From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Audit II: Two more scary words: Sarbanes-Oxley Date: Feb 8, 2009 Blog: Financial Cryptographyre:
at a european executive financial conference a few yrs ago, I
commented that it would be relatively straight-forward to manipulate
computer books to get by (SOX would catch mistakes but didn't seem
like it would explicit fraud) ... and the only thing I saw in SOX was
the section about whistle-blowers. a couple old posts with references:
https://www.garlic.com/~lynn/2008s.html#9
https://www.garlic.com/~lynn/2009.html#53
Enron & Worldcom was supposedly laid at the door of deregulation and
Sarbanes-Oxley was the result ... pbs website with discussion of
Enron, Worldcom, deregulation, repeal of Glass-Steagall:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
then comes congressional hearings last week into Madoff ponzi scheme
... with the person that has been trying for a decade to get SEC to do
something about it .. A few recent posts ... discussing in more
detail:
https://www.garlic.com/~lynn/2009b.html#65
https://www.garlic.com/~lynn/2009b.html#73
https://www.garlic.com/~lynn/2009b.html#80
In his testimony, there was repeated theme that crooks & fraud thrive where there is lack of visibility and transparency ... and the major recommendation is to change the culture to provide transparency in all aspects of the operations. There is need for new legislation and regulations, but they will always lag behind the crooks. Much more important is creating institutional and infrastructure transparency.
A couple other tidbits:
could only think of one person at SEC (in some field office, gave
their name) that had any understanding of financial transactions
... all the others at the SEC had no understanding (and were mostly
lawyers).
only 4% of fraud is turned up by audits ... over 50% from tips; tips
are 13 times more effective than audits. SEC has a 1-800 hotline for
companies to complain about too vigorous investigation. there is no
corresponding "tip" line.
The Madoff ponzi scheme isn't the only one, in the process of turning
over detailed documentation to the authorities about a (different)
"small" $1b ponzi scheme.
if it wasn't for the current financial crisis, the Madoff ponzi scheme
easily could have continued to $100B
None of the clients he advised, had gotten involved with Madoff
... snip ...
Possibly, in part because SEC didn't seem to be doing anything, GAO
started database:
https://www.gao.gov/products/gao-06-1079sp
from above:
The database consists of two files: (1) a file that lists 1,390
restatement announcements that we identified as having been made
because of financial reporting fraud and/or accounting errors between
July 1, 2002, and September 30, 2005, and (2) a file that lists 396
restatement announcements that we identified as having been made
because of financial reporting fraud and/or accounting errors between
October 1, 2005, and June 30, 2006.
... snip ...
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Audit II: Two more scary words: Sarbanes-Oxley Date: Feb 8, 2009 Blog: Financial Cryptographyre:
Sarbanes-Oxley supposedly also required SEC to do something about the rating agencies .. but there doesn't seem to be anything other than:
Report on the Role and Function of Credit Rating Agencies in the
Operation of the Securities Markets; As Required by Section 702(b) of
the Sarbanes-Oxley Act of 2002
http://www.sec.gov/news/studies/credratingreport0103.pdf
In the congressional hearings last fall on the rating agencies, there was repeated testimony that both the rating agencies and the toxic CDO issuers/sellers knew that the toxic CDOs weren't worth triple-A ratings, but the issuers/sellers were paying for the triple-A ratings. Futher testimony was that in the early 70s, the rating agencies business process became misaligned when they switched from the buyers paying for the ratings to the sellers paying for the ratings (significantly opening things up for conflict of interest).
Last month there was news item that IDC had been brought in to help
price toxic assets the gov. was looking at buying. IDC had bought the
"pricing services" division from one of the rating agencies in 1972
(in the period that testimony said the rating agencies' business
process became misaligned) ... as an aside I interviewed with IDC in
'69 ... some recent posts
https://www.garlic.com/~lynn/2009.html#21
https://www.garlic.com/~lynn/2009.html#31
https://www.garlic.com/~lynn/2009.html#32
Long-winded decade old post mentioning some of the current issues
https://www.garlic.com/~lynn/aepay3.htm#riskm
We had been called in to consult with a small client/server startup
that wanted to do payment transactions on their server ... and they
had invented this technology they wanted to use called SSL. there had
to be a whole lot of work to turn technology into actual business
processes to do financial transactions (frequently now called
"electronic commerce"). then in the mid-90s, we were invited to
participate in the x9a10 financial standards working group which had
been given the requirement to preserve the integrity of the financial
infrastructure for all retail payments ... which resulted in the x9.59
financial standard ... some references
https://www.garlic.com/~lynn/x959.html#x959
Somewhat as the result of "electronic commerce" & x9.59 work, we were
asked to come in to NSCC (since combined with DTC and renamed DTCC) to
see if we could do something similar for all the operations in the
securities industry. After some amount of effort, it was eventually
suspended because a side-effect of the increased integrity would have
created significantly more transparency in all aspects of the
industry. This ran into conflict with pervasive cultural for lots of
obfuscation and lack of transparency ... recent post:
https://www.garlic.com/~lynn/2008s.html#63
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: history of comments and source code annotations Newsgroups: alt.folklore.computers Date: Mon, 09 Feb 2009 00:43:42 -0500Larry__Weiss <lfw@airmail.net> writes:
and some of my posts from that thread:
https://www.garlic.com/~lynn/2003k.html#42 text character based diagrams in technical documentation
https://www.garlic.com/~lynn/2003k.html#43 text character based diagrams in technical documentation
https://www.garlic.com/~lynn/2003k.html#44 text character based diagrams in technical documentation
https://www.garlic.com/~lynn/2003k.html#45 text character based diagrams in technical documentation
for instance, part of DSECT from (hercules) vm370 source ... mentioned
in this recent post
https://www.garlic.com/~lynn/2008s.html#64 Computer History Museum
.MIH01 ANOP MIHREC DSECT * *** MISSING INTERRUPT HANDLER ERROR RECORD * • +---------+----+----+----+----+---------+ • | MIHKEYN | S1 | S2 | S3 | S4 | MIHSPE1 | • +---------+----+----+----+----+---------+ • | MIHDTEN | MIHTMEN | • +-------------------+-------------------+ • | MIHCPID | • +---------------------------------------+ • | MIHJOB | • +-------------+---------------+---------+ • | MIHCUA2 | MIHCUA1 | MIH - | • +-------------------+-------------------+ • | VOL | MIHDEVT | • +-------------------+-------------------+ • | MIHINT | • +---------------------------------------+
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Mon, 09 Feb 2009 12:45:00 -0500jmfbahciv <jmfbahciv@aol> writes:
somewhat simpler ... from yesterday in financial crypto blog ... just
following the Sarbanes-Oxley & SEC part of the thread:
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Mon, 09 Feb 2009 13:10:55 -0500sidd <sidd@situ.com> writes:
just now, a couple hosts on tv business news show were aghast with the news that chairman of goldman-sachs came out in favor of mark-to-market, executive compensation limitations, doing their own valuations (not relying on the rating agencies), risk managers being able to overrule traders (and other business people), and some number of other tidbits.
One of the ways that the business people overruled the risk managers was to have the input to the models fiddled until it supported for what they wanted to do (garbage in, garbage out)
How Wall Street Lied to Its Computers
http://bits.blogs.nytimes.com/2008/09/18/how-wall-streets-quants-lied-to-their-computers/
misc. past posts mentioning the How Wall Street Lied to Its Computers
https://www.garlic.com/~lynn/2008n.html#49 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2008n.html#52 Technology and the current crisis
https://www.garlic.com/~lynn/2008n.html#53 Your thoughts on the following comprehensive bailout plan please
https://www.garlic.com/~lynn/2008n.html#56 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2008n.html#65 Whether, in our financial crisis, the prize for being the biggest liar is
https://www.garlic.com/~lynn/2008n.html#69 Another quiet week in finance
https://www.garlic.com/~lynn/2008n.html#72 Why was Sarbanes-Oxley not good enough to sent alarms to the regulators about the situation arising today?
https://www.garlic.com/~lynn/2008n.html#78 Isn't it the Federal Reserve role to oversee the banking system??
https://www.garlic.com/~lynn/2008n.html#80 Why did Sox not prevent this financal crisis?
https://www.garlic.com/~lynn/2008n.html#82 Fraud in financial institution
https://www.garlic.com/~lynn/2008o.html#15 Financial Crisis - the result of uncontrolled Innovation?
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#19 What's your view of current global financial / economical situation?
https://www.garlic.com/~lynn/2008o.html#26 SOX (Sarbanes-Oxley Act), is this really followed and worthful considering current Financial Crisis?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#34 The human plague
https://www.garlic.com/~lynn/2008o.html#75 In light of the recent financial crisis, did Sarbanes-Oxley fail to work?
https://www.garlic.com/~lynn/2008o.html#82 Greenspan testimony and securization
https://www.garlic.com/~lynn/2008o.html#83 Chip-and-pin card reader supply-chain subversion 'has netted millions from British shoppers'
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#70 Is there any technology that we are severely lacking in the Financial industry?
https://www.garlic.com/~lynn/2008q.html#49 Have not the following principles been practically disproven, once and for all, by the current global financial meltdown?
https://www.garlic.com/~lynn/2008q.html#50 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008r.html#58 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008s.html#8 Top financial firms of US are eyeing on bailout. It implies to me that their "Risk Management Department's" assessment was way below expectations
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#29 Let IT run the company!
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
https://www.garlic.com/~lynn/2008s.html#62 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#63 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#80 Are reckless risks a natural fallout of "excessive" executive compensation ?
https://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#65 What can agencies such as the SEC do to insure us that something like Madoff's Ponzi scheme will never happen again?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: history of comments and source code annotations Newsgroups: alt.folklore.computers Date: Tue, 10 Feb 2009 10:29:43 -0500jmfbahciv <jmfbahciv@aol> writes:
cms script was done in the mid 60s ... part of (virtual machine)
cp67/cms at the science center
https://www.garlic.com/~lynn/subtopic.html#545tech
... somewhat morph of the earlier ctss runoff command (ctss ran on
7094). then in 1969, gml was invented at the science center (by "G",
"M", & "L") ... and gml tag processing was added to script command, in
addition to runoff dot (".") processing. later in the 70s, gml was
standardized as sgml ...
https://www.garlic.com/~lynn/submain.html#sgml
a decade after that, sgml morphed into html (at cern) ... recent
discussion:
https://www.garlic.com/~lynn/2008p.html#67 Web Security hasn't moved since 1995
above has reference to the 1st web server outside europe/cern was on the slac (virtual machine) vm370 (morph of cp67)
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Tue, 10 Feb 2009 10:55:42 -0500re:
one of the tv business news show had blurb on program they are doing on what was behind the current economic crisis & housing bubble (thursday at 8pm) ... included is interview with greenspan ... where he comments that he was very slow to realize the degrading of lending standards ... side-effect of securitization which is at the root of most of what has happened.
however, CDO-like instruments had been used two decades ago during the S&L crisis w/o the pervasive current catastrophic effects. The major current factor, coupled with securitization ... was the rating agencies were giving triple-A ratings to the toxic CDOs (even when both the rating agencies and the issuers/sellers knew they weren't worth triple-A ratings). The triple-A ratings, enormously increased the institutions that would deal in toxic-CDOs and also enormously increased the amount of money available to loan orginators dependent on securitization as source of funds for lending (as opposed to regulated institutions that had been dependent on deposits as source of lending funds).
Then there are separate problems with many of the institutions buying these toxic CDOs. One of the interesting things is the enormous ugly spike (pimple/boil) in the home market corresponds with significant spike in wall street bonuses (nearly four hundred percent boost compared to home market pre-spike pimple/boil). Just looking at correlation between the two values (home market pimple/boil & wallstreet bonuses) ... one might assume some sort of associated transaction activity churn was going on with toxic CDOs solely for the purpose of inflating bonuses.
Past posts mentioning that lending institutions lost any motivation
to pay attention to loan quality with securitization (and the triple-A
ratings resulted in an unlimited amount of funds).
https://www.garlic.com/~lynn/2008n.html#40 Success has many fathers, but failure has the US taxpayer
https://www.garlic.com/~lynn/2008n.html#78 Isn't it the Federal Reserve role to oversee the banking system??
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#19 What's your view of current global financial / economical situation?
https://www.garlic.com/~lynn/2008o.html#26 SOX (Sarbanes-Oxley Act), is this really followed and worthful considering current Financial Crisis?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#43 The human plague
https://www.garlic.com/~lynn/2008o.html#52 Why is sub-prime crisis of America called the sub-prime crisis?
https://www.garlic.com/~lynn/2008o.html#80 Can we blame one person for the financial meltdown?
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2008q.html#68 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008q.html#69 if you are an powerful financial regulator , how would you have stopped the credit crunch?
https://www.garlic.com/~lynn/2008r.html#36 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008r.html#67 What is securitization and why are people wary of it ?
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#18 What next? from where would the Banks be hit?
https://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
https://www.garlic.com/~lynn/2008s.html#59 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Payments start-up Noca takes aim at interchange Achilles heel Date: Feb 10, 2009 Blog: Payment Systems NetworkPayments start-up Noca takes aim at interchange Achilles heel
from above:
Noca, a startup founded by former Visa executives to address the high
costs associated with credit card processing, has launched the beta
version of its payment system that virtually eliminates transaction
fees for online merchants.
...
Noca charges only 0.25% on all transactions compared to the 2-3% plus
$0.30 charge imposed by credit card companies on consumer purchases
... snip ...
One of the things that x9a10 financial standard working group looked
at in the mid-90s (had been given the requirement to preserve the
integrity of the financial infrastructure for all retail payments) for
x9.59 financial transaction standard
https://www.garlic.com/~lynn/x959.html#x959
that it would be applicable to *ALL* payments; credit, debit, ach, stored-value, gift, POS, internet, face-to-case, unattended, etc ... i.e. *ALL*.
One of the things that the "electronic check" pilots went thru in the 90s ... was whether or not the transaction flowed thru the debit network (with same-day settlement) or the ACH network (with potentially day or two delay in settlement). The float from the delay in settlement was seen as partially offsetting the significant loss in interchange fees.
This is not a trivial amount. Two yrs ago, there was article that those fees represented nearly 40% of the bottom line for US institutions (although less than 10% for european institutions).
recent posts mentioning interchange fee issue ... and possible
mis-aligned business process (i.e. the higher interchange fees are
frequently associated with potential fraud ... eliminating such
potential fraud, can also eliminate justification for some amount of
the fees)
https://www.garlic.com/~lynn/2009.html#74 CROOKS and NANNIES: what would Boyd do?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Tue, 10 Feb 2009 13:33:52 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
Then you look at similar (nearly 400%) spike in wallstreet bonuses during the same period. This is mostly related to those triple-A rated toxic CDOs ... but w/o even knowing what all the operations actually were, ... simple correlation would indicate that those activities led to something like $100B increase in wallstreet bonuses during the period (basically reward for their responsibilty for wallstreet & big bank part of the current crisis).
On one side of the triple-A rated toxic CDOs ... there is the treating the home market like the unregulated '20s stock market. One the other side there are some number of financial maneuvers that (at least) resulted in something like $100B spike in wallstreet bonuses.
Misc. last posts mentioning the spike in wallstreets bonuses:
https://www.garlic.com/~lynn/2008k.html#11 dollar coins
https://www.garlic.com/~lynn/2008m.html#26 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#83 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008n.html#52 Technology and the current crisis
https://www.garlic.com/~lynn/2008n.html#53 Your thoughts on the following comprehensive bailout plan please
https://www.garlic.com/~lynn/2008n.html#56 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2008n.html#69 Another quiet week in finance
https://www.garlic.com/~lynn/2008n.html#74 Why can't we analyze the risks involved in mortgage-backed securities?
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#26 SOX (Sarbanes-Oxley Act), is this really followed and worthful considering current Financial Crisis?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#31 The human plague
https://www.garlic.com/~lynn/2008o.html#32 How much is 700 Billion Dollars??
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#60 Did sub-prime cause the financial mess we are in?
https://www.garlic.com/~lynn/2008q.html#66 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#61 The vanishing CEO bonus
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008s.html#32 How Should The Government Spend The $700 Billion?
https://www.garlic.com/~lynn/2008s.html#33 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#41 Executive pay: time for a trim?
https://www.garlic.com/~lynn/2008s.html#59 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#70 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#80 Are reckless risks a natural fallout of "excessive" executive compensation ?
https://www.garlic.com/~lynn/2009b.html#25 The recently revealed excesses of John Thain, the former CEO of Merrill Lynch, while the firm was receiving $25 Billion in TARP funds makes me sick
https://www.garlic.com/~lynn/2009b.html#41 The subject is authoritarian tendencies in corporate management, and how they are related to political culture
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#57 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Assembler Question Newsgroups: bit.listserv.ibm-main,alt.folklore.computers Date: Wed, 11 Feb 2009 11:32:52 -0500eamacneil@YAHOO.CA (Ted MacNEIL) writes:
there is the folklore about 200(?) or so disk engineers leaving San Jose disk division over a period of time ... lots of going to Memorox to do plug-compatible disk drives ... but some number of them going to other places like CDC.
in the late 70s I was over in bldg. 28 ... working on various things
... like original relational/sql implementation ... some past posts
https://www.garlic.com/~lynn/submain.html#systemr
but they would also let me play disk engineer over in bldg. 14&15.
https://www.garlic.com/~lynn/subtopic.html#disk
I was getting ask to participat in some number of high level discussions ... including conferences with channel engineers in POK. I aksed why and was told that those activities had previously been handled by various senior engineers ... but so many had left over the previous ten yrs.
plug-compatible controllers & devices has been given as major motivation
for the Future System effort in the early 70s.
https://www.garlic.com/~lynn/submain.html#futuresys
couple old posts with various quotes/reference about FS
motivation/activity:
https://www.garlic.com/~lynn/2001f.html#33
https://www.garlic.com/~lynn/2008s.html#17
I was somewhat involved in clone controllers as undergraduate in the 60s. I tried to get the 2702 communications controller to do something ... which it could almost, only (i.e. NOT) do. This was some of the motivation behind the university starting a clone controller project using an Interdata/3; reverse engineering the 360 channel interface, building channel interface board for the Interdata/3, and programming the Interdata/3 to emulate 2702 (and do some additional stuff). This was marketed by Interdata ... and then later when Perkin-Elmer bought Interdata, marketed under the Perkin-Elmer name.
One of the big issues for 3370s & 3380s were new kind of (thin-film) disk head (and possibly drop off in plug-compatible compitition ... although there was also pickup in disk market in other places ... like workstation and PCs).
Past posts mentioning "air-bearing" simulation as part of designing
thin-film/floating heads:
https://www.garlic.com/~lynn/2001n.html#39 195 was: Computer Typesetting Was: Movies with source code
https://www.garlic.com/~lynn/2005o.html#44 Intel engineer discusses their dual-core design
https://www.garlic.com/~lynn/2006c.html#6 IBM 610 workstation computer
https://www.garlic.com/~lynn/2006d.html#0 IBM 610 workstation computer
https://www.garlic.com/~lynn/2006d.html#14 IBM 610 workstation computer
https://www.garlic.com/~lynn/2006t.html#41 The Future of CPUs: What's After Multi-Core?
https://www.garlic.com/~lynn/2006u.html#18 Why so little parallelism?
https://www.garlic.com/~lynn/2006x.html#27 The Future of CPUs: What's After Multi-Core?
https://www.garlic.com/~lynn/2006x.html#31 The Future of CPUs: What's After Multi-Core?
https://www.garlic.com/~lynn/2007e.html#43 FBA rant
https://www.garlic.com/~lynn/2007f.html#46 The Perfect Computer - 36 bits?
https://www.garlic.com/~lynn/2007j.html#64 Disc Drives
https://www.garlic.com/~lynn/2007l.html#52 Drums: Memory or Peripheral?
https://www.garlic.com/~lynn/2008k.html#77 Disk drive improvements
https://www.garlic.com/~lynn/2008l.html#60 recent mentions of 40+ yr old technology
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Wed, 11 Feb 2009 12:02:24 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
ongoing congressional hearings with CEOs of major banks and investment houses (all? taking TARP). Several made mention that business got messed up when there was both unregulated and regulated parts in the same institution. One specially made reference to repeal of Glass-Steagall was the enabler that allowed both unregulated and regulated parts in the same institution.
