Banks Face a New Challenge: Fear

Federal regulators recently told a congressional committee that 97 percent of U.S. banks were well on their way to eliminating the Y2K computer glitch long before it could cause trouble. Even one of those regulators, the Federal Deposit Insurance Corp., said that no banks were expected to fail as a result of the Y2K bug.

*********************

Then why during Phase III Y2K assessments are FDIC examiners now asking bankers if their institution might be interested in purchasing any local banks that fail due to Y2K???

-- Nabi Davidson (nabi7@yahoo.com), May 28, 1999

Answers

word has it that FDIC is, and will not be compliant itself. This is unverified info from inside FDIC, but I must leave it to others to follow up and verify.

Happy Banking,

Bob P

-- Bob P (rpilc99206@aol.com), May 28, 1999.

111 working days to go - the Banking system of systems is going down - no question.

-- Andy (2000EOD@prodigy.net), May 29, 1999.

I agree. Most failures are...unexpected.

-- PNG (png@gol.com), May 29, 1999.

"111 working days to go - the Banking system of systems is going down - no question. "

yeah yeah...I am sure that under this much pressure that everyone will take their normal time off, or for that matter be allowed to. Nice try there Andy.

-- B (b@b.b), May 29, 1999.

Hey B,

I'm working normal hours - my company has only predicated that all staff must work over rollover - similar to police/doctors/paramedics - they have pretty much all been told they must work plus/minus rollover.

Believe what you like - the current Govt. figure is something like 100 working days according to Sysman and the web site.

The 111 figure includes places like Italy and South america...

Manana

Chill

No Problem

-- Andy (2000EOD@prodigy.net), May 29, 1999.

Hey B, do you honestly believe that if they all worked 24 7's...in the time left, they'd G E T I T D O N E ? ? ? just wondering. Why don't YOU show up at one of Koskinen's little "town chats" and suggest that.

-- Will continue (farming@home.com), May 29, 1999.

This seems to be "in conflict" with the opinion of Credit Suisse's analyst (Mayo) who put a "sell" recommendation on four of the largest banks in the world (Morgan, Chase, Citigroup and one other). I'm guessing his view of other banks may be a little dark as well.

-- Dave (aaa@aaa.com), May 29, 1999.

Will:

When I work longer hours, I find that I accomplish more (up to a certain point of exhaustion, of course).

It's hard to tell if you are claiming that most people can't accomplish more by doing more work, or if you're arguing that so much remains to be done that doing, say, twice as much as would be achieved working normal hours won't make any noticeable difference anyway.

By now, it's hard to make either case without simply resorting to the claim that "This is true because I say so. So there!"

-- Flint (flintc@mindspring.com), May 29, 1999.

It has been proven that when programmers work more hours and longer hours their work becomes counter productive.

-- BB (peace2u@bellatlantic.net), May 29, 1999.

<Then why during Phase III Y2K assessments are FDIC examiners now asking bankers if their institution might be interested in purchasing any local banks that fail due to Y2K???>

Nabi: Do you have a link for this? Thanks.

-- Cheryl (Transplant@Oregon.com), May 29, 1999.

BB:

Yes, there is certainly a point beyond which you accomplish more by going home. Quite a few programmers are near that point now, I agree. But I seriously doubt this is universal (expecially in government). For me, about 10 hours a day is an effective limit. I can put in more time, but the next day I usually need to rip out whatever I wrote after the 10th hour the day before, and rewrite it.

-- Flint (flintc@mindspring.com), May 29, 1999.

"I'm working normal hours - my company has only predicated that all staff must work over rollover - similar to police/doctors/paramedics - they have pretty much all been told they must work plus/minus rollover. "

And what makes you think every company is like the one you work for?

"Believe what you like - the current Govt. figure is something like 100 working days according to Sysman and the web site."

Hey, I don't doubt there are 100 "normal" working days left, what I don't believe (and the link I had for an example is now dead) some programmers ARE working weekends. Now gee...doesn't that kind of add to the number of days left?

