Top U.S. corporate leaders have few Y2K fears

BOCA RATON, Fla., Oct. 27 (Reuters) - America's biggest corporations have tidied up their own computers and believe themselves only remotely vulnerable to Y2K computer malfunctions looming at the new year, top corporate leaders said on Wednesday.

Echoing U.S. Federal Reserve Chairman Alan Greenspan, who has said U.S. banking organizations were well prepared for Y2K, the chairmen of Eastman Kodak, Citigroup, AlliedSignal, Sprint and Johnson & Johnson said they expected few operational or financial problems from computers early in 2000.

``Our country and financial system are well prepared for Y2K,'' Citigroup Chairman Sanford Weill said at a news conference sponsored by the Business Council, a grouping of the leaders of blue-chip U.S. companies. ``We don't see problems in this country.''

Governments and businesses around the world have spent billions of dollars swapping out and fixing computers which may malfunction on Jan. 1 by misreading the year 2000 for 1900 and possibly creating widespread disruptions.

``There's no reason for running scared. This is going to be a nonevent,'' said Ralph Larsen, chairman of healthcare giant Johnson & Johnson.

George Fisher, chairman of Eastman Kodak, the pictures-supplies group, said most substantial Y2K problems had been fixed in the industrial world but that he worried that computer malfunctions could occur in Indonesia, Russia and other countries riding out domestic or economic turmoil.

``I think that is were the risk is highest and that's where we are hedging our bets,'' Fisher said.

Weill said Citigroup, the world's largest financial services provider with operations in 100 countries, had booked satellite time as a safeguard against any possible communications breaks at the new year but that the biggest Y2K question for him turned on the extra cash many experts believe Americans will take from the Citigroup's and other banks' automatic teller machines.

``The real question is whether they will put it back or spend it,'' Weill said.

-- Ken Decker (kcdecker@worldnet.att.net), October 28, 1999

Answers

Let's see, the CEOs are happy, and the CIOs are buying generators and bailing. Hmm, maybe we aren't the only ones being lied to.

-- bw (home@puget.sound), October 28, 1999.

Just more of the same powerful spin sedatives that have put the whole nation to sleep.

And some of you wonder why there are so many DGI's?

-- Mr.NoDoze (beenawake@wh.ile), October 28, 1999.

Thanks Mr. Smooth-it-away. Hope the Celestial Railroad is in working order when you arrive for your safari.

-- a (a@a.a), October 28, 1999.

Irony is the true all powerful force.Those poor corporate dupes,they'll have many high floors from which to throw themselves.

-- zoobie (zoobiezoob@yahoo.com), October 28, 1999.

Last survey: 56% of Fortune 500 execs are laying in food and water for Y2K. (Gartner or Cap Gemini, I don't remember which)

Interesting. Watch what they DO, not what they SAY.

-- Dennis (djolson@pressenter.com), October 28, 1999.

``We don't see problems in this country.''

Amazing insight, loaded with detail.

-- snooze button (alarmclock_2000@yahoo.com), October 28, 1999.

Let's pretend I'm the CEO of a large, publicly-traded corporation (I could be, too. But, I won't ask you to believe that). Let's pretend that I have good reasons to be concerned about my corp's status. First thing I would do is call a shareholders meeting to advise the stockholders that we might be in trouble. Second thing I'd do is call a press conference and announce it to prospective stockholders and the public at large. Third thing I'd do is ask for a big raise, increased benefits...and, of course, more stock options...wouldn't you?

-- (CorpCEO@bail.ceo), October 28, 1999.