PBS program looking at Enron, Worldcom, deregulation, & repeal of
Glass-Steagall:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
recent posts mentioning working with scans of Glass-Steagall hearings
https://www.garlic.com/~lynn/2009b.html#58 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
https://www.garlic.com/~lynn/2009b.html#60 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
older posts mentioning Glass-Steagall:
https://www.garlic.com/~lynn/2008b.html#12 Computer Science Education: Where Are the Software Engineers of Tomorrow?
https://www.garlic.com/~lynn/2008c.html#11 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008c.html#87 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008d.html#85 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008e.html#42 Banks failing to manage IT risk - study
https://www.garlic.com/~lynn/2008e.html#59 independent appraisers
https://www.garlic.com/~lynn/2008f.html#1 independent appraisers
https://www.garlic.com/~lynn/2008f.html#13 independent appraisers
https://www.garlic.com/~lynn/2008f.html#17 independent appraisers
https://www.garlic.com/~lynn/2008f.html#43 independent appraisers
https://www.garlic.com/~lynn/2008f.html#46 independent appraisers
https://www.garlic.com/~lynn/2008f.html#53 independent appraisers
https://www.garlic.com/~lynn/2008f.html#71 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#73 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#75 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#79 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#94 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#96 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#97 Bush - place in history
https://www.garlic.com/~lynn/2008g.html#2 Bush - place in history
https://www.garlic.com/~lynn/2008g.html#4 CDOs subverting Boyd's OODA-loop
https://www.garlic.com/~lynn/2008g.html#16 independent appraisers
https://www.garlic.com/~lynn/2008g.html#44 Fixing finance
https://www.garlic.com/~lynn/2008g.html#51 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#52 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#57 Credit crisis could cost nearly $1 trillion, IMF predicts
https://www.garlic.com/~lynn/2008g.html#59 Credit crisis could cost nearly $1 trillion, IMF predicts
https://www.garlic.com/~lynn/2008g.html#66 independent appraisers
https://www.garlic.com/~lynn/2008g.html#67 independent appraisers
https://www.garlic.com/~lynn/2008h.html#1 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#28 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#32 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#89 Credit Crisis Timeline
https://www.garlic.com/~lynn/2008j.html#12 To: Graymouse -- Ireland and the EU, What in the H... is all this about?
https://www.garlic.com/~lynn/2008j.html#66 lack of information accuracy
https://www.garlic.com/~lynn/2008k.html#28 dollar coins
https://www.garlic.com/~lynn/2008k.html#36 dollar coins
https://www.garlic.com/~lynn/2008k.html#41 dollar coins
https://www.garlic.com/~lynn/2008l.html#42 dollar coins
https://www.garlic.com/~lynn/2008l.html#67 dollar coins
https://www.garlic.com/~lynn/2008l.html#70 dollar coins
https://www.garlic.com/~lynn/2008m.html#16 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#73 Blinkylights
https://www.garlic.com/~lynn/2008n.html#12 Blinkylights
https://www.garlic.com/~lynn/2008n.html#19 Blinkylights
https://www.garlic.com/~lynn/2008n.html#53 Your thoughts on the following comprehensive bailout plan please
https://www.garlic.com/~lynn/2008n.html#78 Isn't it the Federal Reserve role to oversee the banking system??
https://www.garlic.com/~lynn/2008n.html#99 Blinkylights
https://www.garlic.com/~lynn/2008o.html#12 The human plague
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#19 What's your view of current global financial / economical situation?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#37 The human plague
https://www.garlic.com/~lynn/2008o.html#39 The human plague
https://www.garlic.com/~lynn/2008o.html#43 The human plague
https://www.garlic.com/~lynn/2008o.html#44 The human plague
https://www.garlic.com/~lynn/2008o.html#51 Why are some banks failing, and others aren't?
https://www.garlic.com/~lynn/2008o.html#78 Who murdered the financial system?
https://www.garlic.com/~lynn/2008o.html#80 Can we blame one person for the financial meltdown?
https://www.garlic.com/~lynn/2008o.html#83 Chip-and-pin card reader supply-chain subversion 'has netted millions from British shoppers'
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2008q.html#26 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#66 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Wed, 11 Feb 2009 14:24:02 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
yesterday in the congressional hearings with some of the regulators ... it was touched on the TARP funds being "forced" on some number of institutions ... with implied references that some financial institutions had significantly more flagrant behavior than others (and therefor in most of the trouble). Supposedly, a large part of TARP became trying to restore confidence in the infrastructure ... and highlighting the imprudent behavior of the worst institutions would be undermining confidence. Forcing all the major institutions to take TARP ... then obfuscates which were the really bad institutions (sort of spreading the blame around and reducing the failure possibility for the worst offenders)
congressional hearings today ... a couple institutions highlighted the fact that they never indulged in the imprudent behavior and tried to refuse TARP funds. One of them went into some detail about the behavior they weren't involved in and also mentioned repeal of Glass-Steagall (by name) and allowing regulated and unregulated operations in the same instituations.
The other CEOs seemed to just be paying lip service to various practices being imprudent w/o actually admitting to having been heavily involved in several of the practices.
Supposedly somewhere in all this would be the business school article
from last spring estimating 1000 executives are responsible for 80% of
the current mess and it would go a long way to correcting the situation
if the gov. could figure out how they would loose their job.
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)
several past posts also mentioning the above:
https://www.garlic.com/~lynn/2008g.html#32 independent appraisers
https://www.garlic.com/~lynn/2008g.html#44 Fixing finance
https://www.garlic.com/~lynn/2008g.html#52 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#66 independent appraisers
https://www.garlic.com/~lynn/2008h.html#89 Credit Crisis Timeline
https://www.garlic.com/~lynn/2008i.html#4 A Merit based system of reward -Does anybody (or any executive) really want to be judged on merit?
https://www.garlic.com/~lynn/2008i.html#67 Do you have other examples of how people evade taking resp. for risk
https://www.garlic.com/~lynn/2008n.html#37 Success has many fathers, but failure has the US taxpayer
https://www.garlic.com/~lynn/2008n.html#65 Whether, in our financial crisis, the prize for being the biggest liar is
https://www.garlic.com/~lynn/2008n.html#69 Another quiet week in finance
https://www.garlic.com/~lynn/2008n.html#74 Why can't we analyze the risks involved in mortgage-backed securities?
https://www.garlic.com/~lynn/2008n.html#95 Blinkylights
https://www.garlic.com/~lynn/2008o.html#15 Financial Crisis - the result of uncontrolled Innovation?
https://www.garlic.com/~lynn/2008o.html#26 SOX (Sarbanes-Oxley Act), is this really followed and worthful considering current Financial Crisis?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#35 The human plague
https://www.garlic.com/~lynn/2008o.html#80 Can we blame one person for the financial meltdown?
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2008q.html#16 realtors (and GM, too!)
https://www.garlic.com/~lynn/2008q.html#18 A few months of legislative vacuum - is this a good thing?
https://www.garlic.com/~lynn/2008q.html#51 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008r.html#10 Blinkylights
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#50 Greed Is
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#79 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#85 Banks' Demise: Why have the Governments hired the foxes to mend the chicken runs?
https://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
https://www.garlic.com/~lynn/2009b.html#11 Amid Economic Turbulence, Mainframes Counter IT Cost-Cutting Trend
https://www.garlic.com/~lynn/2009b.html#18 Barbless
https://www.garlic.com/~lynn/2009b.html#25 The recently revealed excesses of John Thain, the former CEO of Merrill Lynch, while the firm was receiving $25 Billion in TARP funds makes me sick
https://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Assembler Question Newsgroups: bit.listserv.ibm-main,alt.folklore.computers Date: Wed, 11 Feb 2009 14:54:32 -0500Peter.Farley@BROADRIDGE.COM (Farley, Peter x23353) writes:
there are some old references about cray (and thornton) doing cdc 66000 ... and then Cray left and formed Cray computer ... and Thornton left and formed Network Systems Corporation. NSC was eventually bought by STK ... which was subsequently acquired by SUN.
some past posts referencing my high-speed data transport (HSDT) project
where we used some number of NSC HYPERchannel boxes:
https://www.garlic.com/~lynn/subnetwork.html#hsdt
some part of 6600 past thread in a.f.c (with some references):
https://www.garlic.com/~lynn/2007t.html#73 Remembering the CDC 6600
6600 wiki page
https://en.wikipedia.org/wiki/CDC_6600
"Parallel operation in the Control Data 6600" (by Thornton)
http://research.microsoft.com/en-us/um/people/gbell/Computer_Structures__Readings_and_Examples/00000509.htm
scan of Thornton's 6600 document on bitsavers.org:
http://www.bitsavers.org/pdf/cdc/cyber/books/DesignOfAComputer_CDC6600.pdf
some specific posts mentioning Thornton:
https://www.garlic.com/~lynn/2002i.html#13 CDC6600 - just how powerful a machine was it?
https://www.garlic.com/~lynn/2005k.html#15 3705
https://www.garlic.com/~lynn/2005m.html#49 IBM's mini computers--lack thereof
https://www.garlic.com/~lynn/2005r.html#14 Intel strikes back with a parallel x86 design
https://www.garlic.com/~lynn/2005u.html#22 Channel Distances
https://www.garlic.com/~lynn/2008s.html#37 Is SUN going to become x86'ed ??
https://www.garlic.com/~lynn/2008s.html#38 Welcome to Rain Matrix: The Cloud Computing Network
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Four decades of a flying giant Newsgroups: alt.folklore.computers Date: Wed, 11 Feb 2009 15:24:44 -0500Four decades of a flying giant
spring break '69, I was con'ed into give a 40hr/1 week class for the technical staff at BCS (boeing computer services) ... even tho the official boeing website says that BCS wasn't (official) formed until the following spring.
then they hired me full-time for the summer (of '69) ... basically setting up some amount of cp67 time-sharing system operation.
for the summer, I rented a basement apartment in the house of one of the (747) engineers working in everett (in des moines not far off the seatac runway, the building of the new plant site in everett made a much longer commute for him.
that summer, there was (sales) mockup of the 747 ... and serial #3 was flying the skys of seattle ... getting faa flight certification.
the tour of the mockup included statement that 747s would have a minimum of two jetways at airports ... and frequently four jetways ... because of the number of people onboard. When was the last time you saw four jetways servicing a wide-body??? ... and how frequently are they even using two???
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Assembler Question Newsgroups: bit.listserv.ibm-main,alt.folklore.computers Date: Wed, 11 Feb 2009 17:16:02 -0500patrick.okeefe@WAMU.NET (Patrick O'Keefe) writes:
control data corporation ...
there is folklore in the late 60s, about the cdc 6600 at berkeley having a thermal problem a little after 10am tuesday mornings (???) and shutting down. After this happened some number of times ... they basically isolated it to low water pressure to the datacenter cooling system. Eventually identified: 1) tuesday(?) morning was when the grass was being watered and 2) 10am(?) was class break ... with lots of students heading to rest rooms & flushing. The combination was enough to drop water pressue to datacenter cooling.
recent posts in related thread about liqued cooling:
https://www.garlic.com/~lynn/2009b.html#46 Z11 - Water cooling?
https://www.garlic.com/~lynn/2009b.html#77 Z11 - Water cooling?
note ... one of the litigation settlements was SBC (service bureau
corporation) going to CDC (there was also some number of employees that
filed legal actions about their change employments) ... also mentioned
in CDC wiki page
https://en.wikipedia.org/wiki/Control_Data_Corporation
from above:
In the meantime, IBM announced a new version of the famed System/360, the
Model 92, which would be just as fast as CDC's 6600. This machine did
not exist, but its nonexistence did not stop sales of the 6600 from
drying up, while people waited for the release of the Model 92. Norris
did not take this tactic, dubbed as fear, uncertainty and doubt (FUD),
lying down, and in an antitrust suit against IBM a year later, he won
over 600 million dollars. He also picked up IBM's subsidiary Service
Bureau Corporation (SBC), which ran computer processing for other
corporations on its own computers. SBC fit nicely into CDC's existing
service bureau offerings.
... snip ...
during the morph from cp67 to vm370 ... there was first the transition
where the cp67 group split off from the science center ... and took
over the boston programming center on the 3rd flr of 545 tech sq
https://www.garlic.com/~lynn/subtopic.html#545tech
as the group outgrew the 3rd flr ... they moved out to the (vacant) SBC bldg. in burlington mall.
They were there until a little after future system project being killed
https://www.garlic.com/~lynn/submain.html#futuresys
during the Future System phase ... lots of 370 product activity was neglected (since FS was targeted as complelely replacing 370 ... in much the same way that 360 had obsoleted previous computer generations). With the death of FS ... there was a mad rush to get stuff back into the 370 product lines ... including a crash program for 370-xa. POK made the business case that in order to make the mvs/xa product schedule ... they needed all the people in the vm370 group ... shutdown burlington mall location, move all the people to POK (and kill off the vm370 product).
Endicott eventually made the case to pick up the vm370 product mission (but had to reconstitute a group from scratch).
for additional product drift ... the pre-occupation with Future System ... and neglecting 370 products ... contributed to clone processors in getting market foothold ... slightly interesting, since Future System was largely motivated as a countermeasure to clone controllers.
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Bletchley Park fires up Big Green-Eyed Monster Newsgroups: alt.folklore.computers Date: Thu, 12 Feb 2009 11:43:26 -0500Bletchley Park fires up Big Green-Eyed Monster
from above ...
The two radar displays are known as the Big Green-Eyed Monster (see pic,
above) "because of their size and remarkable retro appearance". They can
now be enjoyed "replaying historical recordings of flights in and out of
London's Heathrow Airport"
.... snip ...
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Thu, 12 Feb 2009 12:39:29 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
some entries from the index:
Reserve requirements of members banks should be changed so as to be
based not solely upon volume of deposits but also upon rapidity of
their turn-over, thus checking excessive speculation, say Eugene
R. Black and Federal Reserve Board 7434-7435, 7436-7441, 7492-7493,
7495-7516
Brokers loans made by corporations aided to create speculative mania
in years prior to 1929, testifies Otto H. Kahn 1010
"Uncontrolled" because even where made indirectly through banks,
reserves against such loans were not required and because completely
unregulated, said Charles H. E. Scheer 6313
... snip ...
There is some analogy to the current securitization and toxic CDOs, but applied to speculation in the unregulated home market, with the additional factor that the rating agencies were giving triple-A rating to the toxic CDOs and the triple-A rated toxic CDOs were then being gobbled up by all sort of institutions.
The triple-A ratings enormously increased funds for those 1% intro loans that were extremely attractive to speculators in the home market. The triple-A rated toxic CDOs then were involved in all kinds of transaction activity on wallstreet. At the height of the activity a couple yrs ago ... those transactions seemed to correlate with nearly 400% spike in wallstreet bonuses.
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Bletchley Park fires up Big Green-Eyed Monster Newsgroups: alt.folklore.computers Date: Thu, 12 Feb 2009 15:33:24 -0500Al Kossow <aek@spies.com> writes:
we had participated in review of it in '91 time-frame (before we left),
in part because we were involved in a lot of failure-mode &
high-availability issues with our (rs/6000) ha/cmp product
https://www.garlic.com/~lynn/subtopic.html#hacmp
part of the issue was many of the people involved seem to lack fundamental understanding about the myriad ways complex systems might fail.
then in the mid-90s (after we left) we were doing some work on financial infrastructure systems ... and we working with a software development company that had a few people that had been involved in the "60s" ATC effort.
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Thu, 12 Feb 2009 15:50:46 -0500Morten Reistad <first@last.name> writes:
i.e. the quotes are from the (index to the) 1932-1934 Senate banking hearings (which in large part led to Glass-Steagall legislation ... which was then repealed a decade ago).
there are other items from the 32-34 index that make reference to front companies having been formed for various reasons ... to get-around existing regulations, hide profits &/or losses, and/or mask illegal activity.
one of the analogies in the current environment seemed to be the SIVs to carry stuff off-balance ... a lot of stuff that wouldn't otherwise be allowed
as an aside, there was some study that a lot of the S&L crisis from the 80s was because in the early 80s, the fed. gov. reduced the S&L reserve requirements from 8% to 4%. A lot of S&L executives were then put on the spot deciding where to park that freed-up 4% ... something they had little or no prior experience (and poorly equipped to decide). Wallstreet rose to the occasion with a huge amount of "junk bonds" that were capable of absorbing the suddenly freed up reserves.
misc. past posts with some reference to SIVs.
https://www.garlic.com/~lynn/2007v.html#25 Newsweek article--baby boomers and computers
https://www.garlic.com/~lynn/2008f.html#71 Bush - place in history
https://www.garlic.com/~lynn/2008o.html#51 Why are some banks failing, and others aren't?
https://www.garlic.com/~lynn/2008o.html#52 Why is sub-prime crisis of America called the sub-prime crisis?
https://www.garlic.com/~lynn/2008o.html#62 Would anyone like to draw a diagram of effects or similar for the current "credit crisis"?
https://www.garlic.com/~lynn/2008o.html#65 Can the financial meltdown be used to motivate sustainable development in order to achieve sustainable growth and desired sustainability?
https://www.garlic.com/~lynn/2008o.html#75 In light of the recent financial crisis, did Sarbanes-Oxley fail to work?
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#70 Is there any technology that we are severely lacking in the Financial industry?
https://www.garlic.com/~lynn/2008p.html#77 Tell me why the taxpayer should be saving GM and Chrysler (and Ford) managers & shareholders at this stage of the game?
https://www.garlic.com/~lynn/2008q.html#10 realtors (and GM, too!)
https://www.garlic.com/~lynn/2008q.html#19 Collateralized debt obligations (CDOs)
https://www.garlic.com/~lynn/2008q.html#26 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#28 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#57 Blinkenlights
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
https://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#63 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#80 Are reckless risks a natural fallout of "excessive" executive compensation ?
https://www.garlic.com/~lynn/2009.html#84 what was the idea behind Citigroup's splitting up into two different divisions? what does this do for citigroup?
https://www.garlic.com/~lynn/2009b.html#8 Do emperors from the banks have new clothes?
https://www.garlic.com/~lynn/2009b.html#23 BarCampBank - informal finance rantathon in London
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
https://www.garlic.com/~lynn/2009b.html#79 How to defeat new telemarketing tactic
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: The Evolution of the Internet Newsgroups: alt.folklore.computers Date: Thu, 12 Feb 2009 20:32:50 -0500The Evolution of the Internet
from above ..
The origins of the Internet date back nearly 40 years, with the
U.S. military's funding of a research network dubbed Arpanet in
1969. Since then, the Internet has undergone more than just a name
change. The number of computers connected to the Internet has grown
exponentially, while the number of users has risen from a handful of
computer scientists to 1.5 billion consumers.
... snip ...
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Decision Making or Instinctive Steering? Date: Feb 13, 2009 Blog: Corporate GovernanceEnron & Worldcom events had been laid at door of deregulation and/or at least not enforcing regulation. PBS website looking at Enron, Worldcom, deregulation, repeal of Glass-Steagall
Sarbanes-Oxley was the response to Enron and Worldcom events ... some
recent posts in thread at Financial Cryptography blog
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
Then comes recent congressional hearings into Madoff ponzi scheme ... with the person that has been trying for a decade to get SEC to do something about it. Repeated theme in the testimony was that crooks and fraud thrive where there is lack of visibility and transparency ... and the major recommendation is to change th culture to provide transparency in all aspects of the operations. There is need for new legislation and regulation, but they will always lag behind the coorks. Much more important is creating institutional and infrastructure transparency.
A couple other tidbits:
could only think of one person at SEC (in some field office, gave
their name) that had any understanding of financial transactions
... all the others at the SEC had no understanding (and were mostly
lawyers).
only 4% of fraud is turned up by audits ... over 50% from tips; tips
are 13 times more effective than audits. SEC has a 1-800 hotline for
companies to complain about too vigorous investigation. there is no
corresponding "tip" line.
The Madoff ponzi scheme isn't the only one, in the process of turning
over detailed documentation to the authorities about a (different)
"small" $1b ponzi scheme.
if it wasn't for the current financial crisis, the Madoff ponzi scheme
easily could have continued to $100B
None of the clients he advised, had gotten involved with Madoff
... snip ...
Possibly because SEC didn't seem to be doing anything ... and
percentage of financial reports with problems increasing (even since
Sarbanes-Oxley), GAO started database of increasing public company
financial reporting problems:
https://www.gao.gov/products/gao-06-1079sp
from above:
The database consists of two files: (1) a file that lists 1,390
restatement announcements that we identified as having been made
because of financial reporting fraud and/or accounting errors between
July 1, 2002, and September 30, 2005, and (2) a file that lists 396
restatement announcements that we identified as having been made
because of financial reporting fraud and/or accounting errors between
October 1, 2005, and June 30, 2006.
... snip ...
for other topic drift .. I got blamed for computer conferencing on the internal network in the late 70s & early 80s (internal network was larger than arpanet/internet from just about the beginning until late 85 or early 86). Somewhat as a result, in the mid-80s, a researcher was paid to sit in the back of my office for nine months and take notes on how I communicated ... they also got copies of my incoming and outgoing email ... and logs of all instant messages. This was basis for research report, a Stanford Phd thesis (joint between language and computer AI), and some number of papers ... one of the books was: "Knowledge machines: Language and information in a technological society".
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: IBM tried to kill VM? Newsgroups: alt.folklore.computers Date: Fri, 13 Feb 2009 15:34:38 -0500Michael Wojcik <mwojcik@newsguy.com> writes:
a little x-over from this thread:
https://www.garlic.com/~lynn/2009c.html#15 Bletchley Park fires up Big Green-Eyed Monster
https://www.garlic.com/~lynn/2009c.html#17 Bletchley Park fires up Big Green-Eyed Monster
there was something a decade or so ago about some FAA installation in
and/or around Denver that was running some old 360 code under
Fundamental Software on sequent (intel) sytems.
https://web.archive.org/web/20240130182226/https://www.funsoft.com/
on Sequent (intel architecture) systems.
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Fresh start for lost file formats Newsgroups: alt.folklore.computers Date: Sat, 14 Feb 2009 00:18:27 -0500Fresh start for lost file formats
from above:
Britain's National Archive estimates that it holds enough information to
fill about 580,000 encyclopaedias in formats that are no longer widely
available.
Research by the British Library estimates that the delay caused by
accessing and preserving old digital files costs European businesses
about GBP2.7bn a year.
... snip ...
I have an acquaintance that is been researching some stuff in early 20th europe. he mentioned that index at (US) national archives is lucky to give him the microfilm reel number ... while his trips to the UK ... the indexes are much more complete ... giving down to the microfilm frame number.
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Fresh start for lost file formats Newsgroups: alt.folklore.computers Date: Sat, 14 Feb 2009 11:42:52 -0500jmfbahciv <jmfbahciv@aol> writes:
in the mid-90s we did some consulting with Commerce getting ready for 2000 ... they needed to replace their 70s mainframes with newer technology. there was some time constraint ... the movers were already scheduled for april 1997 for the old stuff and the new replacement had to be settled on by that time (and scheduled to roll in)
census prepardness was audited by some number of other agencies ... and we were tasked to handle one of the audits.
part of getting called in was because of the work (early 90s) on ha/cmp
https://www.garlic.com/~lynn/subtopic.html#hacmp
and cluster scale-up
https://www.garlic.com/~lynn/lhwemail.html#medusa
slight topic drift
https://www.garlic.com/~lynn/95.html#13
you can order cdroms/dvds from commerce with lots of information
... for instance:
http://www.census.gov/epcd/www/g97cdrom.htm
from above:
All of the data from the 1997 Economic Census have now been released on
CD-ROM. Disc 1f supersedes discs 1a to 1e. Disc 2d supersedes discs 2a
to 2c. Disc 3, ZIP Code Statistics, is a single volume. Data for 1992
and 1987 are available in separate CD-ROMs.