"The 111 figure includes places like Italy and South america..."

plus or minus. Most countries don't have some of the silly holidays we have (not calling Memorial Day silly, just because I said it near Memorial Day does not mean my statement applies to it). Of course though, I mean it is not conceivable in anyway that the other countries might also put in extra hours and days

Manana

Chill

No Problem

You believe what you want to Andy, and I will believe what I want to. Work is getting done. My question to you would be...why are you bothering to work if things are so damn bleak in your mind?

-- B (b@b.b), May 29, 1999.

B,

the 111 figure references an article (that drew a lot of flames natch.) that was published in one of Cory's DC WRP's and may have gone to the Senate written record - don't know about that as the senate site has been hacked :) [where is their workaround, their contingency plan for this - think about it, the FBI site is also down as is several other Gov.org sites - doesn't give me much of a warm fuzzy feeling there B...]

You've just seen my bottom line figure without the rationale behind it.

As regards why I'm still working and will do so at rollover - it's because despite my view of things worldwide I still have HOPE that I'm totally wrong, a complete numbskull...

We are all going to die so I may as well kill myself now right?

I'm just a realist B that has come to terms with what is likely to happen. Time really has run out worldwide, I can face that, can you?

later,

-- Andy (2000EOD@prodigy.net), May 30, 1999.

"I'm just a realist B that has come to terms with what is likely to happen. Time really has run out worldwide, I can face that, can you? "

I am also a realist Andy and someone who works in a SME, our view of the world is sometimes different than everyone elses. It is 12:52 AM on a Sunday morning, our company closed hours ago, but I am still here. I have work to catch up on and I will be coming in on Sunday, and yes, even Monday although we will be closed to the public. See how that does not factor into your 111 days?

I also know that no shining knight will come riding into Y2K town at the last possible moment. I have food, water and other preps in place. I am taking precautions, but I do think you are selling a lot of people short on what they are willing to do in the form of work on this.

(in case you were wondering, yes, we feel our SME is ready for Y2K. We have run *three* seperate test programs on all our files to make sure one didn't miss something. The fax machine, security system, heating, cash registers, credit card machines and everything else we can find has been checked and double checked...and we are even considering a third check)

-- B (b@b.b), May 30, 1999.

No link, Cheryl, just personal experience...

-- Nabi Davidson (nabi7@yahoo.com), May 30, 1999.

B,

you are beginning to annoy the shit out of me.

"I am also a realist Andy and someone who works in a SME, our view of the world is sometimes different than everyone elses. It is 12:52 AM on a Sunday morning, our company closed hours ago, but I am still here. I have work to catch up on and I will be coming in on Sunday, and yes, even Monday although we will be closed to the public. See how that does not factor into your 111 days? "

It's now 1am, I am at work just about to load some y2k code on a mainframe for a international company with links to all corners of the world. I am able to use the net simultaneously. geddit? now get off your high horse pal and wise up. This problem is NOT about the USA - it's about a worldwide systemic failure with implications none of us are yet able to comprehend, least of all it appears YOU.

You can lead a horse to water..... sheesh!!!!

-- Andy (2000EOD@prodigy.net), May 30, 1999.

"you are beginning to annoy the shit out of me. "

Why? Because I won't just rollover and declare that you know all and I know nothing?

"I am also a realist Andy and someone who works in a SME, our view of the world is sometimes different than everyone elses. It is 12:52 AM on a Sunday morning, our company closed hours ago, but I am still here. I have work to catch up on and I will be coming in on Sunday, and yes, even Monday although we will be closed to the public. See how that does not factor into your 111 days? "

"It's now 1am, I am at work just about to load some y2k code on a mainframe for a international company with links to all corners of the world. I am able to use the net simultaneously. geddit?"

Yes I do...you just proved MY point. That your 111 working days is not true. You are working on a Sunday (not sure if you started before midnight, so I won't count Saturday). Sunday is not a recognized work day. Yes there are only 111 normal workdays left, but this is not a normal situation now is it?

"now get off your high horse pal and wise up."

What high horse? I am stating facts as they are known to me and my own opinions, same as you. How is this a high horse?

"This problem is NOT about the USA - it's about a worldwide systemic failure with implications none of us are yet able to comprehend, least of all it appears YOU."

Did you not catch this statement did you "Most countries don't have some of the silly holidays we have (not calling Memorial Day silly, just because I said it near Memorial Day does not mean my statement applies to it). Of course though, I mean it is not conceivable in anyway that the other countries might also put in extra hours and days ?"

