane J. Squire (, October 14, 1999.

The International Monitoring report appears to be intentionally locked to prevent conversion to text. It will get a lot less publicity that way.

The Houston Chronicle today didn't report that a hearing was even held yesterday.

-- Dog Gone (, October 14, 1999.

Yep... very STRANGE!

Even tried the Adobe converions for HTML at: and got the same message.

Subject: pdf2txt results
Date: Thu, 14 Oct 1999 08:18:12 -0700 (PDT)
From: access-b@Adobe.COM

The following attachments/urls were not converted:

url Permission settings don't allow conversion

-- Diane J. Squire (, October 14, 1999.

See also... related threads...

Hearing on International Preparedness - Dodd 001ZyX

CIA says Y2K may disrupt global supply chains 001Zyl

Y2K recession forecast for U.S. 001Zyv

Gogerty: "the Y2K Czar's optimistic message is potentially reckless"... 001ZzI

Gogerty: Y2k risk of systemic bank failures is less than 30% 001a1D

See also... recent related international threads...

Year 2000 International Security Dimension Project Summary (Naval War College) 001ZrZ

U.S. to update Y2K report cards on other nations 001ZhX

-- Diane J. Squire (, October 14, 1999.

I think they meant to lock the Addendum, not the Testimony. They just screwed up and did it vice versa. Gogerty said in his testimony, which we can't convert, that he thought it would be imprudent to discuss the contents of the Addendum (which we can convert) in a public forum such as yesterday's Senate hearing. Get it while ya can...

-- argh (, October 14, 1999.

Who IS Nick Gogerty?

International Monitoring... web-site...


Company & Clients

International Monitoring is a specialist consultancy based in London, assessing Y2K damages and delays in 140 countries via the IM-Y2K Risk Rating Report.

International Monitoring is a specialised group operating with less than a dozen direct associates. The group started researching and gathering Y2K information in late 1997, focusing on macro-economic analysis and risk modelling. Specific strengths of the group include:

 Quantitative modelling of financial risk
 Systems theory based failure modelling
 Technology failure and software project slippage
 Access to private government and supra-national information
 Partnership with one of the top political risk consultants

Client profile

International Monitoring has a strict policy of not individually naming clients, or the strategies employed by them. Our typical client is a multinational private organisation employing over 10,000 people. Our global clients represent the World's largest organisations involved with:

 Retail & Institutional investment management
 Shipping & Logistics
 FMCG (fast moving consumer goods)
 International security & defense (military)
 Government research and diplomatic ministries

Some product responses:

"International Monitoring's reports have been very useful in assessing credit risk spreads."

Salomon Brothers sovereign bond trader London, UK

"...useful tool to allocate resources in the face of a global situation."

Citibank Credit Research and project finance specialist London, UK

"...aids us in assessing our clients' country risk profile in the big picture."

Eastbrokers Corporate Finance officer Vienna, Austria

-- Diane J. Squire (, October 14, 1999.

Check out the International Monitoring map on this page...

IM-Y2K Risk Rating report


-- Diane J. Squire (, October 14, 1999.

Quick note...

Updated the links list... both HTML and PDF files.


-- Diane J. Squire (, October 15, 1999.

See also...


International Y2K Risk (The International Monitoring Report for the Adobe Acrobat Impaired) 001aQ6

-- Diane J. Squire (, October 16, 1999.

And this thread...

(govt)-CIA testimony 10-13-99 001aoq

-- Diane J. Squire (, October 16, 1999.

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