>What you say about banks not really being able to assure that they
>can operate when half of the overseas banks are not likely
>to be compliant is good point. Also, it's a fact that about
>15% of US banks are definitely not going to be compliant,
>and these are on the FDIC's 'Leper List". A number of
>those banks, mostly small ones, haven't spent the money for
>compliance as they don't have the money. They've chosen
>in many cases to be bought out and merged this year, rather
>than face the prospect of foreclosure and default next year.
>Your conclusions about pulling all your money out, etc.
>are not sound.
I disagree. The banking system all by itself is a house of cards,
notwithstanding Y2K. It makes NO sense to kepp one thin DIME in ANY bank.
Individual compliance is absolutely moot. There is no such thing as a 'rock
solid' bank EVEN if they are fully remediated. They have too many
dependencies. Water, sewerage, electricity, gas, customers, vendors and
suppliers make it impossible to even contemplate that they are 'rock solid'.
they are no where near solid. They are on shifting sands and the whim of
the population at any moment. But YOU go right ahead and leve your money in.
And when that day comes and you have performed the 'dope slap' 'cuz you jes'
caint figger out why You wuz wrong about dem rok solid banks that you
trusted with all your money, don't come running to me.
Paul Milne.
Quote:>>[ This is a repost of the following
]
>>[ From: "Paul Milne"
]
Quote:>>[ Subject: Re: An open letter to Granite
]
>>[ Newsgroups:
]
Quote:>>[ Message-ID:
.cstone.net> ]
>>>I just sent out this e-mail.
>>>| From bks Fri Jul 23 13:58:42 1999
>>>| Subject: Error on your Website
>>>|
>>>|
>>>| In reference to your presense on the World-Wide web:
>>>|
>>>| Your Year 2000 statement at:
>>>| http://granite.banknorth.com/year2000.html
>>>| contains the following statement:
>>>| Federal and state regulators have been closely monitoring
>>>| our progress on a regular basis, and we are on track to
>>>| have all our systems Year 2000 ready well before the
>>>| June 30, 1999 regulatory guideline.
>>>|
>>>| It is now more than three weeks after the guideline. Did
>>>| you meet it or has your work slipped past it?
>>>|
>>>| Thanks,
>>>| --bks
>>>|
>>>I'll let you know if they reply. Interested readers
>>>are invited to send their own e-mail or to pierce the
>>>veil in some more enterprising manner.
>>Whatever their reply, it will be MEANINGLESS. Why? Because NO bank on the
>>face of the earth has yet admitted that it will not make it. Not one. If
not
>>ONE will admit such, then ANY self-reported compliance has no basis for
>>believability. Oh, they might well BE compliant . But you will NEVER know
if
>>they are telling the truth or lying. As such, they CAN NOT be relied upon.
>>On top of that, their own compliance is MOOT as they are at the mercy of
the
>>world's banks which are 80% NON-COMPLIANT. They are at the mercy of their
>>vendors and customers. Their compliance is MOOT and you would be well
>>advised to let them sink or swim on their own AFTER you have gotten out
>>every DIME you have deposited.
>>GET YOUR MONEY OUT OF BANKS NOW!!!!!
>>Paul Milne
>>> Hope that helps,
>>> --bks
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