"You can lead a horse to water..... sheesh!!!!"

As for me not conceiving what is going on, you must have missed this statement from me "I also know that no shining knight will come riding into Y2K town at the last possible moment. I have food, water and other preps in place. I am taking precautions..."

Now, how do you reach the conclusion I have not been led to the waterhole and am drinking from it?

Andy, all I have asked you to consider is this...the 111 days is a bad theory. That is ALL I have asked you to consider. Not sure how we degenerated to the need for cussing.

-- B (b@b.b), May 30, 1999.

B,

read the full text of my 111 day theory with all explanations as to how I arrived at the figure and then come back to me.

not wasting any more time on this.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

Link here

C:\Program Files\Copernic 99\Data\CMDCTR36\Default\29\index2.htm

I'm cussing 'cos I thought you were jerking my chain B, the reasons for 111 days as of the 1st of June are in the article.

As for holidays and work ethic, other than perhaps asia/Japan, the rest of the world takes far more time off. personally I'm doing 13-14 hour days, over weekends too which is when all the major loads go in at night when it is "quiet' user-wise.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

I should add that I still average a 40-42 hour week - BELIEVE ME - I WANT TO DO MORE AT THE RATE THEY ARE PAYING ME but the PHM's won't have it :)

111 is probably too generous - the US Govt. web site shows <100...

-- Andy (2000EOD@prodigy.net), May 30, 1999.

So let's see here.

Andy's "doing 13-14 hour days, over weekends too".

Yet he "should add that I still average a 40-42 hour week".

Now. Three 13-hour days would be a 39-hour week. Three 14-hour days would be a 42-hour week.

So Andy's working 3 days a week, by what he's just told us. Out of his own mouth (keyboard).

Andy says he's working "weekends too". Working "13-14 hour days". But still only averaging "a 40-42 hour week".

The sub-topic here is how there aren't enough days left to get the work done. The regular work week is five days, unless things have changed very quickly and I wasn't apprised. But Andy's working "weekends too". Is he playing golf during the week? And whining about how there aren't enough days left to get the work done?

Something doesn't add up here.

If the people you work for only want you to work a regular 40-hr week, they must not see an urgent need, eh, Andy?

If they perceived an urgent need, you'd surely be turning in 60 - 70 - 80 hour weeks. If they were clueless DGI's, surely such a persuasive arguer as yourself could show them why they needed to have you work more hours, to solve this humongous threat.

Andy? Care to comment?

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

Yes my little chickadee,

they don't see an urgent need to pay me the moola :), the work is still there...

read the article, all will be explained,

actually I work a 3 on 4 off shift (3,3,4), so I'm not complaining. My company is almost ready to go y2k wise, our downfall if it happens will be the networks, SNA/VTAM/ISP's?NCP's and carriers MCI AT&T and the satellite and land line uplinks - the worldwide web is subject to severe problems IMHO.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

My goodness,

What an effect Mr. Ed's abdication has had upon you, my vitriolic little pain-in-the-side.

"Our downfall if it happens"? Doesn't sound like you at all.

So are you saying that your company will be compliant? Again, that doesn't sound like you at all.

Are you going to follow along with Ed, with his "offer [of] an appropriate mea culpa if my Y2K outlook proved wrong"?

(as quoted from "Sayonara, Y2K"

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

Chickadee,

who ever said that ALL companies would fail? - not me.

My fortune 500 is one of the few to announce compliance ahead of it's competitors in a widely publicised recent demo. of its y2k remediation progress.

However we do rely on external entities to survive - namely power (UPS only lasts so long), water for cooling, availability of staff (will we turn up for work if not getting paid, if worried about our families etc.), availability of functioning networks worldwide, and there is no guarantee that we could cope with incoming data spikes as we experience full and/or partial n/w outages. Too many imponderables here.

As to Nabi's original thread,

111 days to go, the Banks will not survive. No question.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

215 days to go....Andy's pulling stuff out of his rectum again.

Prove it, punk.

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

I have, in the link above, but you're too dim to read it.

