From: lynn@garlic.com (Lynn Wheeler) Date: 12 May, 2012 Subject: Top IBM Salespeople Are Leaving In Droves, Say Those Who Have Quit Blog: Greater IBMTop IBM Salespeople Are Leaving In Droves, Say Those Who Have Quit
from above:
I was paid $40,000 commissions on $12,000,000 in revenue. Why? I was
given a $12,000,000 quota. I left in February...and my former
region's best and brightest are peeling off.
... snip ...
I was con'ed into going to Boeing summer of '69 ... effectively to help setup what was to become BCS (i was among the first dozen or so employees). At Boeing I was told story about what was motivation for quotas. Announce of 360, first day, Boeing walks into their salesman's office and order huge number of 360s (knowing much more about 360 than the salesman did) ... salesman (straight) commission was largest compensation in IBM that year ... which was motivation for the creation of quota system. Under the new quota system, the same salesman made 100% of the year's quota by the end of the first month ... which resulted in his quota being modified ... resulting in the salesman departing.
recent posts mentioning Boeing and/or BCS:
https://www.garlic.com/~lynn/2012.html#42 Drones now account for one third of U.S. warplanes
https://www.garlic.com/~lynn/2012.html#51 5 meg hard drive
https://www.garlic.com/~lynn/2012.html#52 5 meg hard drive
https://www.garlic.com/~lynn/2012.html#57 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#61 Hybrid computing -- from mainframe to virtualization
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#25 Goldman Sachs P.R. Chief's Accidental Exit Interview
https://www.garlic.com/~lynn/2012d.html#18 Memory versus processor speed
https://www.garlic.com/~lynn/2012d.html#33 TINC?
https://www.garlic.com/~lynn/2012f.html#10 Layer 8: NASA unplugs last mainframe
https://www.garlic.com/~lynn/2012f.html#40 STSC Story
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 12 May, 2012 Subject: Did the 1401 use SVC's?? Blog: IBM Historic Computingwecker .. Brown Univ(?) ... joined dec in mid-72 and was on decnet ... mentioned here
all CMS system calls were 202 (aka "CA") ... had parameter list that normally was identical to command line input ... there was in fact a gimmick for some kernel call routines that would normally invoked by assembler ... to be invoked in an EXEC.
processing for svc 202 would be to check for exec file with that "name", then (program loadable) module (along with synonym and alias processing) then for kernel routine with that name. In 360 time-frame CMS stood for Cambridge Monitor System ... in the morph from cp67/cms to vm370/cms ... CMS morphed into Conversational Monitor System. SVC203 was also added which had function code and was only used for kernel call routines.
Internal CP67 linkage was via SVC 8&12 ... internal CP67 SVC0 was kernel abort. Original CP67 started out with an 100 element savearea call. svc8 had R15 with address of the called routine, svc8 processing would dynamically allocate an available savearea element ... and the called routine would store caller's registers in the passed savearea. svc12 would deallocate the dynamic savearea and return to the caller. System would fail if all 100 saveareas were allocated.
Early on, I modified the SVC 8/12 processing where the saveareas were obtained from a dynamically allocated 4k page. If it ran out of all the saveareas in that page, I would dynamically allocate more out of another 4k page. I had special interface into the page replacement code that would select purely based on whether it page was immediately available (i.e. not-changed ... as opposed to changed which would require delay for the current occupant to be written out). The original code took about 220microseconds and I got code path down to about 75microseconds. I also noticed that there were numerous high-use kernel routines that were "closed" ... aka returned w/o calling any other routine. I changed calls to those routines to BALR linkage and the routines used dedicated savearea in page zero.
cp67/cms was installed at univ. jan1968 ... bare machine os/360
benchmark was 322sec, under cp67 was 856secs ... or overhead of cp/67
534secs. Presentation I gave at fall 68 SHARE meeting
https://www.garlic.com/~lynn/94.html#18
and had reduced overhead fo 113secs (reduction of 421secs).
IBM DASD for a long time had a particular failure mode with loosing power while writing to DASD ... data was in processor memory and had to be transferred over channel to controller to disk once the write started. In power loss there could still be sufficient power for the controller/disk to complete the write operation (including error indicator information) ... but not enough to actually transfer the data from memory over the channel (especially after move from magnetic core to non-core memory. The result would be zeros would get propagated for the trailing portion of the write and valid error correcting information (for the propagated zeros written).