... snip ...
order site:
http://www.census.gov/mp/www/cat/
also lots of PDF for download (somewhat similar to the PDF files that I
recently downloaded with the Senate banking hearings from the early 30s)
http://www.census.gov/prod/www/abs/decennial/1940.htm
http://www.census.gov/prod/www/abs/decennial/1920.htm
http://www.census.gov/prod/www/abs/decennial/1890.htm
wiki page for 1890 United States Census:
from above:
The 1890 census was the first to be compiled on a tabulating machine,
developed by Herman Hollerith.[1] This introduction of technology
reduced the time taken to tabulate the census from eight years for the
1880 census to one year for the 1890 census.[1] The total population of
62,947,714[2] was announced after only six weeks of processing.
... snip ...
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: IBM tried to kill VM? Newsgroups: alt.folklore.computers Date: Sat, 14 Feb 2009 12:03:09 -0500Morten Reistad <first@last.name> writes:
the above configuration was in regular use a year before the first engineering 370 with virtual memory hardware was operational. in fact, the modified cp67 for running on 370 hardware ... was regression test for that engineering 370. there is even folklore that when it was first ipled/booted, it failed. after some diagnostic ... it turned out that the engineers had (incorrectly) reversed the op-codes for some 370 instructions. as an expediate, the cp67 kernel was quickly modified to use the (incorrect) opcodes.
the other scenario was that in the early part of this decade there were efforts running linux in virtual machines. mainframe hardware had LPARs (dating back to the 80s, hypervisor, pr/sm) ... i.e. logical partitions. This is basically a subset of virtual machine supervisor migrated into the hardware/microcode of the machine ... which allows "partititoning" of the hardware into a small number (couple dozen) of "partitions".
One early test had a "small" LPAR (i.e. limited amount of real machine
resources) running a copy of virtual machine supervisor. then in the
virtual machine supervisor ... over 40,000 linux virtual machines were
created. old post with extracts from vmesa-l touting peak linux virtual
machines (41,400):
https://www.garlic.com/~lynn/2000b.html#62 VM (not VMS or Virtual Machine, the IBM sort)
old posts mentioning the work at the science center supporting
370 virtual machines in cp67:
https://www.garlic.com/~lynn/2004p.html#50 IBM 3614 and 3624 ATM's
https://www.garlic.com/~lynn/2005g.html#17 DOS/360: Forty years
https://www.garlic.com/~lynn/2005j.html#50 virtual 360/67 support in cp67
https://www.garlic.com/~lynn/2005p.html#27 What ever happened to Tandem and NonStop OS ?
https://www.garlic.com/~lynn/2006.html#38 Is VIO mandatory?
https://www.garlic.com/~lynn/2006f.html#5 3380-3390 Conversion - DISAPPOINTMENT
https://www.garlic.com/~lynn/2006l.html#21 Virtual Virtualizers
https://www.garlic.com/~lynn/2006m.html#26 Mainframe Limericks
https://www.garlic.com/~lynn/2006q.html#1 Materiel and graft
https://www.garlic.com/~lynn/2006q.html#49 Was FORTRAN buggy?
https://www.garlic.com/~lynn/2006w.html#3 IBM sues maker of Intel-based Mainframe clones
https://www.garlic.com/~lynn/2006x.html#19 The Future of CPUs: What's After Multi-Core?
https://www.garlic.com/~lynn/2007i.html#16 when was MMU virtualization first considered practical?
https://www.garlic.com/~lynn/2007m.html#11 John W. Backus, 82, Fortran developer, dies
https://www.garlic.com/~lynn/2007p.html#74 GETMAIN/FREEMAIN and virtual storage backing up
https://www.garlic.com/~lynn/2007q.html#23 GETMAIN/FREEMAIN and virtual storage backing up
https://www.garlic.com/~lynn/2007r.html#68 High order bit in 31/24 bit address
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Crypto Craft Knowledge Date: Sat, 14 Feb 2009 15:01:10 -0500 Mailing List: cryptograpyOn 02/14/2009 07:18 AM, Ben Laurie wrote:
Part of this was that standard digital signature processes (along with
digital certificates if necessary) could represent a one hundred times
factor payload bloat ... some past comments about various efforts that
tried to apply knee-jerk application of digital signatures to existing
financial infrastructures ... resulting in two orders of magnitude
payload bloat
https://www.garlic.com/~lynn/subpubkey.html#bloat
One of the side-effects of some of the extreme bloated approaches was that they actually avoided defining end-to-end protocol ... just defined a digitally signed operation for flow over the internet ... which was then stripped off and thrown away at the gateway to the "real" infrastructure.
In any case, as a result, the fields from standard existing financial transaction was specified for encoding ... that was signed ... and then just the digital signature was appended to existing formatted message.
At the receiving end, the fields were re-encoded and verified with the transmitted digital signature.
The issue for FSTC that prompted FSML ... was that at the time, the encoding standards weren't deterministic (i.e the sender and the recipient had to use the same encoding rules ... so the signed encoding and the verified encoding were the same). FSML was then contributed to W3C and incorporated into the XML digital signature standard.
in that sense, neither e-check nor X9.59 required a length field
... they just specified all the encoded transaction fields that were
necessary for characterizing a transaction unambiguously.
https://www.garlic.com/~lynn/x959.html#x959
As an aside ... we didn't particularly come at it from the stand-point
of crypto craft or even security-critical craft ... we came at it from
standpoint of business-critical craft ... where things might fail in a
multitude of ways (some possibly having nothing to do with
security). slightly related recent post mentioning FAA ATC system:
https://www.garlic.com/~lynn/2009c.html#17 Bletchly Park fires up Big Green-Eyed Monster
Another example was we did "audits" of RAID disk arrays ... looking for design &/or implementation shortcomings that might result in loss of data.
In the "security" context ... we did some audits where we identified (nearly trivial) exploits in end-to-end operation ... and were told that wasn't part of the security protocol.
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Tracing the third "when" in a "Select" Newsgroups: comp.lang.rexx Date: Sat, 14 Feb 2009 15:35:29 -0500Swifty <steve.j.swift@gmail.com> writes:
old computer history museum reference ...
https://web.archive.org/web/20020506063424/http://computinghistorymuseum.org/ieee/af_forum/read.cfm?forum=10&id=21&thread=7
website has been redone, and i've lost the current URL:
http://www.computerhistory.org/
as above, early rex inception folklore has lots of activity around the
world over the internal network ... internal network was larger than the
arpanet/internet from just about the beginning until possibly late '85
or early '86 ... misc. past posts mentioning internal network
https://www.garlic.com/~lynn/subnetwork.html#internalnet
i lucked out as undergraduate ... after my 1st intro computer course, the univ. let me have the machine room all to myself on weekends (8am sat until 8am mon) ... so, although i punched all my own cards ... I got to load them and run them myself ... of course i had to do some of the other operator tasks myself ... once a day ... dismantling the card reader and cleaning the brushes and other parts, etc.
I do have some archived old email from the early inception of rex (before it was renamed to rexx for release as product).
for an early exercise to demonstrate power of rex ... i set a task of
reimplementation a large assembler application (used for kernel problem
determination) ... with objective of spending 1/2 time over 3 months,
being able to create a replacement (in rex, instead of assembler) that
ran ten times faster and had ten times more function ... misc. past
posts
https://www.garlic.com/~lynn/submain.html#dumprx
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Is the Relational Database Doomed? Newsgroups: alt.folklore.computers Date: Sat, 14 Feb 2009 16:58:40 -0500Is the Relational Database Doomed?
from above:
Relational databases have been around for over 30 years. During this
time, several so-called revolutions flared up briefly, all of which were
supposed to spell the end of the relational database. All of those
revolutions fizzled out, of course, and none even made a dent in the
dominance of relational databases.
... snip ...
some past posts mentioning original relational/sql, System/R
at SJR
https://www.garlic.com/~lynn/submain.html#systemr
in some niches ... IMS ... which have been around for over 40 years,
continues to find significant market ... wiki ims page
https://en.wikipedia.org/wiki/Information_Management_System
from above:
Today IMS complements DB2, IBM's relational database system, introduced
in 1982. In general, IMS performs faster than DB2 for a given task, but
requires more programming effort to design and maintain.
... snip ...
above was one of the pro/con arguments between IMS & System/R in the 70s ... in addition to relational indexes "doubling" physical disk space and greatly increasing disk accesses (index processing). changes in the 80s shifted some of the argument, drastic disk price/bit costs in the 80s mitigated the physical disk space requirements ... and significant increases in system real storage size allowed caching a lot of indexes ... mitigated the number of disk accesses.
and old email mentioning that when Jim left SJR for Tandem ... he told
them to use me for consultant:
https://www.garlic.com/~lynn/2007.html#email801016
in this post
https://www.garlic.com/~lynn/2007.html#1
one of the current genre is "in-storage" relational databases ...
leveraging further increases in real storage sizes ... that claim ten
times the performance of traditional relational/RDBMS, even where all the
data is "fully" cached ... some recent references to use in
telco and financial industry:
https://www.garlic.com/~lynn/2007m.html#47 Capacity and Relational Database
https://www.garlic.com/~lynn/2007n.html#36 How to flush data most efficiently from memory to disk when db checkpoint?
https://www.garlic.com/~lynn/2007p.html#0 The use of "script" for program
https://www.garlic.com/~lynn/2008q.html#71 What do you think is holding up the use of cellphone-initiated micro payments in the U.S.?
https://www.garlic.com/~lynn/2008r.html#20 TOPS-10
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Sat, 14 Feb 2009 18:40:21 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
A year ago, some of the hosts on tv business news shows were agonizing over how were the wall street firms were going to continue to make the big profits and what were going to be the new schemes (that they would come up to keep the big profits <and bonuses> flowing).
this was when things were starting to go bust and losses were starting to be declared. The TV "hosts" seemed to think it was a good thing that various people (at wallstreet firms) had come up with mechanisms to bypass all the risk management provisions, in order to temporarily greatly increase revenue (and bonuses) at the cost of nearly taking down the financial infrastructure and destroying the contry's economy.
The current discussion about bonuses (which spiked nearly 400% during the height of the activities), by some of these (TV) hosts, is that apparently (for some), once having earned the really, really big bonuses for their part in nearly taking down the financial infrastructure and destroying the country's economy ... that they deserve these big bonuses for life.
There may be some corollary in the recent Washington Post series about CDSs at AIG ... and people raising alarms about the practice ... and being discounted since the people raising the alarms had lower compensation than the (enormous) compensation of the people activitly involved in the CDSs.
business school article from a year ago estimating that approx. 1000
executives are responsible for 80% of the current crisis ... and that
it would go a long way to correcting the situation if the gov. could
figure out how they could loose their jobs.
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)
past article mentioning how some on wallstreat were able to bypass the risk management limitations:
How Wall Street Lied to Its Computers
http://bits.blogs.nytimes.com/2008/09/18/how-wall-streets-quants-lied-to-their-computers/
misc. past posts mentioning article listing annual wallstreet bonuses
in the earlier part of this decade:
https://www.garlic.com/~lynn/2008f.html#76 Bush - place in history
https://www.garlic.com/~lynn/2008g.html#52 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#66 independent appraisers
https://www.garlic.com/~lynn/2008h.html#42 The Return of Ada
https://www.garlic.com/~lynn/2008i.html#4 A Merit based system of reward -Does anybody (or any executive) really want to be judged on merit?
https://www.garlic.com/~lynn/2008k.html#11 dollar coins
https://www.garlic.com/~lynn/2008m.html#26 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#83 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008n.html#52 Technology and the current crisis
https://www.garlic.com/~lynn/2008n.html#53 Your thoughts on the following comprehensive bailout plan please
https://www.garlic.com/~lynn/2008n.html#56 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2008n.html#69 Another quiet week in finance
https://www.garlic.com/~lynn/2008n.html#74 Why can't we analyze the risks involved in mortgage-backed securities?
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#26 SOX (Sarbanes-Oxley Act), is this really followed and worthful considering current Financial Crisis?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#31 The human plague
https://www.garlic.com/~lynn/2008o.html#32 How much is 700 Billion Dollars??
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#60 Did sub-prime cause the financial mess we are in?
https://www.garlic.com/~lynn/2008q.html#66 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#61 The vanishing CEO bonus
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008s.html#32 How Should The Government Spend The $700 Billion?
https://www.garlic.com/~lynn/2008s.html#33 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#41 Executive pay: time for a trim?
https://www.garlic.com/~lynn/2008s.html#59 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#70 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#80 Are reckless risks a natural fallout of "excessive" executive compensation ?
https://www.garlic.com/~lynn/2009b.html#25 The recently revealed excesses of John Thain, the former CEO of Merrill Lynch, while the firm was receiving $25 Billion in TARP funds makes me sick
https://www.garlic.com/~lynn/2009b.html#41 The subject is authoritarian tendencies in corporate management, and how they are related to political culture
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#57 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Sun, 15 Feb 2009 11:20:04 -0500jmfbahciv <jmfbahciv@aol> writes:
nearly taking down the financial infrastructure and destroying the
country's economy is a national security issue. in the 90s there was
presidential directive for infrastructure protection ... and meetings on
the subject by different infrastructure areas ... a major area was
financial infrastructure. Some of the gov. agencies that have been
charged with traditional national security ... seemed to have tough time
coming to grips with these other kinds of threats. There has been some
recent news articles about statements from DNI about the subject
(highlighting gov. agencies that have had long tradition of focusing on
specific kinds of threats adapting to the changing landscape) ... for
even more topic drift
https://www.garlic.com/~lynn/2009c.html#25 Crypto Craft Knowledge
some of the external threats have explicitly mentioned taking down the country's economy as a major objective ... but our own people seemed to have beat them to it (are we our own worst enemy?).
The Glass-Steagall hearings seemed to reinforce that a lot of this was a
combination of deregulation and lack of enforcement of whatever
regulation there was. Somewhat the PBS site about Enron, Worldcom,
deregulation, repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
and these recent posts about Enron & Worldcom being result of
deregulation ... which repeal of Glass-Steagall was just a part ...
then the passing of Sarbanes-Oxley ... which appeared to have
little or no affect:
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
... and with regard to the tv business news hosts agonizing over how were the wall street firms going to continue to make the big profits ... the person that tried for a decade to get the SEC to do something Madoff ... highlighted consistent, high returns as a major indicator of likely fraud.
Mark-to-market has a lot of cognitive dissonance. The forces that traditionally tout no regulation and "efficiency of the market" ... repeatedly state that the market is the best regulator of itself. Mark-to-market is valuating assets at whatever the market is willing to pay.
However, transparency, visibility, and regulation are needed to have confidence in the market and be willing to deal. When that starts to come crashing down ... when it is learned that major assets were never worth their triple-A ratings (and the people involved knew they weren't worth the triple-A ratings) ... there is huge loss of trust and confidence ... market starts to assume the worst. Efficient working of the market ... only operates within reasonable transparency, visibility, regulation, trust boundaries. When there is loss of transparency, visibility, regulation, trust, and confidence ... the mythical "efficiency of the market" breaks down.
This is what happened when the muni-bond market froze up ... with loss of trust & confidence in ratings ... it became difficult to value the bonds based on the traditional ratings ... and so nobody wanted to invest in something that they didn't know how to value.
this is discussion we had lost summer about Buffett stepping in to
"insure" muni-bonds after market froze because loss of confidence and
trust in (all) ratings (not just those for toxic CDOs):
https://www.garlic.com/~lynn/2008j.html#9 dollar coins
https://www.garlic.com/~lynn/2008j.html#20 dollar coins
The analogy is after the ugly home market pimple/boil/bubble burst, home prices start to decline. Numerous market forces can result in something of a snowball effect ... resulting in home prices deflating to less than where the bubble started.
The "efficiency of the market" theory is that the market is the best indicator of asset value ... and therefor "mark-to-market" is valuing all assets at whatever comparable assets sold for (this is also found contesting home property tax assessment ... or trying to set home selling price ... find the recent comparables).
When there is significant loss of confidence and trust ... "efficiency
of the market" starts to break down, which can then snowball. Large
amount of assets are known to not be worth their triple-A ratings
... but the issue is how much less?. Nobody really knows ... best guess
is maybe 80 cents on the dollar ... but in the middle of the fear,
uncertainty and doubt (FUD), there are only a few sales at 22 cents on
the dollar. "mark-to-market" then means that everybody has to value
all their comparable assets at 22 cents on the dollar. Public companies
then have to make quarterly financial statements ... including
their asset valuation ... in-spite of this GAO reference
https://www.gao.gov/products/gao-06-1079sp
where the percentage of public traded companies with financials that are
restated had been around 3 percent ... but in this decade (after
Sarbanes-Oxley) it grew to around 10 percent.
The database consists of two files: (1) a file that lists 1,390
restatement announcements that we identified as having been made because
of financial reporting fraud and/or accounting errors between July 1,
2002, and September 30, 2005, and (2) a file that lists 396 restatement
announcements that we identified as having been made because of
financial reporting fraud and/or accounting errors between October 1,
2005, and June 30, 2006.
... snip ...
So all the advocates of no-regulation and "efficiency of the market" ... are for "mark-to-market" when things are going well ... but then it all falls apart ... then there is FUD and low-ball offers are made ... which results in more FUD (because of all the write-downs and losses being reported). The FUD and loss of trust/confidence snowballs.
Somewhat akin to Madoff congressional testimony about criminals and fraud thrives where there is lack of visibility and transparency ... a modified "mark-to-market" ... is companies transparently disclose all the factors & formulas that are used for valuing assets. Again there is some analogy when contesting home tax assessment.
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: I need magic incantation for a power conditioner Newsgroups: alt.folklore.computers Date: Sun, 15 Feb 2009 12:01:19 -0500jmfbahciv <jmfbahciv@aol> writes:
in the mid-80s, there was claim that the internal network had over half of all the link encryptors in the world.
starting with PCs (big expansion in home terminal program and off-site dial-in), corporation developed its own 2400 baud encrypting modem (as well as dial-back programs for home-terminal ... i.e. you registered your home telephone number, dail-in, did some handshake ... hung-up and the system dialed you back at your registered number).
one of the (infamous) stories was a high-level executive (who many yrs earlier was EE graudate) was provide with one of the encrypting modem. It wasn't working ... so one of the tests was to use his tongue to test for any current. Unfortunately, the line happened to ring at that moment. There was subsequently a edict that all modems from the corporation (whether the purely internal encrypting modems) or anything sold to customer ... had to have "rj" contacts sufficiently recessed that people couldn't touch them with their tongue (which also makes it quite difficult to remove a cord once plugged in)
misc. past posts mentioning the incident
https://www.garlic.com/~lynn/2002d.html#11 Security Proportional to Risk (was: IBM Mainframe at home)
https://www.garlic.com/~lynn/2003e.html#68 The Pentium 4 - RIP?
https://www.garlic.com/~lynn/2004j.html#26 Losing colonies
https://www.garlic.com/~lynn/2004q.html#57 high speed network, cross-over from sci.crypt
https://www.garlic.com/~lynn/2005r.html#12 Intel strikes back with a parallel x86 design
https://www.garlic.com/~lynn/2006o.html#48 sorting
pictures posted in the past of series of terminals on my home desk in
the late 70s thru mid-80s (miniterm, 3101, pc)
https://www.garlic.com/~lynn/2008m.html#38 Baudot code direct to computers?
https://www.garlic.com/~lynn/2008m.html#51 Baudot code direct to computers?
https://www.garlic.com/~lynn/2008n.html#51 Baudot code direct to computers?
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: H5: Security Begins at the Application and Ends at the Mind Date: Feb 15, 2009 Blog: Financial Cryptographyre:
for the fun of it, something from yesterday in the cryptography
mailing list
https://www.garlic.com/~lynn/2009c.html#25 Crypto Craft Knowledge
that mentions several "end-to-end" audit/issues ... including doing some reviews where trivial exploits were found ... and being told that wasn't part of the security protocol.
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Sun, 15 Feb 2009 14:52:19 -0500jmfbahciv <jmfbahciv@aol> writes:
the Glass-Steagall hearings put a big part of the blame for the
"frenzy" in the unregulated '20s stock market and the crash of '29 on
"broker loans".
https://www.garlic.com/~lynn/2009c.html#16 How to defeat new telemarketing tactic
the equivalent today is a combination of things ... with the lynchpin being the (nearly automatic, paid-for) triple-A ratings on the toxic CDOs.
lending was moving from regulated institutions using deposits to (many times unregulated) institutions using securitization as source of funds.
securitization had been used two decades ago in the S&L crisis ... but w/o the drastic downside effect of the current situation ... where the triple-A ratings significantly increased the institutions that would buy toxic CDOs and therefor the amount of money that the lenders had available for lending.
The (nearly) automatic triple-A ratings on the toxic CDOs also eliminated lender motivation to pay attention to loan quality ... enabling the huge speculation spike in the home market (basically treating home market like the 20s unregulated stock market).
basically there have been lots of different, individual hot spots of greed and corruption ... the (automatic) triple-A ratings on toxic CDOs was significant enabler allowing all the individual greed and corruption hot spots to combine together into economic firestorm (and creating a systemic risk of financial infrastructure meltdown)
there is the home market speculation that corresponds to the 20s unregulated stock market speculation. however, this is coupled to the triple-A rated toxic CDOs ... which then is coupled with all the institutions that dealt in the triple-A rated toxic CDOs.
There is the trust and confidence problems created by the rating agencies giving triple-A ratings to toxic CDOs ... creating investment FUD in all the instruments that have been traditionally based on such ratings.