I sincerely doubt you would know a mainframe if it toppled on to your pea brain.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

I've read everything you've ever thrown at me, Mr. Andy, but you've proven NOTHING.

NOTHING.

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

Evidently an Enterprise Systems S/390 jobbie has already fallen on your frontal lobe hence your inability to digest the FACTS in my article.

Didn't you have a bit part in "One Flew Over The Cuckoos' Nest"...???

-- Andy (2000EOD@prodigy.net), May 30, 1999.

and FYI, Andy Panderer, as regards my mental faculties:

I had to take the GMAT (Graduate Management Admissions Test) in order to get into the MBA program (which I completed in 1990). My GMAT score was in the 98th percentile worldwide. Top 2% on the planet.

Yeah. I'm real stoopid.

Don't know your background, but the fact that you subscribe to a Doomer philosophy drops your IQ by 30 points, at least, straight out of the blocks.

DUH.

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

"Top 2% on the planet."

then there is little hope for America - we truly ARE doomed.

BTW which planet are we talking about, the one on Irving and Vine or on Market Street?

Amazing that you would boast about being the cleverest dishwasher at Planet Hollywood...

-- Andy (2000EOD@prodigy.net), May 30, 1999.

You're a funny guy.

WHEN I hunt your ass down, I won't know whether to kick it, or pour you a drink

But that ain't until January

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

Oh Andy, Pandy,

where'd ya go?

just a joke son.

No worries mate. I'm too stupid to have such a capability.

Just a bottle-washer at a restaurant, as you said..

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

I will have a well-stocked wet bar and pantry and gun cabinet in January - you will be looking forward to dreaming about the remote possibility of licking DOGS' PISS piss out of a rusty hubcap the next day (if you are fortunate) my little date-challenged feathered simpleton.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

should I bring my Starstreak just to impress you?

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

With you at the controls it would heat seek your sorry ass.

-- Andy (2000EOD@prodigy.net), May 30, 1999.

well I could use some heat Panderer,

your replies leave me cold.

Posts devoid of logic usually do that.

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

Don't worry, you'll get plenty of heat come January, you'll be Kentucky fried chicken...

BWWAAAAAAHAAAAHAAAAAHAAhahahahahahahahahahhhhhaaaaahahahah ha ha

why don't you just give up, my feathered friend, don't embarass yourself anymore with your lame rejoinders :)

-- Andy (2000EOD@prodigy.net), May 30, 1999.

au contraire Messr. Panderer,

I enjoy arguing with idiots.

-- Chicken Little (panic@forthebirds.net), May 30, 1999.

Wow, I go home to catch a few hours sleep and this is what I come back to. Interesting. Andy, it is obvious that we are never going to convince each other of anything. You believe 100% in the 111 working days left theory, I simply feel it is flawed. To each their own.

I do feel though, if you could hold a conversation though without A)cussing (I cuss myself quite often, but in, what I believed, to be a civilazied debate, it was uncalled for) or B)resorting to insulting someones mental capabilities just because they do not agree with you, you would get a lot further. This quickly degenerated into a school yard shouting match and there was no reason for that.

What's that old saying..."you'll attract a lot more with...."

-- B (b@b.b), May 30, 1999.

OK B,

best behaviour from now on :)

Chickadee has history, i can't resist plucking his feathers :)

-- Andy (2000EOD@prodigy.net), May 30, 1999.

Wow, what a thread...

Anyway, the FDIC is NO LONGER asking that little question when doing Phase III examinations. Seems somebody in DC recognized how out of place it was with the party line.

-- Nabi Davidson (nabi7@yahoo.com), June 02, 1999.

Nabi, if you check back with this thread, I was wondering if the FDIC might be trying to work a little behind the scenes CYA. By that I mean that banks that may fail due to Y2K could be bought out in advance and systems merged into a bank that is ready (comparatively so). Then, the public would never know that the reason for the "merger" was really Y2K and "panic" is minimized. Besides, who would notice another merger :-) Maybe the FDIC was trying to facilitate this process through the assessment questionnaires.

-- David (David@BankPacman.com), June 03, 1999.

oh . . . and it does appear that some folks turned your thread into their private little chat room . . . oh well, as Diane likes to say, shift happens.

-- David (David@BankPacman.com), June 03, 1999.