In OS/360 (and the later system derivations) this could show up as corrupted disk if the power-loss happened when any VTOC information was being written.
In CMS, the original CMS filesystem always wrote new filesystem metadata to new disk location and when done would rewrite master file directory record (pointing to new copy). The original CMS filesystem could have a problem if power-loss occurred while CMS master file system directory was being written (but would be a problem with other filesystem metadata written to new location ... since new/old versions weren't swapped until after the master file directory record was written). In the mid-70s the CMS extended file system "fixed" this power-failure mode ... by having two copies of the master file directory ... which it would alternate writes to. On startup, for the extended file system CMS would check to see which was the latest, valid copy of the master file directory by checking information in the trailing part of the records (all as countermeasure to the propagated zero write problem for IBM DASD involving in-progress writes during power failure).
misc. past posts getting to play disk engineer in bldg. 14&15:
https://www.garlic.com/~lynn/subtopic.html#disk
misc. past posts mentioning DASD, CKD, FBA, multi-track search, etc
https://www.garlic.com/~lynn/submain.html#dasd
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 13 May, 2012 Subject: What are the implication of the ongoing cyber attacks on critical infrastructure Blog: Greater IBMAnd systems designed for closed/safe environments tend to lack countermeasures for operating in the wild, anarchy of the internet.
Before he disappeared, Jim Gray con'ed me into interview for chief security architect in redmond ... went on for a couple weeks ... but we were too far apart on many issues and so didn't accept. Part of redmond issue is that they had started as stand-alone, unconnected on kitchen table and there was large number of applications evolved that were predicated on total take-over of the whole machine. Later there evolved connectivity via terminal emulation which was well-bounded application.
next stage was small, safe, closed, business-specific LANs with no countermeasures for outside forces and lots of network applications that had embedded executable scripting. At the 1996 MSDC held in Moscone the big banners proclaimed support of Internet ... but the repeated theme in all the sessions was "preserve your investment" ... which referred to paradigm of embedding executable scripts in all sorts of files that distributed over small, safe, closed LANs (with no attack countermeasures) ... aka the small, safe, closed, business-specific LANs was remapped to the wild, open anarchy of the internet ... with little additional provisions
up until that time, the main internet attack vector was buffer length overflow endemic in C-language implemented applications. By the start of the next century ... embedded executable scripts attacks had grown to approx. equal to the buffer length overflow attacks (and scanning incoming traffic for specific signatures of embedded executing scripting attacks had become major industry).
Disclaimer: the original mainframe tcp/ip product was done in
vs/pascal which had none of the buffer length overflow vulnerabilities
that are epidemic in applications implemented in C. past posts
mentioning buffer overflow related problems
https://www.garlic.com/~lynn/subintegrity.html#overflow
Long ago & far away, we had been brought in as consultants to small client/server startup that wanted to do payment transactions on their server; they had also invented this technology called "SSL" they wanted to use; the result is now frequently called "electronic commerce". As part of using "SSL" for electronic commerce there were several requirements for how it was used & deployed. For variety of reasons, those requirements were almost immediately violated ... which accounts for large percentage of current day exploits. Another frequent failure mode was that typical electronic commerce servers had numerous kinds of countermeasures. During maintenance, the commerce servers were taken offline and the countermeasures dropped. After maintenance, the countermeasures needed to be reactivated before bringing online. The SQL RDBMS based electronic commerce servers .... probably because of the significantly higher level of complexity ... had significantly larger incidence of forgetting to re-activate all countermeasures after maintenance activity (exploits tend to be proportional to complexity; SQL RDBMS based implementations continue to have a variety of exploits that are complexity related).
from long ago and far away ... in the 60s while I was undergraduate
... I was making lots of operating enhancements and sometimes the
vendor would make suggestions. ... while I didn't lean about these
guys until much later ... it seems that some number of the suggestions
were of the type they could have originated with them:
https://web.archive.org/web/20090117083033/http://www.nsa.gov/research/selinux/list-archive/0409/8362.shtml
gone 404 ... but lives on at the wayback machine ... sometimes you get the welcome page at wayback ... click on the "Impatient!" on the right hand side mid-way down the page.