Then there are all the institutions buying triple-A rated toxic CDOs
playing long/short mismatch ... which has been known for centuries to
take down institutions (independent of the issue of all the heavy
leveraging activity and whether or not the toxic CDOs actually
deserved triple-A ratings). long/short mismatch discussion from 2007
http://www.forbes.com/2007/11/13/citigroup-suntrust-siv-ent-fin-cx_bh_1113hamiltonmatch.html
decade old FED article
http://www.frbsf.org/economic-research/publications/economic-letter/2000/september/short-term-international-borrowing-and-financial-fragility/
so a lot of the triple-A rated toxic CDOs are being carried
off-balance (claim was that citi still had $1.1trillion ... even after
winning the write-down sweepsteaks). bringing them back on to the
balance sheet ... and "mark-to-market" ... could mean valuing at 22
cents on the dollar (for citi, declaring an additional $800billion
loss). this contributes to several claims that many of these
institutions are insolvent ... recent references:
https://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
https://www.garlic.com/~lynn/2009b.html#8 Do emperors from the banks have new clothes?
https://www.garlic.com/~lynn/2009b.html#18 Barbless
https://www.garlic.com/~lynn/2009b.html#20 what was the idea behind Citigroup's splitting up into two different divisions? what does this do for citigroup?
Part of the current angst is that lots of the assets have been carried off-balance ... and so valuing the assets weren't an issue ... being forced to bring back onto the balance sheet in the middle of a significant downturn ... where the magnitude of the losses would swamp the institution ... results in motivation to find alternatives.
misc. past posts mentioning long/short mismatch and/or SIV discussions:
https://www.garlic.com/~lynn/2008o.html#37 The human plague
https://www.garlic.com/~lynn/2008o.html#39 The human plague
https://www.garlic.com/~lynn/2008o.html#42 The human plague
https://www.garlic.com/~lynn/2008o.html#43 The human plague
https://www.garlic.com/~lynn/2008o.html#51 Why are some banks failing, and others aren't?
https://www.garlic.com/~lynn/2008o.html#52 Why is sub-prime crisis of America called the sub-prime crisis?
https://www.garlic.com/~lynn/2008o.html#62 Would anyone like to draw a diagram of effects or similar for the current "credit crisis"?
https://www.garlic.com/~lynn/2008o.html#65 Can the financial meltdown be used to motivate sustainable development in order to achieve sustainable growth and desired sustainability?
https://www.garlic.com/~lynn/2008o.html#75 In light of the recent financial crisis, did Sarbanes-Oxley fail to work?
https://www.garlic.com/~lynn/2008o.html#78 Who murdered the financial system?
https://www.garlic.com/~lynn/2008o.html#80 Can we blame one person for the financial meltdown?
https://www.garlic.com/~lynn/2008o.html#82 Greenspan testimony and securization
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#47 In Modeling Risk, the Human Factor Was Left Out
https://www.garlic.com/~lynn/2008p.html#60 Did sub-prime cause the financial mess we are in?
https://www.garlic.com/~lynn/2008p.html#70 Is there any technology that we are severely lacking in the Financial industry?
https://www.garlic.com/~lynn/2008p.html#77 Tell me why the taxpayer should be saving GM and Chrysler (and Ford) managers & shareholders at this stage of the game?
https://www.garlic.com/~lynn/2008q.html#10 realtors (and GM, too!)
https://www.garlic.com/~lynn/2008q.html#19 Collateralized debt obligations (CDOs)
https://www.garlic.com/~lynn/2008q.html#20 How is Subprime crisis impacting other Industries?
https://www.garlic.com/~lynn/2008q.html#26 Blinkenlights
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
https://www.garlic.com/~lynn/2008s.html#59 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#70 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#63 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#80 Are reckless risks a natural fallout of "excessive" executive compensation ?
https://www.garlic.com/~lynn/2009.html#84 what was the idea behind Citigroup's splitting up into two different divisions? what does this do for citigroup?
https://www.garlic.com/~lynn/2009b.html#8 Do emperors from the banks have new clothes?
https://www.garlic.com/~lynn/2009b.html#23 BarCampBank - informal finance rantathon in London
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: H5: Security Begins at the Application and Ends at the Mind Date: Feb 15, 2009 Blog: Financial Cryptographyre:
Having been involved in business critical dataprocessing for a couple decades ... clients typically cared whether there was any kind of fault/failure ... and only secondarily (if at all) cared about how/what.
Only focusing on some moderately trivial portion of end-to-end problems ... seemed frequently to be part of "hype" promoting some specific (possibly security) solution or market.
The start of the crypto craft thread was somewhat about limited breadth of knowledge to recognize all possible ways things might fail (but still limited to crypto or security specific issues).
In business critical dataprocessing ... an issue was ALL possible kinds of faults or failures. ALL somewhat translates into "end-to-end" when approaching the subject from a communication or networking perspective.
I've mentioned several times in the past ... we had been asked to consult with small client/server startup that wanted to do payments on their server and they had this technology they had invented called SSL they wanted to use.
As part of that effort, we had to go around and look at several of these new things calling themselves Certification Authorities. One of the insights was that many of the principles in these early efforts had come from mathematical or technical background. Most admitted that they were surprised to learn that only about 5% of a CA is technical ... 95% of a CA is bookkeeping, administration, filing, ... traditional business operation.
Mathematical provable is a really small part of the overall operation and ... raising that issue may even sometimes be misdirection.
For a slightly different perspective on Financial dataprocessing
https://www.garlic.com/~lynn/2008p.html#27 Father of Financial Dataprocessing
old email regarding when he was leaving SJR for Tandem and turning
over a lot of his responsibilities to me:
https://www.garlic.com/~lynn/2007.html#email801016
in this post
https://www.garlic.com/~lynn/2007.html#1
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Is the Relational Database Doomed? Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 00:56:23 -0500Chris Barts <chbarts+usenet@gmail.com> writes:
besides refs on working on original relational/sql System/R and email
relating to Jim departing SJR for tandem ... there is this reference to
celebrating Jim last May (which included things like ACID semantics):
https://www.garlic.com/~lynn/2008p.html#27 Father of Financial Dataprocessing
About the same time I was doing work on System/R ... I was also doing some work on possibly considered more navigational.
As sort of implied in the past pro/con discussions between IMS and System/R in the 70s ... relational basically abstracted away the direct record pointers in IMS with keys. This increase the overhead in various ways ... but simplified administration and changes.
The navigational work was attempted to do something similar but preserve the ability to have arbitrary relationships between things (any-to-any) that is available in IMS with direct pointers (but creating a relationship paradigm that eliminated the IMS-like direct pointers).
While RDBMS index doubled the physical disk storage requirements (for a
lot of things that would be represented by simple tables in RDBMS)
... this other abstraction resulting in indexes sometimes increasing the
disk storage by 5-10 times. I've done several versions starting from
scratch over the years. It is what I use for managing the rfc index
https://www.garlic.com/~lynn/rfcietff.htm
and the merged taxonomy & glossaries
https://www.garlic.com/~lynn/index.html#glosnote
as to the MVS v. VM ... all the System/R work was done on vm370 and then
there was technology transfer eventually from SJR to Endicott
for SQL/DS. In this post referencing a meeting with several
people in 1992
https://www.garlic.com/~lynn/95.html#13
one of the people mentioned, claimed to have handled much of the technology transfer from Endicott to STL for DB2 (on MVS).
and as in the previous post ... misc. past posts mentioning
work on original relational/sql implementation, System/R
https://www.garlic.com/~lynn/submain.html#systemr
GML
https://www.garlic.com/~lynn/submain.html#sgml
was invented at the science center in 1969
https://www.garlic.com/~lynn/subtopic.html#545tech
and this recent post traces some of the GML evoluation thru sgml, html,
xml, etc.
https://www.garlic.com/~lynn/2008p.html#67 Web Security hans't moved since 1995
and of course, the science center was also responsible for original virtual machine system, cp67 ... which then morphed into vm370 (used for all the relational/sql system/r work).
For other topic drift, this is past post with reference to nulls &
3-value articles ... references a Date article from 1992 that basically
illustrates that SQL's 3-value logic creates a problem because results
aren't what most people would normally expect.
https://www.garlic.com/~lynn/2003g.html#40 How to cope with missing values - NULLS?
It also shows an alternative 3-value logic used for this other implementation ... with the claim that it results in much more intuitive obvious results (eliminating most of the problem that crops up with NULLs in SQL).
misc other posts mentioning 3-value logic:
https://www.garlic.com/~lynn/2004l.html#75 NULL
https://www.garlic.com/~lynn/2005.html#15 Amusing acronym
https://www.garlic.com/~lynn/2005i.html#35 The Worth of Verisign's Brand
https://www.garlic.com/~lynn/2005m.html#19 Implementation of boolean types
https://www.garlic.com/~lynn/2005t.html#23 So what's null then if it's not nothing?
https://www.garlic.com/~lynn/2005t.html#33 What ever happened to Tandem and NonStop OS ?
https://www.garlic.com/~lynn/2006e.html#34 CJ Date on Missing Information
https://www.garlic.com/~lynn/2006q.html#22 3 value logic. Why is SQL so special?
https://www.garlic.com/~lynn/2006s.html#27 Why these original FORTRAN quirks?
https://www.garlic.com/~lynn/2006x.html#21 "The Elements of Programming Style"
https://www.garlic.com/~lynn/2006x.html#30 "The Elements of Programming Style"
https://www.garlic.com/~lynn/2006y.html#1 "The Elements of Programming Style"
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Why do IBMers think disks are 'Direct Access'? Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 11:00:20 -0500Chris Barts <chbarts+usenet@gmail.com> writes:
from above:
Some of the early design of components and the development of the
concepts which led to the IBM 650 Magnetic Drum Data Processing Machine
began in the late-1940s
December 8, 1954
The first 650 delivered to a customer is installed in the controllers
department of the John Hancock Mutual Life Insurance Company in
Boston. (The company also becomes the first customer to acquire two
650s, when a second system is installed in April 1955.)
September 14, 1956
650 RAMAC (which combines the IBM 650 Magnetic Drum Data Processing
Machine and a series of IBM 355 disk memory units) and the 305 RAMAC are
announced. The 650 is demonstrated at IBM's Glendale Laboratory in
Endicott.
... snip ...
... and then there was the 2321 data cell ... some datacell detail:
http://members.optushome.com.au/intaretro/2321DCD.htm
http://www.columbia.edu/cu/computinghistory/datacell.html
floppies were invented as mechanism for loading microcode load into the
3830 DASD controller ... it was also used for loading microcode in
several 370s.
http://www.cnn.com/TECH/computing/9907/08/1971.idg/
virtual memory was available as standard for 360/67 ... which was
leveraged by the cp67 virtual machine system. prior to availability
of 360/67, the science center had done virtual memory hardare
modifications for 360/40 and created cp40. various past posts
mentioning science center
https://www.garlic.com/~lynn/subtopic.html#545tech
some in depth discussion of this period in Melinda's history paper:
https://www.leeandmelindavarian.com/Melinda/
https://www.leeandmelindavarian.com/Melinda#VMHist
when virtual memory was going to be announced for 370 ... my fading memory was that there was some kind of worry about patent/copyright issue related to "virtual memory" ... which prompted the use of the label "virtual storage".
lots of past posts related to dasd
https://www.garlic.com/~lynn/submain.html#dasd
also past posts mentioning allowing to play disk engineer in blds. 14&15
https://www.garlic.com/~lynn/subtopic.html#disk
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 12:02:51 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
I've essentially finished cleaning the OCR'ed scan of Glass-Steagall hearing index and have a HTML version (haven't recreated all the indented hierarchical structure which was lost with OCR ... but have the 3000+ first level headings, HTML file is over 3mbytes). I also have the page number references identified.
The page numbers are references to 26 volumes/files ... that in aggregate are nearly 1gbyte (PDF).
I've got a shell script that maps the page number range in each file ... so for a given page number ... it invokes a PDF reader for the specific file. In addition, it is possible to pass the page number (on command line) to the "evince" PDF reader ... and it brings up that specific page (evince page number support is matching the original document page number in the PDF).
Still missing is being able to click on a specific page number (in the HTML index file) and display that specific PDF page (from the appropriate file).
re:
https://www.garlic.com/~lynn/2009b.html#58 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#60 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#75 OCR scans of old documents
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: The 20th Century of Central Banking is over Date: Feb 16, 2009 Blog: Financial Cryptographyre:
In the mid and late 90s ... there was some expectation that telcos would take over the payment industry.
The scenario was that telcos had highly efficient technology developed for call record processing. They were supposedly going to leverage this high performance technology to take-over the micropayment arena and then leverage those volumes to take-over the rest of the payment business.
Some number of telcos made forays into this arena ... basically payment charges showing up as line-items in phone bill. It then seemed to fall apart and the telcos participation seem to disappear.
Afterwards the explanation was that telcos hadn't the infrastructure to handle the financial risk (and defaults). Telcos had a fairly high default rate on bills ... but were able to absorb a lot of it ... since it was for services ... but didn't actually represent "real money". The (defaulted) payments actually represented money that telcos provided to merchants.
Its been a decade and some number of proposed cellphone payment activities seemed to have lost that institutional experience (this is analogous to lost institutional memory about difficulty in supporting PC serial port devices ... between the time home banking moved from dedicated dialup to the internet ... and the attempt to introduce PC serial port smartcard readers in the consumer market).
In last couple yrs ... there have been announcements by some of the payment processing infrastructures about installing some of the higher-efficient database technologies (that had evolved for telco call-records). This presumably should help further drive down processing overhead costs and possibly help enable new generation move into micropayments.
In parallel with this is the significant fees that are part of the current infrastructure. A couple yrs ago there was an article that the payment transaction fees represented nearly 40% of the bottom line for US institutions (although less than 10% of the bottom line for EU institutions). For some operations like C-stores ... payment transaction fees are claimed to be their largest expense. The existing fee structure is motivation behind some amount of search for alternatives.
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: People to Blame for the Financial Crisis Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 15:04:35 -0500re:
#1 ...
People to Blame for the Financial Crisis; Angelo Mozilo
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html
from above:
Countrywide wasn't the first to offer exotic mortgages to borrowers with
a questionable ability to repay them. In its all-out embrace of such
sales, however, it did legitimize the notion that practically any adult
could handle a big fat mortgage.
... snip ...
and these mortgages were then packaged up as toxic CDOs, got triple-A ratings and sold off (providing them with the funds to repeat the process). The lenders no longer had to care about quality of the loan. A no-documentation, no-down, introductory 1% interest-only payment ARM became extremely attractive to speculators (planning on flipping before the rate reset) ... since the 1% carrying cost was much less than home inflation in many parts of the country.
& #2 ...
25 People to Blame for the Financial Crisis; Phil Gramm
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
from above:
He played a leading role in writing and pushing through Congress the 1999
repeal of the Depression-era Glass-Steagall Act, which separated
commercial banks from Wall Street. He also inserted a key provision into
the 2000 Commodity Futures Modernization Act that exempted
over-the-counter derivatives like credit-default swaps from regulation
by the Commodity Futures Trading Commission. Credit-default swaps took
down AIG, which has cost the U.S. $150 billion thus far.
... snip ...
there have been other articles about the president signed these bills, but i've also seen references to the bills in congress having sufficient backing that they were "veto-proof" (which would have made any veto a hollow gesture)
PBS program looking at wall street influence, enron & worldcom (also laid
at the door of deregulation), as well as repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
...
#3 has Alan Greespan citing his super low (FED) interest rates in the early 2000s ... implication that they were involved in the mortgage crisis. However, the FED interest rates affected mortgage rates when lenders were banks and used deposits as source of funds. Securitization and triple-A rated toxic CDOs changed all that ... loans (even by institutions that weren't traditional regulated) could be made totally decoupled from FED interest rates.
business school article from a year ago that estimated 1000 executives
are responsible for 80% of the current mess and it would go a long way
to fixing the problem if the gov could figure out how they could loose
their jobs:
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)
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40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN' Date: Feb 16, 2009 Blog: Business Analyticstime article:
People to Blame for the Financial Crisis
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.htm
some of my comments on the article:
https://www.garlic.com/~lynn/2009c.html#38
related recent comments
https://www.garlic.com/~lynn/2009c.html#29
https://www.garlic.com/~lynn/2009c.html#32
article from a year ago that estimated 1000 executives are responsible
for 80% of the current mess and it would go a long way towards fixing
the problem if the gov. could figure out how they could loose their
job
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)
The business school article points to securitization ... another article on the same theme:
The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html
from above:
Watsa's only sin was in being a little too early with his prediction
that the era of credit expansion would end badly. This is what he said
in Fairfax's 2003 annual report: "It seems to us that securitization
eliminates the incentive for the originator of [a] loan to be credit
sensitive. Prior to securitization, the dealer would be very concerned
about who was given credit to buy an automobile. With securitization,
the dealer (almost) does not care."
... snip ...
This is also somewhat the theme for the #1 on the time list; basically lender being able to almost immediately unload whatever loan w/o regard to quality. No-documentation, no-down payment, 1% interest only payment ARMs became quite attractive to speculators (1% carrying cost much lower than home inflation in many parts of the country) ... basically being able to treat home market like the 20s unregulated stock market. The analogy is the "broker loans" as cause of speculative mania in the 20s stock market (from Glass-Steagall hearings in the early 30s ... the testimony was scanned at boston public library last fall and are available online).
Note that the above references to securitization are before the congressional hearings late last fall on rating agencies and the ratings on the mortgage/loan backed securities (toxic CDOs). These instruments had been used two decades ago during the S&L crisis w/o the current disastrous effects.
The recent testimony in congressional hearings said that both the toxic CDO issuers/sellers and the rating agencies knew that the toxic CDOs weren't worth the triple-A ratings ... but that the rating agencies were being paid to give them triple-A ratings. The claim was that the seeds for this happened in the early 70s when the rating agencies changed from the buyers paying for the ratings to the sellers paying for the ratings (mis-aligning the business process and creating opening for conflict of interest). The triple-A ratings on the toxic CDOs, dramatically increased the institutions that would buy the instruments ... and also dramatically increased the money for lenders (using securitization as source of funds).
Many of the institutions buying the toxic CDOs were playing long/short
mismatch ... which has been known for centuries to take down
institutions. Risk management comments that Lehman and Bear-Stearns
had marginally chance of surviving playing long/short mismatch
(independent of the heavy leveraging and whether or not the toxic CDOs
were worth the triple-A ratings).
http://www.forbes.com/2007/11/13/citigroup-suntrust-siv-ent-fin-cx_bh_1113hamiltonmatch.html
and fed article from decade ago
http://www.frbsf.org/economic-research/publications/economic-letter/2000/september/short-term-international-borrowing-and-financial-fragility/
another article from last yr
The crash of 2008: A mathematician's view
http://www.eurekalert.org/pub_releases/2008-12/w-tco120808.php
from above:
Markets need regulation to stay stable. We have had thirty years of
financial deregulation. Now we are seeing chickens coming home to
roost. This is the key argument of Professor Nick Bingham, a
mathematician at Imperial College London, in an article published
today in Significance, the magazine of the Royal Statistical Society.
... snip ...
Traditionally, loans and mortages were by highly regulated financial institutions using deposits as source of funds (with quite a bit of safety and soundness).
Securitization provided a source of funds for other kinds of institutions to get heavily into the lending business (and side-effect eliminated motivation of the loan originating institution to pay any attention to loan quality). Being able to get triple-A rating on the toxic CDO (securitized instruments) enormously increased the availability of funds via this mechanism.
There had have been lots of greed & corruption hospots ... but combination of deregulation and lax/lack of regulation enforcement allowed the hotspots to combine together into an economic firestorm.
Lots of institutions were buying these triple-A rated toxic CDOs. Repeal of Glass-Steagall ... eliminated separating the safety and soundness of regulated financial institutions from the extremely risky unregulated investment banking institutions (which have been heavily involved in buying these triple-A rated toxic CDOs).
related comments about SEC regulation activity ... including the
Madoff case as well as with respect to rating agencies:
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
in addition to #2 on the times list as part of repeal of Glass-Steagall and the commodity futures modernization act ... open unregulated trading of CDS ... it also enabled ENRON
Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html
from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and
Mr. Gramm's wife, Wendy, served on the Enron board, which she joined
after stepping down as chairwoman of the Commodity Futures Trading
Commission.
... snip ...
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Assembler Question Newsgroups: bit.listserv.ibm-main,alt.folklore.computers Date: Mon, 16 Feb 2009 17:52:02 -0500BillF@MAINSTAR.COM (Bill Fairchild) writes:
note that in that time-frame, (at least) both Wang and Bull contracted for rs/6000 to sell under their own label.
Also the Bull/Honeywell (world) services in Billerica was one of
the early HA/CMP installations ... misc. past posts mentioning ha/cmp
https://www.garlic.com/~lynn/subtopic.html#hacmp
current web site:
http://www.bull.us/bull_services/
http://www.bull.us/services/servicesindex.html
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Why do IBMers think disks are 'Direct Access'? Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 19:13:31 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
double checking 360/67 functional characteristics ... copy found
here:
http://www.bitsavers.org/pdf/ibm/360/functional_characteristics/
... it says "virtual storage" (as opposed to "virtual memory") ... however it also mentions that the ("official") operating system for 360/67 was tss/360 ... which had a "one-level store" architecture ... i.e. rather than file read/writes ... there was mapping & unmapping of virtual storage objects.
