This is part of the reason I blame the 'crisis' on those of us who
should have known better. Financial institutions that manage perpetual
annuities can have forecasts running literally centuries into the
future. There was a mini-crisis with mortgage companies who suddenly
found themselves unable to accurately process thirty year mortgages.
Their systems saw that last payment due in 000108, and either figured
that the loan had been paid off, or that the borrower owed seventy years
of interest. This made it hard to print statements. Nevertheless, there
is a difference between having programs that allowed us to insure people
born in 1899, and in having a system that lets us process a payment made
on 000108, or process a policy whose effective date is 990108 and
expires 000108. We have a Y2K initiative here, and we write insurance
software. Fortunately for us, our methods are disciplined enough to let
us become Y2K compliant, tested and deployed, with time to spare. We
have different problems instead :-o !
>----------
>From: Bruce Toback[SMTP:[log in to unmask]]
>Sent: Wednesday, November 12, 1997 4:03 PM
>To: [log in to unmask]
>Subject: Re: [HP3000-L] Y2K: Leap Year Or Not? -Reply
>
<snip>
>I've actually been wondering why there should be that much of a "Year
>2000 crisis" at all. Haven't the really big institutions, like banks and
>insurance companies, been dealing with cross-century transactions for 30
>years or more? If you got your 30-year mortgage in 1970, it had a
>maturity date in 2000. Same thing if you bought an annuity 30-40 years
>ago. Small companies may not have dealt with this, but it's hard to
>believe that, as some are predicting, the entire banking system will fall
>over and start twitching on January 1, 2000.
>
>-- Bruce
>
>--------------------------------------------------------------------------
>Bruce Toback Tel: (602) 996-8601| My candle burns at both ends;
>OPT, Inc. (800) 858-4507| It will not last the night;
>11801 N. Tatum Blvd. Ste. 142 | But ah, my foes, and oh, my friends -
>Phoenix AZ 85028 | It gives a lovely light.
>[log in to unmask] | -- Edna St. Vincent Millay
>
|