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 13 May, 2012 Subject: Quitting Top IBM Salespeople Say They Are Leaving In Droves Blog: Greater IBMQuitting Top IBM Salespeople Say They Are Leaving In Droves
I was con'ed into going to Boeing summer of '69 ... effectively to help setup what was to become BCS (i was among the first dozen or so employees). At Boeing I was told story about what was motivation for quotas. Announce of 360, Boeing walked into their salesman's office and order huge number of 360s (knowing much more about 360 than the salesman did) ... salesman commission was largest compensation in IBM that year ... which was motivation for the creation of quota system. Under the new quota system, the same salesman made 100% of the years quota by the end of the first month ... which resulted in his quota being modified ... resulting in the salesman departing.
image-based authentication???
Three-factor authentication paradigm is
• something you know (aka pins, passwords, mother's maiden name, etc)
• something you have (aka hardware tokens, physical unique object, etc)
• something you are (biometrics, palm prints, iris scan, finger length, etc)
past posts
https://www.garlic.com/~lynn/subintegrity.html#3factor
something you know tend to be further differentiated
into shared-secrets & non-shared-secrets. Pins/passwords tend to
be shared-secrets ... which then results in requirement to have
unique shared-secret for every unique security domain
(as countermeasure to cross-domain attacks) and impossible to
guess (impersonation attacks).
https://www.garlic.com/~lynn/subintegrity.html#secrets
More than 40yrs ago, installing online system for BCS ... people tended to need relatively few "impossible to guess" (also making them impossible to remember) shared-secrets. Over the past several decades, the number of electronic environments requiring authentication has exploded ... resulting in people needed large scores or hundreds of (impossible to remember) shared-secrets (for authentication). Institutions, acting as if they were sole electronic environment that person has relationship ... would further aggravate situation with rules like monthly changing (impossible to remember) shared-secrets.
An example of how untenable the problem is ... this old (April Fools)
IBM Corporate Directive from 1984:
https://www.garlic.com/~lynn/2001d.html#52
April 1st was on Sunday ... the above had been sent to me the friday before from somebody on the east coast ... and I redistributed it around bldg. 28. Over the weekend somebody printed it on corporate letterhead paper and posted it in all the building bulletin boards. Monday morning some number of people took it as valid corporate directive ... the resulted investigation led to mandate that all corporate letterhead paper was required to be kept under lock&key.
disclaimer: we have couple dozen patents in the area of authentication
(although all are assigned and we have no current interest)
... including covering transition from institutional-centric paradigm
to person-centric paradigm.
https://www.garlic.com/~lynn/aadssummary.htm
In the mid-90s, there were numerous predictions that the telcos were going to take-over the payments industry. The issue is that the telcos were deploying platforms that could handle large number of (cell) phone calls for billing purposes ... the numbers of "transactions" was orders of magnitudes larger than the number of transactions that the conventional payment platforms could handle. The scenario was that these platforms would give the telco industry a competitive advantage in the anticipated huge numbers of micro-payment transactions ... once it took over that emerging payment market ... it would be an easy move up the value chain to taking over the rest of the payment market. The late 90s, saw a pullback of the telcos from the payment market ... 1) the micro-payments weren't emerging like anticipated and 2) there were fraud & risk payment issues that the telcos weren't fully prepared to handle.
The payment industry has been extremely ambivalent with regard to "safe" transactions. For decades, merchants have been indoctrinated that interchange fees (payment industry charges to merchants for each transactions) have been pro-rated with respect to the fraud rate for various kinds of payments. In the early part of the century, there were various "safe" internet payment products (significantly increasing cost/difficulty for crooks to spoof valid transactions) developed that saw very high acceptance levels at the major internet merchants (at the time accounting for approx. 70% of ecommerce transactions). The internet merchants were anticipating an order of magnitude reduction in interchange fees with the "safe" payment products (because of fraud reduction). Then came the cognitive dissonance, the payment industry told the merchants that the "safe" products would basically be a surcharge on top of the highest fee merchants were already paying (basically inverting the interchange fee paradigm merchants were accustomed to ... i.e. fees proportional to fraud). This and a few other circumstances from the first part of the century has been barrier to entry for stronger authentication products.