360/67 supported both 24bit & 32bit virtual addressing modes. when virtual storage was added to 370 ... only 24bit addressing mode was available ... 31bit didn't show up until 370-xa & 3081.
however, there still is something in the back of my mind about not using "virtual memory" references because of some external reason.
wiki 370 reference:
https://en.wikipedia.org/wiki/System/370
above wiki page references some of melinda's history of science center,
virtual memory, and virtual machine history.
https://www.leeandmelindavarian.com/Melinda/
https://www.leeandmelindavarian.com/Melinda#VMHist
the above makes reference to decision to exclude virtual storage from s/370 line ... however, it actually took quite a bit of effort to add virtual storage support to the high end 370 models.
i've periodically made reference to one point in time where the 165 engineers said that the virtual storage announcement was going to have to slip by (another) six months unless they could eliminate several features that were in the original 370 virtual storage architecture.
various resolution meetings eventually resulted in decision to drop the features and get back the additional six months in the schedule. this required that all the other processors (that had their support for some time) to go back and remove the dropped features.
this also put vm370/cms somewhat in a bind ... since the implementation had been done to take advantage of the additional 370 virtual memory architecture features ... and dropping the features ... required retrofitting vm370/cms with something of a kludge implementation.
misc. past posts mentioning 165 problems potentially slipping
virtual storage announcement schedule unless some of the
370 virtual memory architecture features could be dropped.
https://www.garlic.com/~lynn/2003g.html#12 Page Table - per OS/Process
https://www.garlic.com/~lynn/2006i.html#23 Virtual memory implementation in S/370
https://www.garlic.com/~lynn/2006j.html#41 virtual memory
https://www.garlic.com/~lynn/2006l.html#22 Virtual Virtualizers
https://www.garlic.com/~lynn/2006m.html#26 Mainframe Limericks
https://www.garlic.com/~lynn/2006s.html#61 Is the teaching of non-reentrant HLASM coding practices ever defensible?
https://www.garlic.com/~lynn/2006t.html#1 Is the teaching of non-reentrant HLASM coding practices ever
https://www.garlic.com/~lynn/2006y.html#26 moving on
https://www.garlic.com/~lynn/2007d.html#32 Running OS/390 on z9 BC
https://www.garlic.com/~lynn/2007f.html#14 more shared segment archeology
https://www.garlic.com/~lynn/2007f.html#16 more shared segment archeology
https://www.garlic.com/~lynn/2007j.html#43 z/VM usability
https://www.garlic.com/~lynn/2007k.html#28 IBM 360 Model 20 Questions
https://www.garlic.com/~lynn/2007n.html#35 IBM obsoleting mainframe hardware
https://www.garlic.com/~lynn/2007p.html#70 GETMAIN/FREEMAIN and virtual storage backing up
https://www.garlic.com/~lynn/2007p.html#74 GETMAIN/FREEMAIN and virtual storage backing up
https://www.garlic.com/~lynn/2008r.html#34 What if the computers went back to the '70s too?
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 19:53:58 -0500Walter Bushell <proto@panix.com> writes:
article mentioned some number of times:
The crash of 2008: A mathematician's view
http://www.eurekalert.org/pub_releases/2008-12/w-tco120808.php
from above:
Markets need regulation to stay stable. We have had thirty years of
financial deregulation. Now we are seeing chickens coming home to
roost. This is the key argument of Professor Nick Bingham, a
mathematician at Imperial College London, in an article published
today in Significance, the magazine of the Royal Statistical Society.
... snip ...
this is related to the #2 entry in the time article about who to blame
https://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
but as noted ... deregulation wasn't just the two items mentioned in the
above ... Enron and Worldcom situations are also blamed on deregulation;
PBS webpages mentioning wall street influence, Enron, Worldcom,
deregulation, repeal of Glass-Steagall, etc
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
related
https://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
past posts mentioning the above article:
https://www.garlic.com/~lynn/2008r.html#58 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008r.html#67 What is securitization and why are people wary of it ?
https://www.garlic.com/~lynn/2008s.html#5 Greed - If greed was the cause of the global meltdown then why does the biz community appoint those who so easily succumb to its temptations?
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#18 What next? from where would the Banks be hit?
https://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2009.html#15 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Business process re-engineering Newsgroups: alt.folklore.computers Date: Mon, 16 Feb 2009 20:56:01 -0500Business process re-engineering
from above:
The idea of re-engineering was first propounded in an article in Harvard
Business Review in July–August 1990 by Michael Hammer, then a professor
of computer science at MIT. The method was popularly referred to as
business process re-engineering (BPR), and was based on an examination
of the way information technology was affecting business processes.
... snip ...
somewhat related past posts mentioning billions spent on (unsuccessful)
financial processing re-engineering efforts during the 90s on
straight-through processing to eliminate overnight batch window
https://www.garlic.com/~lynn/2006s.html#40 Ranking of non-IBM mainframe builders?
https://www.garlic.com/~lynn/2007e.html#31 Quote from comp.object
https://www.garlic.com/~lynn/2007l.html#15 John W. Backus, 82, Fortran developer, dies
https://www.garlic.com/~lynn/2007m.html#36 Future of System/360 architecture?
https://www.garlic.com/~lynn/2007u.html#19 Distributed Computing
https://www.garlic.com/~lynn/2007u.html#21 Distributed Computing
https://www.garlic.com/~lynn/2007u.html#37 folklore indeed
https://www.garlic.com/~lynn/2007u.html#44 Distributed Computing
https://www.garlic.com/~lynn/2007u.html#61 folklore indeed
https://www.garlic.com/~lynn/2007v.html#19 Education ranking
https://www.garlic.com/~lynn/2007v.html#27 folklore indeed
https://www.garlic.com/~lynn/2007v.html#64 folklore indeed
https://www.garlic.com/~lynn/2007v.html#69 Controlling COBOL DDs named SYSOUT
https://www.garlic.com/~lynn/2007v.html#72 whats the world going to do when all the baby boomers retire
https://www.garlic.com/~lynn/2007v.html#81 Tap and faucet and spellcheckers
https://www.garlic.com/~lynn/2008b.html#3 on-demand computing
https://www.garlic.com/~lynn/2008b.html#74 Too much change opens up financial fault lines
https://www.garlic.com/~lynn/2008d.html#30 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008d.html#31 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008d.html#73 Price of CPU seconds
https://www.garlic.com/~lynn/2008d.html#87 Berkeley researcher describes parallel path
https://www.garlic.com/~lynn/2008d.html#89 Berkeley researcher describes parallel path
https://www.garlic.com/~lynn/2008g.html#55 performance of hardware dynamic scheduling
https://www.garlic.com/~lynn/2008h.html#50 Microsoft versus Digital Equipment Corporation
https://www.garlic.com/~lynn/2008h.html#56 Long running Batch programs keep IMS databases offline
https://www.garlic.com/~lynn/2008p.html#26 What is the biggest IT myth of all time?
https://www.garlic.com/~lynn/2008p.html#30 Automation is still not accepted to streamline the business processes... why organizations are not accepting newer technolgies?
https://www.garlic.com/~lynn/2008r.html#7 If you had a massively parallel computing architecture, what unsolved problem would you set out to solve?
https://www.garlic.com/~lynn/2009.html#87 Cleaning Up Spaghetti Code vs. Getting Rid of It
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Tue, 17 Feb 2009 09:03:05 -0500jmfbahciv <jmfbahciv@aol> writes:
part of the business was allowed to be split off ... where it was subject to significantly reduced regulation ... for that part of the business, since it was now subject to significantly less regulation ... it was considered deregulation.
and pbs info on the subject:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
when it all hit the fan ... sarbanes-oxley was suppose to compensate. however, this put a lot of new responsibility on SEC ... which had been going thru a period of eliminating regulation along with a much more lax attitude regarding enforcement of what regulations there were.
as per past discussion of madoff case and gao database of public
company filings ... SEC appeared to be doing little
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Tue, 17 Feb 2009 23:03:36 -0500jmfbahciv <jmfbahciv@aol> writes:
Energy deregulation: Is it friend or enemy?
http://www.usatoday.com/money/covers/2002-05-16-enron-california-hearings.htm
from above:
Outraged Western senators claim their constituents were bilked out of
billions of dollars by Enron and other energy traders who sold power in
2000 and 2001 into newly deregulated Western markets. In documents
released May 7 by FERC, Enron lawyers outline manipulation by the firm's
West Coast traders during the California power crisis to drive up
prices.
... snip ...
https://www.garlic.com/~lynn/2009c.html#42 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#44 How to defeat new telemarketing tactic
article also mentions attempts to blame the way some of the dergulation laws left loop holes ... and, effectively, you shouldn't blame crooks if they take advantage of the system.
something analogous was discussed in some linkedin threads about could their be global regulation to address the problems behind the current crisis.
one of the points raised in the congressional hearings into the rating agencies last fall ... is that regulation is significantly harder when the business interests are misaligned ... this was reference to ratings agencies in the early 70s changing from buyers paying for the ratings to the sellers/issuers paying for the ratings (nominally the ratings are considered that the buyers relied upon the ratings ... but with the change to sellers paying for the ratings, the rating agencies interest became aligned with the sellers, not the buyers).
misc. past posts mentioning misaligned business processes:
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#57 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#38 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
https://www.garlic.com/~lynn/2009b.html#78 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Thu, 19 Feb 2009 09:21:29 -0500re:
and
https://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
note that in addition to gramm appearing as #2 on the times list for the current crisis ... being behind repeal of Glass-Steagall as well as commodity futures modernization ... which opened unregulated trading of CDS ... the commodity futures modernization act was involved in the collapse of enron.
Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html
from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and
Mr. Gramm's wife, Wendy, served on the Enron board, which she joined
after stepping down as chairwoman of the Commodity Futures Trading
Commission.
... snip ...
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Using a PC as DASD Newsgroups: bit.listserv.ibm-main,alt.folklore.computers Date: Thu, 19 Feb 2009 13:07:57 -0500Bruce McKnight <mcknight-b-a@excite.com> writes:
there was then some work in the Hippi switch standards bodies to allow similar nas/san functionality in the Hippi switch (3rd party transfers) with IPI disks (i.e. "server" sets up hippi switch and ipi disk transfers ... which then transfers data directly to/from disks).
Similar capability was worked on in the FCS switch standards activity ... for a little drift, basically FICON is effectively a somewhat proprietary extension of FCS (fiber channel standard) ... there were lots of heated discussions with mainframe channel engineers in the FCS standards committe & on FCS standards mailing list.
in some ways it can be viewed that the original NCAR capability (over the years) has evolved into nas/san.
wiki page ...
https://en.wikipedia.org/wiki/Storage_area_network
try search engines for nas, san freeware ...
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Thu, 19 Feb 2009 13:55:27 -0500re
some more about commodity futures trading commission, commodity futures modernization act, exempting enron energy-swap operation from government supervision (also AIG's & other CDS from gov. supervision)
Phil Gramm's Enron Favor
https://web.archive.org/web/20080711114839/http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/
from above:
A few days after she got the ball rolling on the exemption, Wendy Gramm
resigned from the commission. Enron soon appointed her to its board of
directors, where she served on the audit committee, which oversees the
inner financial workings of the corporation. For this, the company paid
her between $915,000 and $1.85 million in stocks and dividends, as much
as $50,000 in annual salary, and $176,000 in attendance fees, according
to a report by Public Citizen, a group that has relentlessly tracked
Enron, which in turn has called the report unfair.
... snip ...
other recent posts mentioning enron, sarbanes oxley, &/or gao database of
their audits of public company financial statements (problems growing
from 3% of companies in the 90s to over 10%)
https://www.garlic.com/~lynn/2009.html#15 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#53 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#57 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#58 HONEY I LOVE YOU, but please cut the cards
https://www.garlic.com/~lynn/2009.html#63 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#68 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009b.html#11 Amid Economic Turbulence, Mainframes Counter IT Cost-Cutting Trend
https://www.garlic.com/~lynn/2009b.html#12 Amid Economic Turbulence, Mainframes Counter IT Cost-Cutting Trend
https://www.garlic.com/~lynn/2009b.html#25 The recently revealed excesses of John Thain, the former CEO of Merrill Lynch, while the firm was receiving $25 Billion in TARP funds makes me sick
https://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#48 The blame game is on : A blow to the Audit/Accounting Industry or a lesson learned ???
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#57 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
https://www.garlic.com/~lynn/2009b.html#60 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
https://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#3 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#4 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#6 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#8 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#10 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#11 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#18 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
https://www.garlic.com/~lynn/2009c.html#28 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#32 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#36 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
https://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Thu, 19 Feb 2009 17:44:42 -0500re:
and from this post on linkedit
https://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
mention of commodity futures trading commission & CDS
(credit-default swaps)
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
commoditization modernization not only enabled the CDS situation but as noted, also Enron.
CFTC definition from my merge financial taxonomy & glossary ...
information here:
https://www.garlic.com/~lynn/index.html#glosnote
Commodity Futures Trading Commission (CFTC)
A federal agency responsible for coordinating the commodities industry
in the United States. Established in April 1975, the CFTC is charged
with detecting and prosecuting violators of the Commodity Exchange Act
of 1976. [OTS] A federal regulatory agency authorized under the
Commodity Futures Trading Commission Act of 1974 to regulate futures
trading in all commodities. The commission is comprised of five
commissioners, one of whom is designated as chairman, all appointed by
the President, subject to Senate confirmation. The CFTC is independent
of the Cabinet departments. [NYMEX] A federal regulatory agency
established under the Commodity Futures Trading Commission Act, as
amended in 1974, that oversees futures trading in the United
States. The commission is comprised of five commissioners, one of whom
is designated as chairman, all appointed by the President subject to
Senate confirmation, and is independent of all cabinet
departments. [CBOT] CFTC and SEC are the primary regulators and
oversee the actions of the clearing organizations under their
jurisdictions to determine whether or not they are functioning in
accordance with regulations and the law [GAO] Created by Congress in
1974 to regulate exchange trading in futures. [NYSE] The Federal
regulatory agency established by the CFTC Act of 1974 to administer
the Commodity Exchange Act. [CFTC]
... snip ...
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: SSLstrip hacking tool bypasses SSL to trick users, steal passwords Newsgroups: alt.folklore.computers Date: Thu, 19 Feb 2009 21:39:04 -0500SSLstrip hacking tool bypasses SSL to trick users, steal passwords
not too long after this ha/cmp
https://www.garlic.com/~lynn/subtopic.html#hacmp
meeting in '92
https://www.garlic.com/~lynn/95.html#13
on ha/cmp scale-up
https://www.garlic.com/~lynn/lhwemail.html#medusa
two of the people mentioned (in the above meeting post) ... left and joined a small client/server startup responsible for something called a commerce server. We were called in as consultants because the startup wanted to do payment transactions on the server ... and had invented this stuff called SSL they wanted to use ... the result is frequently now called "electronic commerce".
part of turning technology into business process was reviewing the end-to-end operation ... as well as looking at these new things calling themselves Certification Authorities.
Part of the SSL review was that it was dependent on the end user supplying the https URL ... not getting it from a (unvalidated) site (i.e. like clicking on a pay/checkout button). However, web merchants almost immediately found that SSL cut their thruput by 90% or better ... so dropped back to using plain HTTP for the main shopping experience and only dropping into SSL when the user clicked pay/checkout button. As a result ... almost immediately after being originally deployed ... SSL security was compromised.
various recent posts discussing the above SSL compromise issue:
https://www.garlic.com/~lynn/aadsm14.htm#5 Who's afraid of Mallory Wolf?
https://www.garlic.com/~lynn/aadsm19.htm#13 What happened with the session fixation bug?
https://www.garlic.com/~lynn/aadsm19.htm#26 Trojan horse attack involving many major Israeli companies, executives
https://www.garlic.com/~lynn/aadsm20.htm#9 the limits of crypto and authentication
https://www.garlic.com/~lynn/aadsm20.htm#31 The summer of PKI love
https://www.garlic.com/~lynn/aadsm21.htm#22 Broken SSL domain name trust model
https://www.garlic.com/~lynn/aadsm21.htm#39 X.509 / PKI, PGP, and IBE Secure Email Technologies
https://www.garlic.com/~lynn/aadsm21.htm#40 X.509 / PKI, PGP, and IBE Secure Email Technologies
https://www.garlic.com/~lynn/aadsm24.htm#48 more on FBI plans new Net-tapping push
https://www.garlic.com/~lynn/aadsm26.htm#28 man in the middle, SSL
https://www.garlic.com/~lynn/aadsm27.htm#35 The bank fraud blame game
https://www.garlic.com/~lynn/aadsm28.htm#21 Dutch Transport Card Broken
https://www.garlic.com/~lynn/2003n.html#10 Cracking SSL
https://www.garlic.com/~lynn/2004i.html#16 New Method for Authenticated Public Key Exchange without Digital Ceritificates
https://www.garlic.com/~lynn/2004q.html#42 browser without "padlock" secure?
https://www.garlic.com/~lynn/2005g.html#1 What is a Certificate?
https://www.garlic.com/~lynn/2005g.html#44 Maximum RAM and ROM for smartcards
https://www.garlic.com/~lynn/2005i.html#7 Improving Authentication on the Internet
https://www.garlic.com/~lynn/2005l.html#19 Bank of America - On Line Banking *NOT* Secure?
https://www.garlic.com/~lynn/2005m.html#0 simple question about certificate chains
https://www.garlic.com/~lynn/2005m.html#18 S/MIME Certificates from External CA
https://www.garlic.com/~lynn/2005o.html#41 Certificate Authority of a secured P2P network
https://www.garlic.com/~lynn/2006c.html#36 Secure web page?
https://www.garlic.com/~lynn/2006h.html#34 The Pankian Metaphor
https://www.garlic.com/~lynn/2006k.html#2 Hey! Keep Your Hands Out Of My Abstraction Layer!
https://www.garlic.com/~lynn/2006k.html#17 Hey! Keep Your Hands Out Of My Abstraction Layer!
https://www.garlic.com/~lynn/2006s.html#11 Why not 2048 or 4096 bit RSA key issuance?
https://www.garlic.com/~lynn/2006v.html#49 Patent buster for a method that increases password security
https://www.garlic.com/~lynn/2007d.html#35 MAC and SSL
https://www.garlic.com/~lynn/2007m.html#41 X.509 weakness?
https://www.garlic.com/~lynn/2007q.html#30 what does xp do when system is copying
https://www.garlic.com/~lynn/2007r.html#66 The new urgency to fix online privacy
https://www.garlic.com/~lynn/2008h.html#72 SSL certificates - from a customer's point of view (trust)
https://www.garlic.com/~lynn/2008j.html#63 CLIs and GUIs
https://www.garlic.com/~lynn/2008l.html#50 IBM manual web pages
https://www.garlic.com/~lynn/2008o.html#11 Browser Security UI: the horns of the dilemma
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Fri, 20 Feb 2009 16:12:22 -0500jmfbahciv <jmfbahciv@aol> writes:
This showed up in the Madoff congressional hearings that noted that the most important thing is that crooks and fraud thrive with lack of visibility and transparency ... so while new regulations (or in many cases reregulation) ... the regulations will lag behind the crooks. Transparency and visibility represent huge inhibitor to fraudulent activity.
This also showed up in the rating agencies and the triple-A ratings given the toxic CDOs. It was highlighted that the rating agencies business became "mis-aligned" in the early 70s when they switched from the buyers paying for the ratings to the sellers paying for the ratings. This is analogous to using the sellers real estate agent in buying a house .... where the standard recommendation is have your own agent that represents your interests (don't use somebody that doesn't represent your interests). The adjunct was that the regulatory problem becames enromously more difficult when there is incentive is to do the wrong thing ... compared to managing an environment where the incentive is to do the right thing.
The two issues is that greed is part of most humans ... which works best when there is a combination of incentive to do the right thing and the rules & regulations are supporting doing the right thing.
In the past 30 yrs ... accelerating starting a decade ago ... the rules and regulations were being removed.
This is my periodic observation about the current crisis is that combination of deregulation and lax/non-existance regulation enforcement allowed the individual hotspots of greed and corruption to combine together into an economic firestorm. In large part, past regulation were attempts to put a lid on the magnitude of the greed and corruption ... trying to keep it from turning into economic firestorm.
In large part the knowledge about dealing with the activities resulting in the current crisis; have been around for decades ... but were significantly eliminated a decade ago.
as before, past posts mentioning misaligned business processes (which
can be synergistic with lack of transparency and lack of visibility for
crooks and fraud to thrive)
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2008s.html#30 How reliable are the credit rating companies? Who is over seeing them?
https://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#32 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#53 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#57 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#74 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#79 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#38 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#51 Will the Draft Bill floated in Congress yesterday to restrict trading of naked Credit Default Swaps help or aggravate?
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
https://www.garlic.com/~lynn/2009b.html#78 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#7 Payments start-up Noca takes aim at interchange Achilles heel
https://www.garlic.com/~lynn/2009c.html#45 How to defeat new telemarketing tactic
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: THE runs in DOS box? Newsgroups: comp.lang.rexx Date: Sun, 22 Feb 2009 21:33:31 -0500Glenn Knickerbocker <NotR@bestweb.net> writes:
made reference to:
https://web.archive.org/web/20020506063424/http://computinghistorymuseum.org/ieee/af_forum/read.cfm?forum=10&id=21&thread=7
from above:
Development of Rexx began in March 1979 as a personal 'own time'
project; writing languages was something of a hobby for the author--Rexx
was the fifth he had designed and implemented.
... snip ...
there was internal battle with EDGAR (which was early CMS fullscreen edit product released to customers) with RED and NED ... both RED & NED were heavily used internally with quite a bit of history & evoluation. Major RED/NED benefit compared to EDGAR was that both RED & NED had extensive macro and scripting capability (and both predated XEDIT by a number of years and more mature).
old email on the subject (with some performance numbers):
https://www.garlic.com/~lynn/2006u.html#email790606
in this post
https://www.garlic.com/~lynn/2006u.html#26 Assembler question
vanilla CMS editor is the fastest and lowest CPU consumption. RED is a very close second fastest (but of course with lots more function than the old vanilla CMS editor ... equivalent to NED)
NED is the slowest with the highest cpu consumption ... with XEDIT a very close 2nd slowest (and 2nd highest cpu consumption)
some more email on the editor issue in the above post:
https://www.garlic.com/~lynn/2006u.html#email800311
https://www.garlic.com/~lynn/2006u.html#email800312
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Mon, 23 Feb 2009 00:17:30 -0500jmfbahciv <jmfbahciv@aol> writes:
Citigroup in Talks That May Raise Government's Stake, WSJ Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aw5gTFLQpmC0&refer=home
U.S. Eyes Large Stake in Citi; Taxpayers Could Own Up to 40% of Bank's
Common Stock, Diluting Value of Shares
http://online.wsj.com/article/SB123535148618845005.html
some related to
Commodity Futures Modernization Act was also implicated in Enron ...
Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html
from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and
Mr. Gramm's wife, Wendy, served on the Enron board, which she joined
after stepping down as chairwoman of the Commodity Futures Trading
Commission.
... snip ...
Phil Gramm's Enron Favor
https://web.archive.org/web/20080711114839/http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/
from above:
A few days after she got the ball rolling on the exemption, Wendy
Gramm resigned from the commission. Enron soon appointed her to its
board of directors, where she served on the audit committee, which
oversees the inner financial workings of the corporation. For this,
the company paid her between $915,000 and $1.85 million in stocks and
dividends, as much as $50,000 in annual salary, and $176,000 in
attendance fees, according to a report by Public Citizen, a group that
has relentlessly tracked Enron, which in turn has called the report
unfair.
... snip ...
and then there is ... discussion of off-balance items:
from late last year (28nov08)
Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/
from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that
Citi has more than $1.2 trillion dollars in off-balance sheet
assets. These off-balance sheet entities are similar in structure to
Enron's SPVs (special purpose vehicles)
... snip ...
from last summer
Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
http://www.bloomberg.com/apps/news?pid=20601109
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a1liVM3tG3aI
Whither Citigroup's $1.1 Trillion of Off Balance Sheet Assets?
http://www.nakedcapitalism.com/2008/07/wither-citigroups-11-trillion-of-off.html
misc. past posts mentioning the above:
https://www.garlic.com/~lynn/2008k.html#1 dollar coins
https://www.garlic.com/~lynn/2008k.html#12 dollar coins
https://www.garlic.com/~lynn/2008k.html#41 dollar coins
https://www.garlic.com/~lynn/2008q.html#26 Blinkenlights
https://www.garlic.com/~lynn/2009.html#84 what was the idea behind Citigroup's splitting up into two different divisions? what does this do for citigroup?
https://www.garlic.com/~lynn/2009b.html#8 Do emperors from the banks have new clothes?
https://www.garlic.com/~lynn/2009b.html#79 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#32 How to defeat new telemarketing tactic
and discussion that QSPEs had been abused ... to carry lots of things like (triple-A rated) toxic CDOs.
FASB's new QSPE rule implementation delayed
http://marketpipeline.blogspot.com/2008/07/fasbs-new-qspe-rule-implementation.html
FASB Renews Attempts to Amend QSPE Rules
http://www.complianceweek.com/article/5144/fasb-renews-attempts-to-amend-qspe-rules
from above:
That abuse became apparent when regulators provided guidance allowing
banks to work out troubled loans held in off-balance-sheet structures
without sacrificing off-balance-sheet accounting; that permission was
the smoke signal indicating financial institutions were more involved
in the assets than the accounting literature would intend to qualify
for off-balance-sheet treatment.
... snip ...
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=aYJZOB_gZi0I
from above:
That same year Greenspan, Treasury Secretary Robert Rubin and SEC
Chairman Arthur Levitt opposed an attempt by Brooksley Born, head of
the Commodity Futures Trading Commission, to study regulating
over-the-counter derivatives. In 2000, Congress passed a law keeping
them unregulated.
article from fall 2007 thread
https://www.garlic.com/~lynn/2007t.html#4 Translation of IBM Basic Assembler to C?
https://www.garlic.com/~lynn/2007t.html#12 Translation of IBM Basic Assembler to C?
... where some of the deregulation details seem that Enron & Citigroup may have more than a little in common.
Hank Paulson's got an Enron-like crisis that could swamp Citigroup (C)
and JPMorgan (JPM)
http://gs.bloggingstocks.com/2007/10/14/hank-paulsons-got-an-enron-like-crisis-that-could-swamp-citigro/
misc. past posts mentioning Glass-Steagall, Enron, and/or CFMA
https://www.garlic.com/~lynn/2002e.html#9 What are some impressive page rates?
https://www.garlic.com/~lynn/2002e.html#10 Deleting files and emails at Arthur Andersen and Enron
https://www.garlic.com/~lynn/2002e.html#14 EMV cards
https://www.garlic.com/~lynn/2002e.html#15 Deleting files and emails at Arthur Andersen and Enron
https://www.garlic.com/~lynn/2002e.html#16 Deleting files and emails at Arthur Andersen and Enron
https://www.garlic.com/~lynn/2004e.html#7 OT Global warming
https://www.garlic.com/~lynn/2005t.html#14 Dangerous Hardware
https://www.garlic.com/~lynn/2006.html#12a sox, auditing, finding improprieties
https://www.garlic.com/~lynn/2006h.html#58 Sarbanes-Oxley
https://www.garlic.com/~lynn/2007j.html#0 John W. Backus, 82, Fortran developer, dies
https://www.garlic.com/~lynn/2007o.html#0 The Unexpected Fact about the First Computer Programmer
https://www.garlic.com/~lynn/2007p.html#50 Newsweek article--baby boomers and computers
https://www.garlic.com/~lynn/2008.html#71 As Expected, Ford Falls From 2nd Place in U.S. Sales
https://www.garlic.com/~lynn/2008.html#78 As Expected, Ford Falls From 2nd Place in U.S. Sales
https://www.garlic.com/~lynn/2008b.html#12 Computer Science Education: Where Are the Software Engineers of Tomorrow?
https://www.garlic.com/~lynn/2008c.html#11 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008c.html#87 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008d.html#85 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008e.html#42 Banks failing to manage IT risk - study
https://www.garlic.com/~lynn/2008e.html#59 independent appraisers
https://www.garlic.com/~lynn/2008f.html#1 independent appraisers
https://www.garlic.com/~lynn/2008f.html#13 independent appraisers
https://www.garlic.com/~lynn/2008f.html#17 independent appraisers
https://www.garlic.com/~lynn/2008f.html#43 independent appraisers
https://www.garlic.com/~lynn/2008f.html#46 independent appraisers
https://www.garlic.com/~lynn/2008f.html#53 independent appraisers
https://www.garlic.com/~lynn/2008f.html#71 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#73 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#75 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#79 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#94 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#96 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#97 Bush - place in history
https://www.garlic.com/~lynn/2008g.html#1 The Workplace War for Age and Talent
https://www.garlic.com/~lynn/2008g.html#2 Bush - place in history
https://www.garlic.com/~lynn/2008g.html#4 CDOs subverting Boyd's OODA-loop
https://www.garlic.com/~lynn/2008g.html#16 independent appraisers
https://www.garlic.com/~lynn/2008g.html#44 Fixing finance
https://www.garlic.com/~lynn/2008g.html#51 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#52 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#57 Credit crisis could cost nearly $1 trillion, IMF predicts
https://www.garlic.com/~lynn/2008g.html#59 Credit crisis could cost nearly $1 trillion, IMF predicts
https://www.garlic.com/~lynn/2008g.html#66 independent appraisers
https://www.garlic.com/~lynn/2008g.html#67 independent appraisers
https://www.garlic.com/~lynn/2008h.html#1 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#28 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#32 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#89 Credit Crisis Timeline
https://www.garlic.com/~lynn/2008j.html#12 To: Graymouse -- Ireland and the EU, What in the H... is all this about?
https://www.garlic.com/~lynn/2008j.html#66 lack of information accuracy
https://www.garlic.com/~lynn/2008k.html#20 IBM's 2Q2008 Earnings
https://www.garlic.com/~lynn/2008k.html#28 dollar coins
https://www.garlic.com/~lynn/2008k.html#36 dollar coins
https://www.garlic.com/~lynn/2008k.html#41 dollar coins
https://www.garlic.com/~lynn/2008l.html#42 dollar coins
https://www.garlic.com/~lynn/2008l.html#67 dollar coins
https://www.garlic.com/~lynn/2008l.html#70 dollar coins
https://www.garlic.com/~lynn/2008m.html#16 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#73 Blinkylights
https://www.garlic.com/~lynn/2008m.html#80 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008n.html#12 Blinkylights
https://www.garlic.com/~lynn/2008n.html#19 Blinkylights
https://www.garlic.com/~lynn/2008n.html#53 Your thoughts on the following comprehensive bailout plan please
https://www.garlic.com/~lynn/2008n.html#78 Isn't it the Federal Reserve role to oversee the banking system??
https://www.garlic.com/~lynn/2008n.html#99 Blinkylights
https://www.garlic.com/~lynn/2008o.html#12 The human plague
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#19 What's your view of current global financial / economical situation?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#37 The human plague
https://www.garlic.com/~lynn/2008o.html#39 The human plague
https://www.garlic.com/~lynn/2008o.html#43 The human plague
https://www.garlic.com/~lynn/2008o.html#44 The human plague
https://www.garlic.com/~lynn/2008o.html#51 Why are some banks failing, and others aren't?
https://www.garlic.com/~lynn/2008o.html#68 Blinkenlights
https://www.garlic.com/~lynn/2008o.html#71 Why is sub-prime crisis of America called the sub-prime crisis?
https://www.garlic.com/~lynn/2008o.html#78 Who murdered the financial system?
https://www.garlic.com/~lynn/2008o.html#80 Can we blame one person for the financial meltdown?
https://www.garlic.com/~lynn/2008o.html#83 Chip-and-pin card reader supply-chain subversion 'has netted millions from British shoppers'
https://www.garlic.com/~lynn/2008p.html#3 Blinkenlights
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2008q.html#26 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#66 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#28 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#30 How reliable are the credit rating companies? Who is over seeing them?
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
https://www.garlic.com/~lynn/2009.html#58 HONEY I LOVE YOU, but please cut the cards
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#84 what was the idea behind Citigroup's splitting up into two different divisions? what does this do for citigroup?
https://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#48 The blame game is on : A blow to the Audit/Accounting Industry or a lesson learned ???
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#58 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
https://www.garlic.com/~lynn/2009b.html#60 OCR scans of old documents
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
https://www.garlic.com/~lynn/2009b.html#79 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#10 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#11 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#16 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#18 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
https://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#32 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#36 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
https://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
https://www.garlic.com/~lynn/2009c.html#42 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#45 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#46 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#48 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009c.html#49 How to defeat new telemarketing tactic
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: THE runs in DOS box? Newsgroups: comp.lang.rexx Date: Mon, 23 Feb 2009 09:19:02 -0500Anne & Lynn Wheeler <lynn@garlic.com> writes:
this argument was about shipping RED instead of XEDIT ... since it was significantly faster, had more function, and was much more mature ...
other email
https://www.garlic.com/~lynn/2006u.html#email800429
https://www.garlic.com/~lynn/2006u.html#email800501
in the same post
https://www.garlic.com/~lynn/2006u.html#26 Assembler question
about doing a highly modified vm370 for internal distribution/release.
also about putting RED in shared segments
https://www.garlic.com/~lynn/2006u.html#email781103
I had original done PAM (memory mapped filesystem for CMS) and
shared-segments in cp67 ... and ported to vm370.
https://www.garlic.com/~lynn/2006v.html#email731212
in this post
https://www.garlic.com/~lynn/2006v.html#36 Why these original FORTRAN quirks?
and
https://www.garlic.com/~lynn/2006w.html#email750102
https://www.garlic.com/~lynn/2006w.html#email750430
in this post
https://www.garlic.com/~lynn/2006w.html#7 Why these original FORTRAN quirks?
a small subset of just the (CP and CMS) shared segment changes were released as DCSS.
Part of the whole scenario was I continued with CP67 & VM370 all during
the corporation's Future System phase ... where lots of people were
focused on FS (was going to completely replace 360/370 ... in much the
same way that 360 had replaced prior generations) ... and as a result,
there was neglect of both 370 hardware and software (I had also made
disparaging remarks about the FS at the time, which possibly wasn't
particularly career enhancing). When FS failed ... there was a mad rush
to get stuff back into the 370 hardware & software product pipelines
https://www.garlic.com/~lynn/submain.html#futuresys
which tended to overcome NIH resistance and pick-up stuff for product release.
The mad rush to revitalize 370 ... also resulted in POK managing to convince the corporation to kill off vm370, shutdown the development group (in the old SBC bldg. in burlington mall) and move all the developers to POK (deemed critical in order to meet the mvs/xa schedule). Endicott managed to save the vm370 product mission, but essential had to reconstitute a group from scratch.
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Who will give Citigroup the KNOCKOUT blow? Date: Feb 23, 2009 Blog: EconomicsU.S. Eyes Large Stake in Citi; Taxpayers Could Own Up to 40% of Bank's Common Stock, Diluting Value of Shares
somewhat related to
25 People to Blame for the Financial Crisis; Phil Gramm
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
from above:
He played a leading role in writing and pushing through Congress the
1999 repeal of the Depression-era Glass-Steagall Act, which separated
commercial banks from Wall Street. He also inserted a key provision
into the 2000 Commodity Futures Modernization Act that exempted
over-the-counter derivatives like credit-default swaps from regulation
by the Commodity Futures Trading Commission. Credit-default swaps took
down AIG, which has cost the U.S. $150 billion thus far.
... snip ...
Commodity Futures Modernization Act was also implicated in Enron ...
Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html
from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and
Mr. Gramm's wife, Wendy, served on the Enron board, which she joined
after stepping down as chairwoman of the Commodity Futures Trading
Commission.
... snip ...
and an older article: Phil Gramm's Enron Favor
https://web.archive.org/web/20080711114839/http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/
from above:
A few days after she got the ball rolling on the exemption, Wendy
Gramm resigned from the commission. Enron soon appointed her to its
board of directors, where she served on the audit committee, which
oversees the inner financial workings of the corporation. For this,
the company paid her between $915,000 and $1.85 million in stocks and
dividends, as much as $50,000 in annual salary, and $176,000 in
attendance fees, according to a report by Public Citizen, a group that
has relentlessly tracked Enron, which in turn has called the report
unfair.
... snip ...
and then there is PBS look that tightly ties CITI to repeal of
Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
and then there is ... discussion of off-balance items, recent (28nov08)
Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/
from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that
Citi has more than $1.2 trillion dollars in off-balance sheet
assets. These off-balance sheet entities are similar in structure to
Enron's SPVs (special purpose vehicles)
... snip ...
and from last summer
Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
http://www.bloomberg.com/apps/news?pid=20601109
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a1liVM3tG3aI
Whither Citigroup's $1.1 Trillion of Off Balance Sheet Assets?
http://www.nakedcapitalism.com/2008/07/wither-citigroups-11-trillion-of-off.html
and discussion that QSPEs had been abused ... to carry lots of things like (triple-A rated) toxic CDOs.
Accounting for Special Purpose Entities Revised: FASB Interpretation 46(R)
http://www.nysscpa.org/cpajournal/2004/704/essentials/p30.htm
FASB's new QSPE rule implementation delayed
http://marketpipeline.blogspot.com/2008/07/fasbs-new-qspe-rule-implementation.html
FASB Renews Attempts to Amend QSPE Rules
http://www.complianceweek.com/article/5144/fasb-renews-attempts-to-amend-qspe-rules
from above:
That abuse became apparent when regulators provided guidance allowing
banks to work out troubled loans held in off-balance-sheet structures
without sacrificing off-balance-sheet accounting; that permission was
the smoke signal indicating financial institutions were more involved
in the assets than the accounting literature would intend to qualify
for off-balance-sheet treatment.
... snip ...
The above raises the issue of who were the auditors and regulators that allowed toxic CDOs to be classified as QSPE for off-balance-sheet treatment. Even though it should have never been allowed to begin with, this is another too big to fail scenario ... delaying correctly accounting for the assets. Citi had already won last year's "write-down" sweepsteaks with large tens of billions. If valuation is still 22cents on the dollor ... bringing back $1.2T onto the balance sheet would result in declaring nearly a $1T in losses.
article from fall 2007 thread
https://www.garlic.com/~lynn/2007t.html#4 Translation of IBM Basic Assembler to C?
https://www.garlic.com/~lynn/2007t.html#12 Translation of IBM Basic Assembler to C?
... where some of the deregulation details seem that Enron & Citigroup may have more than a little in common.
Hank Paulson's got an Enron-like crisis that could swamp Citigroup (C)
and JPMorgan (JPM)
http://gs.bloggingstocks.com/2007/10/14/hank-paulsons-got-an-enron-like-crisis-that-could-swamp-citigro/
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Why use RFID in personal documents & cards at all? Date: Feb 23, 2009 Blog: WirelessMuch of RFID was motivated by EPC ... i.e. the electronic replacement for UPC barcodes .... basically quick & easy identification for inventory, checkout, etc.
Some proximity technologies can do secure transactions with contactless radio frequency ... but it requires more than the RFID EPC technologies designed for efficient inventory of static data.
When we were working in x9a10 financial standard in the mid-90s (had
been given the requirement to preserve the integrity of the financial
infrastructure for all retail payments) which resulted in x9.59
financial standard
https://www.garlic.com/~lynn/x959.html#x959
we were approach by both wholesale operations (sufficient integrity for high value transactions) as well as transit ... lightweight enough that would operate in contactless transit gate applications (very strong integrity for very high value transactions and lightweight enough for low-power, radio-frequency contactless, time-constrained transit gate operations).
In the period, there were a number of contactless, radio-frequency metro/transit solutions being deployed ... but they were NOT "static" data (so more than a decade ago, low-value transit "RFID" applications realized not to use "static" data implementations).
but if the "easily read static" data is (high-value &) sensitive ... then there is a problem ... recent item:
RFID PASScards Easily Cloned
http://www.eff.org/deeplinks/2009/02/rfid-passports-scanned-car
Passport RFIDs cloned wholesale by $250 eBay auction spree
http://www.theregister.co.uk/2009/02/02/low_cost_rfid_cloner/
A number of electronic "static data" implementations continued to
show-up ... even in this century/decade ... another example was the
yes card:
https://web.archive.org/web/20030417083810/http://www.smartcard.co.uk/resources/articles/cartes2002.html
misc. past yes card posts:
https://www.garlic.com/~lynn/subintegrity.html#yescard
Note in the yes card example ... the "static data" was digitally signed and absolutely correct. Skimming/evesdropping recorded the "static data" (including the digital signature) and loaded it into a counterfeit (yes card) chip. The counterfeit (yes card) chip would replay the "static data" (including the digital signature), which was accepted as valid.
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Western Union history--data communications passed it by Newsgroups: alt.folklore.computers Date: Mon, 23 Feb 2009 15:06:11 -0500hancock4 writes:
note that tymnet was going after similar market ... part of tymshare
operation ... also fit in that niche in 70s & 80s ... misc. past posts
mentioning commercial timesharing vm370-based service bureaus (including
tymshare)
https://www.garlic.com/~lynn/submain.html#timeshare
old email reference to CSNET connectivity (funded by NSF) that worked
over ARPANET, TeleNET (GTE) and "PhoneNet" (regular dialup).
https://www.garlic.com/~lynn/internet.htm#email821022
https://www.garlic.com/~lynn/98.html#email821022
in this post
https://www.garlic.com/~lynn/internet.htm#0
https://www.garlic.com/~lynn/98.html#59
a lot of the traditional value added network orientation shows up
in OSI ... misc. past posts mentioning OSI (& HSP)
https://www.garlic.com/~lynn/subnetwork.html#xtphsp
a major difference between OSI and the internet is the "internetworking
layer" ... that greatly facilitated the ubiquitous deployment; the
any-to-any connectivity ... getting around many of the proprietary &/or
value-added networking limitations.
https://www.garlic.com/~lynn/subnetwork.html#internet
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Has anyone seen a lift from using an Extended Validation SSL Certificate? Date: Feb 23, 2009 Blog: E-CommerceSSLstrip hacking tool bypasses SSL to trick users, steal passwords
more recent
SSLStrip Now In the Wild
http://it.slashdot.org/article.pl?sid=09/02/23/1429226
sslsniff
http://www.thoughtcrime.org/software/sslsniff/index.html
not too long after this ha/cmp
https://www.garlic.com/~lynn/subtopic.html#hacmp
meeting in '92
https://www.garlic.com/~lynn/95.html#13
on ha/cmp scale-up
https://www.garlic.com/~lynn/lhwemail.html#medusa
two of the people mentioned (in the above meeting post) ... left and joined a small client/server startup responsible for something called a commerce server. We were called in as consultants because the startup wanted to do payment transactions on the server ... and had invented this stuff called SSL they wanted to use ... the result is frequently now called "electronic commerce".
part of turning technology into business process was reviewing the end-to-end operation ... as well as looking at these new things calling themselves Certification Authorities.
Part of the SSL review was that it was dependent on the end user supplying the https URL ... not getting it from a (unvalidated) site (i.e. like clicking on a pay/checkout button). However, web merchants almost immediately found that SSL cut their thruput by 90% or better ... so dropped back to using plain HTTP for the main shopping experience and only dropping into SSL when the user clicked pay/checkout button. As a result ... almost immediately after being originally deployed ... SSL security was compromised.
recent post mentioning the above ... with URL pointers to some of the
older discussions on the subject:
https://www.garlic.com/~lynn/2009c.html#50
Part of the original SSL justification was concerns about integrity of the domain name infrastructure. However, the authoritative agency for domain name ownership is the domain name infrastructure. A typical SSL digital certificate application requires that the Certification Authority obtain claims from the applicant as to being the owner of the domain name ... which is then checked with the information on file with the domain name infrastructure.
