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Thanks Mark this something I've been asked many times now I have the info.
Robert
Mark Jurik wrote:
>What effect will Y2K have on the markets?
>
>Here's a collection of report summaries posted elsewhere.....
>
>- Mark Jurik
>------------------------------------------------------------------------
>----------------
>The Social Security Administration has 30,000,000 lines of code to fix.
>Four hundred programmers have been working on the problem since 1991, and
>had only fixed six million lines after five years of effort. The Washington
>Post
>
>The total cost of fixing the Y2K problem will be between $300 billion and
>$600 billion worldwide. The Gartner Group
>
>The total cost of Y2K repairs for the U.S. government is estimated to be
>$3.9 billion. Office of Management and Budget (OMB), who also warned the
>estimate might be 90% too low
>
>Worldwide economic damage of Y2K will reach $119 billion. When adding the
>cost of lawsuits, the total cost could be well over $1 trillion. Business
>Week
>
>The FAA has forty vintage IBM model 3083 mainframes. None are compliant and
>they cannot be made compliant because the people who designed them are
>either dead or retired. Announcement by IBM, the maker of the computers
>(the FAA says they can still make it? bizarre?)
>
>Up to 70% of businesses in Asia will fail outright or experience severe
>hardship. Phillip Dodd, a Unisys Y2K expert, as quoted in the Bangkok Post
>
>The potential for a deep global recession in 2000 is 70%. Dr. Edward
>Yardini, the chief economist of Deutsche Morgan Grenfell
>
>General Motors has over 100,000 suppliers worldwide, any one of which can
>bring their assembly line to a halt.
>
>70% of Chief Information Officers of corporations in America believe their
>companies will not be compliant in time.
>
>The IRS has over 80,000,000 lines of computer code, running in 88,000
>programs on 80 mainframe computers. By the end of 1997, they had fixed
>2,000 programs, leaving 86,000 to go. The Washington Post
>
>The United States, with over half of all computer capacity and 60% of
>Internet assets, is the world's most technology-dependent country. -- GAO
>report, Sep 3, 1998
>
>Finding and fixing all the Y2K-affected software will require over 700,000
>person-years. Capers Jones, head of Software Productivity Research, a firm
>that tracks programmer productivity
>
>Over a billion embedded chips exist worldwide. An estimated 1% are
>susceptible to the Y2K bug. Unfortunately, many critical chips are in
>deep-sea drilling rigs, satellites, or other impossible-to-reach platforms.
>
>Most cars built since 1990 contain over 20 microprocessors.
>
>With just over 500 days left before the new millennium, only 15% of
>companies and government agencies expect to have their critical systems
>more than three-quarters tested and compliant for year 2000 by Jan. 1,
>1999, according to a study released today by IT services firm Cap Gemini
>America. Information Week, August 1998
>
>Only 11% of companies in the United States have begun looking at
>noncompliant chips (embedded systems). Gartner Group research report
>
>Eastern Europe, Russia, India, Pakistan, Southeast Asia, Japan, most of
>South America, most of the Middle East and central Africa all lag the
>United States by more than 12 months in their Y2K repairs Gartner Group
>analyst Lou Marcoccio in his Y2K status report
>
>47% of U.S. companies have no answer to the question, 'What will happen
>when your embedded systems fail?' Gartner Group research report
>
>As of September 1998, only 23% of U.S. companies had evaluated the effect
>of Y2K on their supply chain (the interdependency factor?) Gartner Group
>research report
>
>180 billion lines of software code will have to be screened worldwide. The
>Gartner Group
>
>------------------------------------------------------------------------
>--------------------------------
>
>Projected Y2K Costs: Companies Company Projected Future Costs Source
>
>TOTAL PROJECTED COSTS for the listed companies: $5,065,508,000
>
>British Telecommunications Plc $200,000,000 Computergram International
>1/22/97
>American Airlines $100,000,000 Congressional Press Release 11/10/97
>Depository Trust Co. $25,000,000 Operations Management 1/20/97
>Madison Gas & Electric Co. $1,000,000 Capital Times 1/1/97
>U. S. West $40,000,000 The Denver Post 2/7/97
>USSA $75,000,000 Congressional Press Release 11/10/97
>Disk/Trend $8,000 Business Journal - Portland 1/31/97
>Federal Express $500,000,000 Broward Daily Business Review 3/21/97
>ANZ Company $40,000,000 Deutsche Presse-Agentur 4/14/97
>Bezeq $13,000,000 U.P.I 4/14/97
>Hertz Corp. $15,000,000 10K 3/25/97
>Air Products & Chemicals, Inc. $10,000,000 10K 12/18/96
>Cinergy Corp. $12,000,000 10K 3/27/96
>LG&E Energy Corp. $12,000,000 10K 3/28/97
>Marshall & Ilsley Corp. $25,000,000 10K 3/7/97
>Progressive Corp. $4,300,000 10K 3/31/97
>Southern National Corp., North Carolina $7,000,000 10K 3/17/97
>Southern New England Telephone Co. $15,000,000 10K 3/20/97
>Crestar $5,000,000 Roanoke Times and World News 5/11/97
>Electronic Data Systems Corp. $144,000,000 The Reuter Business Report
>5/28/97
>Norfolk Southern Corp. $10,000,000 Roanoke Times & World News 5/11/97
>Singapore Telecom $21,000,000 The Straits Times 7/31/97
>Tribune Co. $7,000,000 Editor & Publisher Magazine 8/23/97
>Telecom $87,000,000 The Press 9/16/97
>Picker International Inc. $31,000,000 Crain's Cleveland Business 10/6/97
>Experian $25,000,000 Newsbytes 9/24/97
>AT&T $500,000,000 Texas Lawyer 11/10/97
>Dayton Hudson $14,000,000 Supermarket News 10/27/97
>GTE $150,000,000 Congressional Press Release 11/10/97
>MCI $150,000,000 Texas Lawyer 11/10/97
>Sabre $40,000,000 The Dallas Morning News 10/16/97
>Telstra Corp. $500,000,000 AAP Newsfeed 11/6/97
>DHL Worldwide Express $25,000,000 Computergram International 12/1/97
>Advanced Marketing Services, San Diego $500,000 BP Report 12/8/97
>CSX Corp. $40,000,000 The Tennessean 1/4/98
>Ames Department Stores Inc. $2,000,000 Reuters
>FirstEnergy Corp. $72,000,000 Crain's Cleveland Business
>Domtar $5,000,000 The Ottawa Citizen
>Amoco Corp. $100,000,000 Atlanta Business Chronicle
>KeyCorp $40,000,000 Crain's Cleveland Business
>American Greetings Corp. $35,000,000 Crain's Cleveland Business
>First Commercial Corp. of Little Rock $10,000,000 Business Dateline;
>Arkansas Business
>Wal-Mart Stores Inc. $22,000,000 Business Dateline; Arkansas Business
>Unilever $500,000,000 Journal of Commerce
>Ottawa-Carleton Regional Transit Commission $4,600,000 The Ottawa Citizen
>BCE Inc. $450,000,000 The Gazette
>Hydro-Quebec $60,000,000 The Gazette
>Bell Helicopter Textron Canada $1,100,000 The Gazette
>Raymond James & Associates $5,000,000 St. Petersburg Times
>Florida Power $10,000,000 St. Petersburg Times
>Reuters $200,000,000 Daily Mail
>Georgia-Pacific $55,000,000 Atlanta Journal Constitution
>Ameritech Corp. $200,000,000 Reuters
>Bell Atlantic Corporation $300,000,000 Richmond Times Dispatch
>Dominion Resources $150,000,000 Richmond Times Dispatch
>
>
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