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: Mon, 14 May 2012 10:12:08 Subject: Hard drives: A bit of progress Newsgroups: alt.folklore.computersalso (linkedin) IBM co/ex workers (blog)
Hard drives: A bit of progress
http://www.sciencedaily.com/releases/2012/05/120510095620.htm
article mentions A*STAR Data Storage ... seems awfully reminiscent of
ADSTAR ... which was the renamed disk division as it was being
prepared to be sold off in the early 90s
https://en.wikipedia.org/wiki/ADSTAR
then the management change ... resurrection of IBM ... referenced
here:
http://www.tdaxp.com/archive/2012/02/10/review-of-who-says-elephants-cant-dance-by-louis-gerstner.html
The wiki reference also mentions ADSM ... which then becomes TSM. ADSM
was a morph of the Workstation Datasave Facility from research (ADSM
was trivial upgrade for existing WDSF customers). WDSF started out as
the internal CMS Backup ... which I had done for internal datacenters
... some old email
https://www.garlic.com/~lynn/lhwemail.html#cmsback
I've repeated a number of times, a senior disk engineer, in the late
80s, got a talk scheduled at an annual, internal, world-wide
communication group conference and opened the talk with the comment that the
communication group was going to be responsible for the demise of the
disk division. The issue was that the communication group had
stranglehold on datacenters (strategic responsibility for everything
that cross the datacenter walls) and were attempting to preserve their
terminal emulation install base. The limitations were resulting in
data fleeing the datacenters for more distributed computing friendly
platforms (and disk division was seeing corresponding drop off in disk
sales). The disk division had come up with a number of products to
address the problem, but the communication group with their "strategic
ownership" were veto'ing the products. misc. past posts mentioning
terminal emulation
https://www.garlic.com/~lynn/subnetwork.html#emulation
misc past posts being allowed to play disk engineer in bldgs. 14&15
https://www.garlic.com/~lynn/subtopic.html#disk
AMEX, Private Equity, IBM related Gerstner posts
https://www.garlic.com/~lynn/submisc.html#gerstner
Communications group trying to preserve their terminal emulation install base and block distributed computing, client/server, etc ... created stranglehold around mainframe datacenters ... with the result that data (& applications) were fleeing the datacenter. It wasn't specifically communications group vis-a-vis disk division ... it was communications group against the rest of the world; the disk division was somewhat collateral damage ... they could see the flight from the datacenter in the disk sales numbers ... and tried to come out with corrective products.
The resulting flight from the datacenter contributed significantly to the whole datacenter/mainframe downturn and the company going into the red in the early 90s.
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 14 May, 2012 Subject: What are the implication of the ongoing cyber attacks on critical infrastructure Blog: Greater IBMre:
IBM Research last decade did a paper "Thirty Years Later: Lessons from
the Multics Security Evaluation" ... I reference in this old post
https://www.garlic.com/~lynn/2002l.html#42
Their paper references Air Force "Multics Security Evaluation:
Vulnerability Analysis" done in the early 70s ... available from NIST
at:
http://csrc.nist.gov/publications/history/karg74.pdf
Multics was still in use as email server in the late 90s
https://www.multicians.org/site-dockmaster.html
members from the agency attending financial industry standards
meetings would list it as their email address. Other Multics
information
https://www.multicians.org/multics.html
Some of the CTSS people went to the 5th flr and did Multics ... other
of the CTSS people went to the IBM science center on the 4th flr and
did work on virtual machine control programs (initially cp40 which
morphed into cp67 and finally vm370). Possibly as a result there was
always some amount of friendly rivalry between the two groups. Another
major multics site was:
https://www.multicians.org/mga.html#AFDSC
So when they were scheduling to come by and talk about getting 20
vm/4341s, I thought it was really great ... as referenced in this old
email
https://www.garlic.com/~lynn/2001m.html#email790404b
in this post
https://www.garlic.com/~lynn/2001m.html#15
although as mentioned in the above, over period of six months it grew from twenty vm/4341s to 210 vm/4341s.
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 14 May, 2012 Subject: Adult Supervision Blog: FacebookAdult Supervision
In the 90s, there was the fiscal responsibility act ... the baseline budget in the late 90s had budget surpluses retiring all federal debt by 2010. Last decade CBO has decrease in tax revenues of $6T (compared to baseline) coupled with $6T increase in spending (compared to baseline) for a $12T budget gap ... really starting in 2002 after congress allowed the fiscal responsibility act to expire. In the middle of the last decade, the comptroller general (head of GAO) would include in speeches that nobody in congress was capable of middle school arithmetic (based on what they were doing to the budget)
with regard to adult supervision, during the economic bubble there was
$27T in CDOs ... at the end of 2008, just the four too-big-to-fail
(wells, chase, citi, bofa) were still carrying $5.2T toxic CDOs
"off-book". Congress had appropriated $700B for TARP (purchase of
toxic assets) w/o knowning how bad the problem actually was (when at
least ten times that amount would have been needed). The eventual
result, was that other uses for TARP had to be found, and it was left
to Federal Reserve to address the problem behind the scenes.