Because of this dependency, the Certification Authority industry has
backed various integrity improvements for the domain name
infrastructure. However, this is something of a catch-22
... since improving domain name name infrastructure integrity
... eliminates much of the original motivation for having
SSL. Misc. past discussions
https://www.garlic.com/~lynn/subpubkey.html#catch22
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Why do IBMers think disks are 'Direct Access'? Newsgroups: alt.folklore.computers Date: Mon, 23 Feb 2009 20:45:49 -0500Rich Alderson <news@alderson.users.panix.com> writes:
the read/write/get/put library routines would build channel program CCWs in the application address space ... and eventually do EXCP/SVC0 system supervisor call ... passing pointer to the (application space) channel program CCWs.
the kernel supervisor eventually gets around to doing a start i/o operation using the application space channel program CCWS (potentially with prefix CCWs to limit what the application channel program does).
the i/o channels executes channel programs with "real" addresses ... the issue then is what happens when moved to virtual address environment (the application is now running with virtual addresses and the i/o library is building channel program CCWs with those virtual addresses).
in virtual machine cp67 system ... supporting virtual machines in virtual spaces, (the cp67 routine) CCWTRANS would scan the passed channel program CCWs ... creating a shadow/copy of the channel program CCWs ... replacing the virtual address with real addresses (as well as fixing/pinning the virtual pages).
the initial transition of os/360 MVT to virtual memory VS2/SVS ... involved creating single virtual address space ... minor changes to MVT as if it was running in 16mbyte real storage (with minor changes for page table crafted on the side and being able to handle page faults) ... and a copy of CP67's CCWTRANS was hacked into the side of EXCP kernel processing.
the transition from SVS to MVS involved giving each application its own 16mbyte virtual address space ... with 8mbyte image of the kernel in (half of) each application virtual address space.
MVS did have some amount of other problems. os/360 real storage heritage grew up with extensive pointer-passing API (major reason that kernel image appeared in every application virtual address space). However, there were a lot of subsystem functions that provided system functions ... invoked via pointer-passing API. As part of the transition to MVS ... the subsystem functions (also) got their own virtual address spaces. Then came the issue of how would application pointer passing API work between application in one virtual address space and a subsystem function in a different virtual address space.
some past discussion of common segment, dual-address space, access
registers, program call/return
https://www.garlic.com/~lynn/98.html#36 What is MVS/ESA?
https://www.garlic.com/~lynn/2000c.html#84 Is a VAX a mainframe?
https://www.garlic.com/~lynn/2000d.html#28 RS/6000 vs. System/390 architecture?
https://www.garlic.com/~lynn/2000e.html#58 Why not an IBM zSeries workstation?
https://www.garlic.com/~lynn/2001d.html#28 Very CISC Instuctions (Was: why the machine word size ...)
https://www.garlic.com/~lynn/2001d.html#30 Very CISC Instuctions (Was: why the machine word size ...)
https://www.garlic.com/~lynn/2001h.html#73 Most complex instructions
https://www.garlic.com/~lynn/2001i.html#13 GETMAIN R/RU (was: An IEABRC Adventure)
https://www.garlic.com/~lynn/2001k.html#16 Minimalist design (was Re: Parity - why even or odd)
https://www.garlic.com/~lynn/2002d.html#51 Hardest Mistake in Comp Arch to Fix
https://www.garlic.com/~lynn/2002g.html#5 Black magic in POWER5
https://www.garlic.com/~lynn/2002g.html#17 Black magic in POWER5
https://www.garlic.com/~lynn/2002g.html#18 Black magic in POWER5
https://www.garlic.com/~lynn/2002h.html#21 PowerPC Mainframe
https://www.garlic.com/~lynn/2002l.html#57 Handling variable page sizes?
https://www.garlic.com/~lynn/2002m.html#0 Handling variable page sizes?
https://www.garlic.com/~lynn/2002n.html#58 IBM S/370-168, 195, and 3033
https://www.garlic.com/~lynn/2002n.html#74 Everything you wanted to know about z900 from IBM
https://www.garlic.com/~lynn/2002p.html#43 cost of crossing kernel/user boundary
https://www.garlic.com/~lynn/2002q.html#1 Linux paging
https://www.garlic.com/~lynn/2003c.html#13 Unused address bits
https://www.garlic.com/~lynn/2003d.html#53 Reviving Multics
https://www.garlic.com/~lynn/2003d.html#69 unix
https://www.garlic.com/~lynn/2003e.html#0 Resolved: There Are No Programs With >32 Bits of Text
https://www.garlic.com/~lynn/2003e.html#12 Resolved: There Are No Programs With >32 Bits of Text
https://www.garlic.com/~lynn/2003g.html#13 Page Table - per OS/Process
https://www.garlic.com/~lynn/2003m.html#29 SR 15,15
https://www.garlic.com/~lynn/2004c.html#6 If the x86 ISA could be redone
https://www.garlic.com/~lynn/2004e.html#41 Infiniband - practicalities for small clusters
https://www.garlic.com/~lynn/2004f.html#27 [Meta] Marketplace argument
https://www.garlic.com/~lynn/2004f.html#53 Infiniband - practicalities for small clusters
https://www.garlic.com/~lynn/2004n.html#26 PCIe as a chip-to-chip interconnect
https://www.garlic.com/~lynn/2004n.html#54 CKD Disks?
https://www.garlic.com/~lynn/2004o.html#18 Integer types for 128-bit addressing
https://www.garlic.com/~lynn/2004o.html#57 Integer types for 128-bit addressing
https://www.garlic.com/~lynn/2005.html#3 [Lit.] Buffer overruns
https://www.garlic.com/~lynn/2005b.html#53 The mid-seventies SHARE survey
https://www.garlic.com/~lynn/2005c.html#63 intel's Vanderpool and virtualization in general
https://www.garlic.com/~lynn/2005d.html#62 Misuse of word "microcode"
https://www.garlic.com/~lynn/2005f.html#7 new Enterprise Architecture online user group
https://www.garlic.com/~lynn/2005f.html#41 Moving assembler programs above the line
https://www.garlic.com/~lynn/2005f.html#57 Moving assembler programs above the line
https://www.garlic.com/~lynn/2005p.html#18 address space
https://www.garlic.com/~lynn/2005p.html#19 address space
https://www.garlic.com/~lynn/2005q.html#41 Instruction Set Enhancement Idea
https://www.garlic.com/~lynn/2005q.html#48 Intel strikes back with a parallel x86 design
https://www.garlic.com/~lynn/2006.html#39 What happens if CR's are directly changed?
https://www.garlic.com/~lynn/2006b.html#25 Multiple address spaces
https://www.garlic.com/~lynn/2006b.html#28 Multiple address spaces
https://www.garlic.com/~lynn/2006b.html#32 Multiple address spaces
https://www.garlic.com/~lynn/2006i.html#33 virtual memory
https://www.garlic.com/~lynn/2006j.html#38 The Pankian Metaphor
https://www.garlic.com/~lynn/2006k.html#44 virtual memory
https://www.garlic.com/~lynn/2006p.html#10 What part of z/OS is the OS?
https://www.garlic.com/~lynn/2006r.html#26 A Day For Surprises (Astounding Itanium Tricks)
https://www.garlic.com/~lynn/2006r.html#32 MIPS architecture question - Supervisor mode & who is using it?
https://www.garlic.com/~lynn/2006s.html#42 Ranking of non-IBM mainframe builders?
https://www.garlic.com/~lynn/2006t.html#23 threads versus task
https://www.garlic.com/~lynn/2006v.html#23 Ranking of non-IBM mainframe builders?
https://www.garlic.com/~lynn/2006x.html#23 Multiple mappings
https://www.garlic.com/~lynn/2006y.html#16 "The Elements of Programming Style"
https://www.garlic.com/~lynn/2006y.html#39 Multiple mappings
https://www.garlic.com/~lynn/2007g.html#39 Wylbur and Paging
https://www.garlic.com/~lynn/2007g.html#59 IBM to the PCM market(the sky is falling!!!the sky is falling!!)
https://www.garlic.com/~lynn/2007k.html#14 Some IBM 3033 information
https://www.garlic.com/~lynn/2007k.html#27 user level TCP implementation
https://www.garlic.com/~lynn/2007k.html#28 IBM 360 Model 20 Questions
https://www.garlic.com/~lynn/2007l.html#71 IBM 360 Model 20 Questions
https://www.garlic.com/~lynn/2007m.html#0 IBM 360 Model 20 Questions
https://www.garlic.com/~lynn/2007o.html#10 IBM 8000 series
https://www.garlic.com/~lynn/2007p.html#21 Newsweek article--baby boomers and computers
https://www.garlic.com/~lynn/2007q.html#26 Does software life begin at 40? IBM updates IMS database
https://www.garlic.com/~lynn/2007q.html#68 Direction of Stack Growth
https://www.garlic.com/~lynn/2007r.html#56 CSA 'above the bar'
https://www.garlic.com/~lynn/2007r.html#67 CSA 'above the bar'
https://www.garlic.com/~lynn/2007r.html#69 CSA 'above the bar'
https://www.garlic.com/~lynn/2007t.html#16 segmentation or lack thereof
https://www.garlic.com/~lynn/2007t.html#75 T3 Sues IBM To Break its Mainframe Monopoly
https://www.garlic.com/~lynn/2008c.html#33 New Opcodes
https://www.garlic.com/~lynn/2008c.html#35 New Opcodes
https://www.garlic.com/~lynn/2008d.html#69 Regarding the virtual machines
https://www.garlic.com/~lynn/2008e.html#14 Kernels
https://www.garlic.com/~lynn/2008e.html#33 IBM Preview of z/OS V1.10
https://www.garlic.com/~lynn/2008g.html#60 Different Implementations of VLIW
https://www.garlic.com/~lynn/2008h.html#29 DB2 & z/OS Dissertation Research
https://www.garlic.com/~lynn/2008i.html#52 Microsoft versus Digital Equipment Corporation
https://www.garlic.com/~lynn/2008l.html#45 z/OS BIND9 DNS Vulnerable to Cache Poisoning Attack Problem?
https://www.garlic.com/~lynn/2008l.html#83 old 370 info
https://www.garlic.com/~lynn/2008o.html#53 Old XDS Sigma stuff
https://www.garlic.com/~lynn/2008o.html#73 Addressing Scheme with 64 vs 63 bits
https://www.garlic.com/~lynn/2008p.html#40 Opsystems
https://www.garlic.com/~lynn/2008r.html#32 What if the computers went back to the '70s too?
https://www.garlic.com/~lynn/2009.html#55 Graphics on a Text-Only Display
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: SSLstrip hacking tool bypasses SSL to trick users, steal passwords Date: Feb 23, 2009 Blog: Financial Crime Risk, Fraud and Securityre:
similar discussion in this (linkedin) question
https://www.garlic.com/~lynn/2009c.html#58 Has anyone seen a lift from using an Extended Validation SSL Certificate
Part of the original SSL justification was concerns about integrity of the domain name infrastructure. However, the authoritative agency for domain name ownership is the domain name infrastructure. A typical SSL digital certificate application requires that the Certification Authority obtain claims from the applicant as to being the owner of the domain name ... which is then checked with the information on file with the domain name infrastructure.
Because of this dependency, the Certification Authority industry has
backed various integrity improvements for the domain name
infrastructure. However, this is something of a catch-22 ... since
improving domain name name infrastructure integrity ... eliminates
much of the original motivation for having SSL. Misc. past discussions
https://www.garlic.com/~lynn/subpubkey.html#catch22
There some different kinds of attacks ... one is with spoofed sites
... those sites that are impersonating a real site. However, a major
objective of SSL was countermeasure to MITM-attacks ... some past
posts
https://www.garlic.com/~lynn/subintegrity.html#mitm
One flavor of SSL attack is a variation on proxy software; the attacker is running something akin to modified proxy software ... where it accepts a SSL connection with a client and then creates a spoofed SSL connection to the real webserver. The operation transparently passes traffic in both direction between the real clients and the real webservers (like a real proxy does) .... but able to evesdrop on all the traffic in both directions. Users will always see the "real" server information ... whatever it is (the attacker doesn't have to impersonate any server-identification since it is performing a straight-forward MITM-attack ... using the real server information).
The MITM-attack ... as a variation on proxy operation is actually simpler than attempting to spoof a real site (with things like emulating the real server identification) ... since the attacker doesn't need to have any knowledge of the real stie (since it is just transparently passing traffic between the real server and the real client).
There are some studies that attackers may even be successful w/o trying to have an SSL session. This works with both the spoofing attack (i.e. impersonating the real site ... but with a non-SSL session) as well as the MITM-attack (i.e. transparently handling traffic between the real client and the real webserver ... although the real webserver part of the traffic would be over a real SSL session). Again, the MITM-attack is actually much less effort for an attacker than the spoofing site.
... and with respect to the catch-22 ... there are some number of domain name system integrity issues that aren't addressed by SSL ... which may prompt changes ... that contribute to eliminating the motivation for SSL.
For A Poisoned Internet, No Quick Fix
http://www.forbes.com/2009/02/19/dns-hacker-kaminsky-tech-security-0219_bug.html
Permanent fix needed for DNS security issues, Kaminsky warns at Black
Hat
http://www.computerworld.com/action/article.do?command=viewArticleBasic&taxonomyName=security&articleId=9128356&taxonomyId=17taxonomyId=17
Techies bypass feds on DNS security
http://www.computerworld.com.au/article/277677/techies_bypass_feds_dns_security?eid=-255
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Accounting for the "greed factor" Date: Feb 24, 2009 Blog: Government PolicyA lot of the greed and corruption hotspots have been around for quite awhile, however a combination of deregulation and lax/limited regulation enforcement allowed them to combine together into economic firestorm.
Part of the issue from congressional hearings late last fall into securitization and rating agencies, was mis-aligned business process.
toxic CDOs had been used two decades ago during the S&L crisis w/o the current disastrous effects. A big difference is that the toxic CDOs now were getting triple-A ratings ... which enormously increased the institutions that would buy toxic CDOs and therefor the money available to loan originators (that were dependent on securitization as source of funds).
In the hearings, the statement was that the seeds of this was sown in the early 70s when the rating agencies changed from the buyers paying for the ratings to the sellers paying for the ratings ... resulting in mis-aligned business process and opening the opportunity for conflict of interest.
The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html
from above:
Watsa's only sin was in being a little too early with his prediction
that the era of credit expansion would end badly. This is what he said
in Fairfax's 2003 annual report: "It seems to us that securitization
eliminates the incentive for the originator of [a] loan to be credit
sensitive. Prior to securitization, the dealer would be very concerned
about who was given credit to buy an automobile. With securitization,
the dealer (almost) does not care."
... snip ...
Previously loan origination was by institutions using deposits, which were highly regulated and influenced by things like the FEDs prime rate. With securitization, loan origination could be decoupled from traditional regulatory environment. No-documentation, no-down payment, 1% interest only payment ARMs became extremely attractive to speculators since the 1%/annum cost was significantly less than home inflation in many parts of the country (and were planning on flipping before rates adjusted). Those originating these loans didn't care since they immediately unloaded all loans they could write, as triple-A rated toxic CDOs.
related answers
https://www.garlic.com/~lynn/2009c.html#39 WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN
https://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
some quotes from the Glass-Steagall hearings in the wake of crash of
'29:
Reserve requirements of members banks should be changed so as to be
based not solely upon volume of deposits but also upon rapidity of
their turn-over, thus checking excessive speculation, say Eugene
R. Black and Federal Reserve Board 7434-7435, 7436-7441, 7492-7493,
7495-7516
"Uncontrolled" because even where made indirectly through banks,
reserves against such loans were not required and because completely
unregulated, said Charles H. E. Scheer 6313
Brokers loans made by corporations aided to create speculative mania
in years prior to 1929, testifies Otto H. Kahn 1010
... snip ...
There is an analogy between the "speculation mania" using "brokers loans" in the '20s and the current home market speculation bubble fueled by the no-doc, no-down, 1% interest only ARMs (made possible by securitization and triple-A ratings on toxic CDOs).
There is also an analogy between the "Uncontrolled loans made indirectly through banks" in the 20s and the financial institutions that were buying up triple-A rated toxic CDOs and carrying them off-balance (see the answer referance regarding Citigroup)
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Western Union history--data communications passed it by Newsgroups: alt.folklore.computers Date: Tue, 24 Feb 2009 16:39:18 -0500re:
in some sense ... the internet did to private & value-added networks ... what the "web" (riding on the internet) is now doing to the newspapers (just heard a sound bite about all the papers declaring or about to declare bankruptcy).
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: SSLstrip hacking tool bypasses SSL to trick users, steal passwords Date: Feb 24, 2009 Blog: Financial Crime Risk, Fraud and Securityre:
More recent item on SSL Strip and man-in-the-middle attacks
SSL Strip Hacking Tool Gets 'Hacked,' Then Released Black Hat DC
researcher's SSL man-in-the-middle attack tool now available
http://www.darkreading.com/security/attacks/showArticle.jhtml?articleID=214502801
the simplest man-in-the-middle attack is "proxy-like" code that creates a SSL session with the client ... and then creates a separate SSL session with the (real) server ... and then transparently forwards traffic between the client and the real server ... while havesting (making copies of) the information.
As previously mentioned SSL use was compromised almost immediately after the original deployment.
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Western Union history--data communications passed it by Newsgroups: alt.folklore.computers Date: Wed, 25 Feb 2009 09:14:58 -0500Morten Reistad <first@last.name> writes:
internet & web commoditized a lot of things.
the old business model doesn't survive. some corporate entities may survive by changing their business model and doing something different (although possibly similar in the new environment).
there has been a saying about successful startups in silicon valley ... the thing that they have in common was that they completely changed their business model at least once in the first year.
In the mid-90s, (at least) two corporate entities looked at buying WU ... FFM and FDC (which already had Moneygram). FFM outbid FDC. Later there was merger of FDC and FFM (which required spinning off Moneygram).
One of the issues is that internet & web is possibly also enabling
commoditizing payment processing. One of the current issues is that
there is lots of hype about looking at alternative payment offerings
... in part because of the high fees associated with the current
offerings. Some recent posts:
https://www.garlic.com/~lynn/2009.html#74 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009c.html#7 Payments start-up Noca takes aim at interchange Achilles heel
for a little topic drift ... a thread about auto industry had gotten
reputation for not improving theft countermeasures ... since "ever car
stolen resulted in a sale".
https://financialcryptography.com/mt/archives/001128.html
https://financialcryptography.com/mt/archives/001129.html
and back to less topic drift, news item summary from 1990 (note the
comment about fax'es had already decimated telex business):
Subject: "3 Western Union Units Being Sold <to AT&T>" Source: NY Times, 7/4/90, pg 21 (Nat'l Ed), Keith Brandler... snip ...
Western Union agreed to sell its computer mail and data busineses to AT&T for $180M - Western Union, 139 years old, is owned by Bennett LeBow . bought the tottering company in late 1987 for $25M . financed with junk bonds - WU had $629M in revenues in 1989 . it will retain 3 businesses, 2/3rds of its workers . wire transfer of money, express message delivery, Mailgram . AT&T gets 3,800 employees - WU has been strapped for cash . $650M debt, the $500M in junk bonds is at 19.25% . most of the money will go towards debt redemption . WU will probably look to refinance at lower rates . creditors didn't force the sale but they were anxious for some capital . the sum paid was slightly higher than analysts expected
The deal makes AT&T a leader in the E-Mail business - AT&T had 6% of the E-Mail business, having WU's E-Mail adds 27% more . WU's telex business is of less interest . the fax explosion had decimated it anyway . it still has loyal customers, part. in under-developed countries - WU will use AT&T facilities in the future for its communications needs . terms of future service undisclosed . the businesses made up 40% of WU 1989 revenues - 'As the world of office automation has grown up, many of the simple word processing platforms that many businesses are using would have their value enhanced <by E-mail>' AT&T business communications systems division presiden
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: is it possible that ALL banks will be nationalized? Date: Feb 26, 2009 Blog: Equity Marketssomewhat related to
Commodity Futures Modernization Act was also implicated in Enron ...
Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html
from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and
Mr. Gramm's wife, Wendy, served on the Enron board, which she joined
after stepping down as chairwoman of the Commodity Futures Trading
Commission.
... snip ...
and an older article: Phil Gramm's Enron Favor
https://web.archive.org/web/20080711114839/http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/
from above:
A few days after she got the ball rolling on the exemption, Wendy
Gramm resigned from the commission. Enron soon appointed her to its
board of directors, where she served on the audit committee, which
oversees the inner financial workings of the corporation. For this,
the company paid her between $915,000 and $1.85 million in stocks and
dividends, as much as $50,000 in annual salary, and $176,000 in
attendance fees, according to a report by Public Citizen, a group that
has relentlessly tracked Enron, which in turn has called the report
unfair.
... snip ...
and then there is PBS look that tightly ties CITI to repeal of
Glass-Steagall (i.e. GLB act):
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
and then there is ... discussion of off-balance items, recent (28nov08)
Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/
from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that
Citi has more than $1.2 trillion dollars in off-balance sheet
assets. These off-balance sheet entities are similar in structure to
Enron's SPVs (special purpose vehicles)
... snip ...
and from last summer
Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
http://www.bloomberg.com/apps/news?pid=20601109
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a1liVM3tG3aI
Whither Citigroup's $1.1 Trillion of Off Balance Sheet Assets?
http://www.nakedcapitalism.com/2008/07/wither-citigroups-11-trillion-of-off.html
and discussion that QSPEs had been abused ... to carry lots of things like (triple-A rated) toxic CDOs.
Accounting for Special Purpose Entities Revised: FASB Interpretation 46(R)
http://www.nysscpa.org/cpajournal/2004/704/essentials/p30.htm
Bankers try to keep bad assets off books
http://www.azstarnet.com/business/266220
FASB's new QSPE rule implementation delayed
http://marketpipeline.blogspot.com/2008/07/fasbs-new-qspe-rule-implementation.html
FASB Renews Attempts to Amend QSPE Rules
http://www.complianceweek.com/article/5144/fasb-renews-attempts-to-amend-qspe-rules
from above:
That abuse became apparent when regulators provided guidance allowing
banks to work out troubled loans held in off-balance-sheet structures
without sacrificing off-balance-sheet accounting; that permission was
the smoke signal indicating financial institutions were more involved
in the assets than the accounting literature would intend to qualify
for off-balance-sheet treatment.
... snip ...
Even though it should have never been allowed to begin with, this is another too big to fail scenario ... delaying correctly accounting for the assets. Citi had already won last year's "write-down" sweepsteaks with large tens of billions. If valuation is still 22cents on the dollar ... bringing back $1.2T onto the balance sheet would result in declaring nearly a $1T in losses.
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=aYJZOB_gZi0I
from above:
That same year Greenspan, Treasury Secretary Robert Rubin and SEC
Chairman Arthur Levitt opposed an attempt by Brooksley Born, head of
the Commodity Futures Trading Commission, to study regulating
over-the-counter derivatives. In 2000, Congress passed a law keeping
them unregulated.
A lot of the greed and corruption hotspots have been around for quite awhile, however a combination of deregulation and lax/limited regulation enforcement allowed them to combine together into economic firestorm.
Part of the issue from congressional hearings late last fall into securitization and rating agencies, was mis-aligned business process.
toxic CDOs had been used two decades ago during the S&L crisis w/o the current disastrous effects. A big difference is that the toxic CDOs now were getting triple-A ratings ... which enormously increased the institutions that would buy toxic CDOs and therefor the money available to loan originators (that were dependent on securitization as source of funds). It was also stated that both the toxic CDO issuers/sellers and the rating agencies knew that the toxic CDOs weren't worth triple-A ratings, but the rating agencies were being paid for the ratings.
In the hearings, the statement was that the seeds of this was sown in the early 70s when the rating agencies changed from the buyers paying for the ratings to the sellers paying for the ratings ... resulting in mis-aligned business process and opening the opportunity for conflict of interest.
The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html
from above:
Watsa's only sin was in being a little too early with his prediction
that the era of credit expansion would end badly. This is what he said
in Fairfax's 2003 annual report: "It seems to us that securitization
eliminates the incentive for the originator of [a] loan to be credit
sensitive. Prior to securitization, the dealer would be very concerned
about who was given credit to buy an automobile. With securitization,
the dealer (almost) does not care."
... snip ...
Previously loan origination was by institutions using deposits, which were highly regulated and influenced by things like the FEDs prime rate. With securitization, loan origination could be decoupled from traditional regulatory environment. No-documentation, no-down payment, 1% interest only payment ARMs became extremely attractive to speculators since the 1%/annum cost was significantly less than home inflation in many parts of the country (and were planning on flipping before rates adjusted). Those originating these loans didn't care since they immediately unloaded all loans they could write, as triple-A rated toxic CDOs.
some quotes from the Glass-Steagall hearings in the wake of crash of
'29:
Reserve requirements of members banks should be changed so as to be
based not solely upon volume of deposits but also upon rapidity of
their turn-over, thus checking excessive speculation, say Eugene
R. Black and Federal Reserve Board 7434-7435, 7436-7441, 7492-7493,
7495-7516
"Uncontrolled" because even where made indirectly through banks,
reserves against such loans were not required and because completely
unregulated, said Charles H. E. Scheer 6313
Brokers loans made by corporations aided to create speculative mania
in years prior to 1929, testifies Otto H. Kahn 1010
... snip ...
There is an analogy between the "speculation mania" using "brokers loans" in the '20s and the current home market speculation bubble fueled by the no-doc, no-down, 1% interest only ARMs (made possible by securitization and triple-A ratings on toxic CDOs).
There is also an analogy between the "Uncontrolled loans made indirectly through banks" in the 20s and the financial institutions that were buying up triple-A rated toxic CDOs and carrying them off-balance.
...
Business news program just now mentioned that toxic assets of the kind that banks are carrying off-balance, are trading around 30cents on the dollar ... up from many that were unloaded last yr at 22cents on the dollar. For $1.2T (like citi is carrying off-balance) that would result in around $840B in losses.
Citi and Federal Govt. Reach Agreement Over Ownership Question; The
federal government and Citigroup have made way for the possibility of
a greater government stake in the bank.
http://www.financetech.com/news/showArticle.jhtml?articleID=215400004
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Why do IBMers think disks are 'Direct Access'? Newsgroups: alt.folklore.computers Date: Thu, 26 Feb 2009 18:52:33 -0500hancock4 writes:
rate of scores dropping seems to have slowed down but not improving
... parts of older thread:
https://www.garlic.com/~lynn/2006p.html#21 SAT Reading and Math Scores Show Decline
https://www.garlic.com/~lynn/2006p.html#23 SAT Reading and Math Scores Show Decline
https://www.garlic.com/~lynn/2006p.html#24 SAT Reading and Math Scores Show Decline
https://www.garlic.com/~lynn/2006p.html#25 SAT Reading and Math Scores Show Decline
https://www.garlic.com/~lynn/2006p.html#33 SAT Reading and Math Scores Show Decline
https://www.garlic.com/~lynn/2006q.html#6 SAT Reading and Math Scores Show Decline
https://www.garlic.com/~lynn/2007h.html#42 Experts: Education key to U.S. competitiveness
a combination of the decline in US educational system and increasing
competitiveness now places the US education system near the bottom of
industrial nations.
https://www.garlic.com/~lynn/2007u.html#78 Education ranking
https://www.garlic.com/~lynn/2007u.html#80 Education ranking
https://www.garlic.com/~lynn/2007u.html#82 Education ranking
https://www.garlic.com/~lynn/2007v.html#16 Education ranking
https://www.garlic.com/~lynn/2007v.html#19 Education ranking
https://www.garlic.com/~lynn/2007v.html#38 Education ranking
https://www.garlic.com/~lynn/2007v.html#39 Education ranking
https://www.garlic.com/~lynn/2007v.html#44 Education ranking
https://www.garlic.com/~lynn/2007v.html#51 Education ranking
https://www.garlic.com/~lynn/2007v.html#71 Education ranking
https://www.garlic.com/~lynn/2008.html#39 competitiveness
https://www.garlic.com/~lynn/2008.html#52 Education ranking
https://www.garlic.com/~lynn/2008.html#55 Education ranking
https://www.garlic.com/~lynn/2008.html#60 Education ranking
https://www.garlic.com/~lynn/2008.html#62 competitiveness
https://www.garlic.com/~lynn/2008.html#81 Education ranking
https://www.garlic.com/~lynn/2008.html#83 Education ranking
https://www.garlic.com/~lynn/2008b.html#6 Science and Engineering Indicators 2008
https://www.garlic.com/~lynn/2008b.html#13 Education ranking
https://www.garlic.com/~lynn/2008e.html#61 Study Finds Sharp Math, Science Skills Help Expand Economy
https://www.garlic.com/~lynn/2008f.html#22 Study Finds Sharp Math, Science Skills Help Expand Economy
--
40+yrs virtualization experience (since Jan68), online at home since Mar70
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: How to defeat new telemarketing tactic Newsgroups: alt.folklore.computers Date: Thu, 26 Feb 2009 19:41:40 -0500Anne & Lynn Wheeler <lynn@garlic.com&> writes:
re:
https://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
Fed Loans Guided by Raters Grading Subprime Debt AAA
http://www.bloomberg.com/apps/news?pid=20601109
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahpPBA8vqN2o&refer=home
from above (with reference to relying on three major credit rating
companies):
It is foolhardy to rely on the three New York-based companies, said
Keith Allman, chief executive officer of Enstruct Corp., which trains
investors in financial modeling and asset valuation. The major raters
issued top marks to $3.2 trillion in subprime mortgage-backed securities
at the root of the financial crisis.
.. snip ...
Last night Cramer (some references to Cramer):
https://www.garlic.com/~lynn/2008k.html#4 dollar coins
https://www.garlic.com/~lynn/2008k.html#31 SEC bans illegal activity then permits it
https://www.garlic.com/~lynn/2008o.html#1 illegal naked short selling
https://www.garlic.com/~lynn/2008o.html#83 Chip-and-pin card reader supply-chain subversion 'has netted millions from British shoppers'
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008q.html#50 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008s.html#63 Garbage in, garbage out trampled by Moore's law
had the head of FDIC on his program. She mentioned that loan/mortgage origination (relying on securitization and triple-A rated toxic CDOs as source of funds) has essentially been shutdown ... so much of that unregulated activity is done (for the moment).
afterwards, Cramer did one of his rants on (illegal naked) short selling. Part of it may have been earlier in the day ... one of the tv business news shows had clip from somebody stating that if the gov. didn't give into their demands about no restrictions on capitalism they would take down the rest of the banks (apparently referring to use of short selling to destroy stock prices).
that statement may have had other repercussions, today one of the business tv news commentators said that we are experiencing a financial 9/11 and he couldn't understand why nothing was being done about the (financial) terrorists.
a little later, they interviewed somebody that mentioned that toxic assets (the kind that banks are carrying off-balance) are trading at 30cents on the dollar (this is up from the 22cents on the dollar a lot of them sold for last year). If citi's $1.2T were brought back on the books, that could mean taking a $840B loss.
then they interviewed an author of new book released today (only being published in electronic form) that discusses how all this happened. he made the statement that he generally liked watching their tv show ... but every time they had somebody on attributing it (current financial mess) to CRA ... he wanted to throw something large at the TV screen.
past posts mentioning triple-A rated toxic CDOs:
https://www.garlic.com/~lynn/2008.html#66 As Expected, Ford Falls From 2nd Place in U.S. Sales
https://www.garlic.com/~lynn/2008.html#90 Computer Science Education: Where Are the Software Engineers of Tomorrow?
https://www.garlic.com/~lynn/2008b.html#75 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008c.html#11 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008d.html#85 Toyota Sales for 2007 May Surpass GM
https://www.garlic.com/~lynn/2008e.html#42 Banks failing to manage IT risk - study
https://www.garlic.com/~lynn/2008e.html#65 Banks failing to manage IT risk - study
https://www.garlic.com/~lynn/2008e.html#70 independent appraisers
https://www.garlic.com/~lynn/2008f.html#1 independent appraisers
https://www.garlic.com/~lynn/2008f.html#17 independent appraisers
https://www.garlic.com/~lynn/2008f.html#32 independent appraisers
https://www.garlic.com/~lynn/2008f.html#43 independent appraisers
https://www.garlic.com/~lynn/2008f.html#46 independent appraisers
https://www.garlic.com/~lynn/2008f.html#51 independent appraisers
https://www.garlic.com/~lynn/2008f.html#53 independent appraisers
https://www.garlic.com/~lynn/2008f.html#71 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#75 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#77 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#79 Bush - place in history
https://www.garlic.com/~lynn/2008f.html#94 Bush - place in history
https://www.garlic.com/~lynn/2008g.html#4 CDOs subverting Boyd's OODA-loop
https://www.garlic.com/~lynn/2008g.html#32 independent appraisers
https://www.garlic.com/~lynn/2008g.html#37 Virtualization: The IT Trend That Matters
https://www.garlic.com/~lynn/2008g.html#44 Fixing finance
https://www.garlic.com/~lynn/2008g.html#51 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#52 IBM CEO's remuneration last year ?
https://www.garlic.com/~lynn/2008g.html#59 Credit crisis could cost nearly $1 trillion, IMF predicts
https://www.garlic.com/~lynn/2008g.html#62 Credit crisis could cost nearly $1 trillion, IMF predicts
https://www.garlic.com/~lynn/2008g.html#64 independent appraisers
https://www.garlic.com/~lynn/2008h.html#1 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#28 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#32 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#48 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#49 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008h.html#89 Credit Crisis Timeline
https://www.garlic.com/~lynn/2008h.html#90 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008i.html#4 A Merit based system of reward -Does anybody (or any executive) really want to be judged on merit?
https://www.garlic.com/~lynn/2008i.html#30 subprime write-down sweepstakes
https://www.garlic.com/~lynn/2008i.html#64 Is the credit crunch a short term aberation
https://www.garlic.com/~lynn/2008i.html#77 Do you think the change in bankrupcy laws has exacerbated the problems in the housing market leading more people into forclosure?
https://www.garlic.com/~lynn/2008i.html#104 dollar coins
https://www.garlic.com/~lynn/2008j.html#3 dollar coins
https://www.garlic.com/~lynn/2008j.html#9 dollar coins
https://www.garlic.com/~lynn/2008j.html#12 To: Graymouse -- Ireland and the EU, What in the H... is all this about?
https://www.garlic.com/~lynn/2008j.html#15 What is "timesharing" (Re: OS X Finder windows vs terminal window weirdness)
https://www.garlic.com/~lynn/2008j.html#18 dollar coins
https://www.garlic.com/~lynn/2008j.html#22 dollar coins
https://www.garlic.com/~lynn/2008j.html#23 dollar coins
https://www.garlic.com/~lynn/2008j.html#38 dollar coins
https://www.garlic.com/~lynn/2008j.html#40 dollar coins
https://www.garlic.com/~lynn/2008j.html#46 dollar coins
https://www.garlic.com/~lynn/2008j.html#48 dollar coins
https://www.garlic.com/~lynn/2008j.html#51 dollar coins
https://www.garlic.com/~lynn/2008j.html#64 lack of information accuracy
https://www.garlic.com/~lynn/2008j.html#67 lack of information accuracy
https://www.garlic.com/~lynn/2008j.html#68 lack of information accuracy
https://www.garlic.com/~lynn/2008j.html#69 lack of information accuracy
https://www.garlic.com/~lynn/2008j.html#71 lack of information accuracy
https://www.garlic.com/~lynn/2008k.html#6 dollar coins
https://www.garlic.com/~lynn/2008k.html#10 Why do Banks lend poorly in the sub-prime market? Because they are not in Banking!
https://www.garlic.com/~lynn/2008k.html#11 dollar coins
https://www.garlic.com/~lynn/2008k.html#12 dollar coins
https://www.garlic.com/~lynn/2008k.html#13 dollar coins
https://www.garlic.com/~lynn/2008k.html#14 dollar coins
https://www.garlic.com/~lynn/2008k.html#16 dollar coins
https://www.garlic.com/~lynn/2008k.html#19 dollar coins
https://www.garlic.com/~lynn/2008k.html#20 IBM's 2Q2008 Earnings
https://www.garlic.com/~lynn/2008k.html#23 dollar coins
https://www.garlic.com/~lynn/2008k.html#27 dollar coins
https://www.garlic.com/~lynn/2008k.html#33 dollar coins
https://www.garlic.com/~lynn/2008l.html#42 dollar coins
https://www.garlic.com/~lynn/2008l.html#44 dollar coins
https://www.garlic.com/~lynn/2008l.html#67 dollar coins
https://www.garlic.com/~lynn/2008l.html#70 dollar coins
https://www.garlic.com/~lynn/2008m.html#12 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#15 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#16 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#26 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#76 When risks go south: FM&FM to be nationalized
https://www.garlic.com/~lynn/2008m.html#80 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#81 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#91 Blinkylights
https://www.garlic.com/~lynn/2008m.html#92 Blinkylights
https://www.garlic.com/~lynn/2008m.html#95 Blinkylights
https://www.garlic.com/~lynn/2008m.html#96 Blinkylights
https://www.garlic.com/~lynn/2008m.html#99 Blinkylights
https://www.garlic.com/~lynn/2008n.html#3 Blinkylights
https://www.garlic.com/~lynn/2008n.html#12 Blinkylights
https://www.garlic.com/~lynn/2008n.html#14 Blinkylights
https://www.garlic.com/~lynn/2008n.html#19 Blinkylights
https://www.garlic.com/~lynn/2008n.html#21 Michigan industry
https://www.garlic.com/~lynn/2008n.html#23 Michigan industry
https://www.garlic.com/~lynn/2008n.html#24 Blinkylights
https://www.garlic.com/~lynn/2008n.html#25 Blinkylights
https://www.garlic.com/~lynn/2008n.html#33 Blinkylights
https://www.garlic.com/~lynn/2008n.html#37 Success has many fathers, but failure has the US taxpayer
https://www.garlic.com/~lynn/2008n.html#40 Success has many fathers, but failure has the US taxpayer
https://www.garlic.com/~lynn/2008n.html#42 Blinkylights
https://www.garlic.com/~lynn/2008n.html#44 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2008n.html#49 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2008n.html#74 Why can't we analyze the risks involved in mortgage-backed securities?
https://www.garlic.com/~lynn/2008n.html#78 Isn't it the Federal Reserve role to oversee the banking system??
https://www.garlic.com/~lynn/2008n.html#88 Blinkylights
https://www.garlic.com/~lynn/2008n.html#94 Blinkylights
https://www.garlic.com/~lynn/2008n.html#95 Blinkylights
https://www.garlic.com/~lynn/2008o.html#15 Financial Crisis - the result of uncontrolled Innovation?
https://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
https://www.garlic.com/~lynn/2008o.html#19 What's your view of current global financial / economical situation?
https://www.garlic.com/~lynn/2008o.html#26 SOX (Sarbanes-Oxley Act), is this really followed and worthful considering current Financial Crisis?
https://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
https://www.garlic.com/~lynn/2008o.html#31 The human plague
https://www.garlic.com/~lynn/2008o.html#42 The human plague
https://www.garlic.com/~lynn/2008o.html#43 The human plague
https://www.garlic.com/~lynn/2008o.html#45 The human plague
https://www.garlic.com/~lynn/2008o.html#51 Why are some banks failing, and others aren't?
https://www.garlic.com/~lynn/2008o.html#52 Why is sub-prime crisis of America called the sub-prime crisis?
https://www.garlic.com/~lynn/2008o.html#62 Would anyone like to draw a diagram of effects or similar for the current "credit crisis"?
https://www.garlic.com/~lynn/2008o.html#65 Can the financial meltdown be used to motivate sustainable development in order to achieve sustainable growth and desired sustainability?
https://www.garlic.com/~lynn/2008o.html#68 Blinkenlights
https://www.garlic.com/~lynn/2008o.html#71 Why is sub-prime crisis of America called the sub-prime crisis?
https://www.garlic.com/~lynn/2008o.html#74 Would anyone like to draw a diagram of effects or similar for the current "credit crisis"?
https://www.garlic.com/~lynn/2008o.html#75 In light of the recent financial crisis, did Sarbanes-Oxley fail to work?
https://www.garlic.com/~lynn/2008o.html#78 Who murdered the financial system?
https://www.garlic.com/~lynn/2008o.html#80 Can we blame one person for the financial meltdown?
https://www.garlic.com/~lynn/2008o.html#82 Greenspan testimony and securization
https://www.garlic.com/~lynn/2008p.html#3 Blinkenlights
https://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
https://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
https://www.garlic.com/~lynn/2008p.html#47 In Modeling Risk, the Human Factor Was Left Out
https://www.garlic.com/~lynn/2008p.html#60 Did sub-prime cause the financial mess we are in?
https://www.garlic.com/~lynn/2008p.html#70 Is there any technology that we are severely lacking in the Financial industry?
https://www.garlic.com/~lynn/2008q.html#11 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#12 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#19 Collateralized debt obligations (CDOs)
https://www.garlic.com/~lynn/2008q.html#20 How is Subprime crisis impacting other Industries?
https://www.garlic.com/~lynn/2008q.html#28 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#32 I was wondering what types of frauds the audience think will increase?
https://www.garlic.com/~lynn/2008q.html#49 Have not the following principles been practically disproven, once and for all, by the current global financial meltdown?
https://www.garlic.com/~lynn/2008q.html#50 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008q.html#57 Blinkenlights
https://www.garlic.com/~lynn/2008q.html#58 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008q.html#68 Obama, ACORN, subprimes (Re: Spiders)
https://www.garlic.com/~lynn/2008q.html#69 if you are an powerful financial regulator , how would you have stopped the credit crunch?
https://www.garlic.com/~lynn/2008r.html#4 Basel Committee outlines plans to strengthen Basel II
https://www.garlic.com/~lynn/2008r.html#10 Blinkylights
https://www.garlic.com/~lynn/2008r.html#35 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#58 Blinkenlights
https://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
https://www.garlic.com/~lynn/2008r.html#67 What is securitization and why are people wary of it ?
https://www.garlic.com/~lynn/2008s.html#8 Top financial firms of US are eyeing on bailout. It implies to me that their "Risk Management Department's" assessment was way below expectations
https://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
https://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
https://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#24 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#30 How reliable are the credit rating companies? Who is over seeing them?
https://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
https://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
https://www.garlic.com/~lynn/2008s.html#59 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2008s.html#60 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#15 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#21 Banks to embrace virtualisation in 2009: survey
https://www.garlic.com/~lynn/2009.html#31 Banks to embrace virtualisation in 2009: survey
https://www.garlic.com/~lynn/2009.html#32 What are the challenges in risk analytics post financial crisis?
https://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
https://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#63 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#74 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
https://www.garlic.com/~lynn/2009.html#79 The Credit Crunch: Why it happened?
https://www.garlic.com/~lynn/2009.html#80 Are reckless risks a natural fallout of "excessive" executive compensation ?
https://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
https://www.garlic.com/~lynn/2009b.html#23 BarCampBank - informal finance rantathon in London
https://www.garlic.com/~lynn/2009b.html#25 The recently revealed excesses of John Thain, the former CEO of Merrill Lynch, while the firm was receiving $25 Billion in TARP funds makes me sick
https://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
https://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
https://www.garlic.com/~lynn/2009b.html#51 Will the Draft Bill floated in Congress yesterday to restrict trading of naked Credit Default Swaps help or aggravate?
https://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
https://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
https://www.garlic.com/~lynn/2009b.html#57 Credit & Risk Management ... go Simple ?
https://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
https://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
https://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
https://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
https://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
https://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
https://www.garlic.com/~lynn/2009c.html#61 Accounting for the "greed factor"
https://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
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40+yrs virtualization experience (since Jan68), online at home since Mar70