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akv_p6LBNIdw&refer=home
securitized mortgages had been used during the S&L mess to obfuscate
fraudulent mortgages. In the late 90s, we were asked to look at
improving the integrity of CDO supporting documents. In the
congressional hearings into the pivotal role that rating agencies
played in the mess, the testimony was that the rating agencies knew
that the toxic CDOs weren't worth triple-A but they were willing to
sell them anyway. In the wake of Enron/Worldcom, congress passed
Sarbanes-Oxley supposedly to present such future repeat. However, SOX
required SEC to do something regarding enforcement ... there was even
section in SOX about SEC doing something about rating-agencies.
However, there is lots pointing to SEC not doing anything, not about
public company fraudulent financial filings, not about rating-agencies,
and/or not about Madoff. Apparently even GAO didn't believe SEC was
doing anything and started doing reports of public company fraudulent
financial filings, even showing uptic after SOX. In the congressional
hearings into Madoff, there was testimony by the person that spent ten
years unsuccessfully trying to get SEC to do something about Madoff
(Madoff finally forced SEC hand when he turned himself in). A big
reason for toxic CDOs sellers paying for triple-A was that it gave
access to large institutional investors restricted to dealing in
triple-A (went from possibly millions in the S&L crisis to $27T ... a
factor of million times).
Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
https://www.bloomberg.com/news/articles/2008-10-27/evil-wall-street-exports-boomed-with-fools-born-to-buy-debt
Triple-A rating also trumps documentation and mortgage originators could start doing no-documentation loans (and with no-documentation, there was no longer any question about document integrity)
gao.gov about public company fraudulent financial filings during the
last decade:
http://www.gao.gov/products/GAO-03-395R
http://www.gao.gov/products/GAO-06-678
https://www.gao.gov/products/gao-06-1079sp
... in theory under SOX ... all the executives would be doing jail time
In the Madoff hearings, the person that had tried unsuccessfully for a
decade to get SEC to do something about Madoff, was asked if new
regulations were needed. He replied that while new regulations might
be needed, much more important would be transparency and visibility in
the market (current is anything but). (also) In the late 90s, I was
asked into NSCC (before they merged with DTC) to look at improving
integrity of exchange transactions. I started work on it ... but after
a couple months I was told that it was suspended, the problem was that
a side-effect of improving transaction integrity would have also
greatly increased transparency and visibility ... which is antithesis
of current wallstreet culture. Somewhat similar reference here that
wallstreet had nothing to fear from SEC.
http://nypost.com/2007/03/20/cramer-reveals-a-bit-too-much/
systemic risk tends to be cascade failures somewhat like dominoes ... it was used to bail-out the hedge fund industry the end of last century ... w/o bothering to change their behavior. $27T in CDOs is more like dropping a nuke. Not only wasn't SEC doing anything ... a couple weeks ago CBS 60min had Ernst&Young, SEC, and Federal Reserve all having people onsite at Lehman ... but they weren't doing anything ... just sitting on the sidelines watching $50B being constantly shifted from one end of the field to the other end.
recent posts mentioning $27T in toxic CDOs during bubble &/or $5.2T
still being carried "off-book" by four too-big-to-fail at end of
2008.
https://www.garlic.com/~lynn/2012.html#21 Zombie Banks
https://www.garlic.com/~lynn/2012.html#32 Wall Street Bonuses May Reach Lowest Level in 3 Years
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#65 Why Wall Street Should Stop Whining
https://www.garlic.com/~lynn/2012b.html#95 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012c.html#30 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#32 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#36 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#38 The Death of MERS
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#46 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#55 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#42 China's J-20 Stealth Fighter Is Already Doing A Whole Lot More Than Anyone Expected
https://www.garlic.com/~lynn/2012e.html#23 Are mothers naturally better at OODA because they always have the Win in mind?
https://www.garlic.com/~lynn/2012e.html#40 Who Increased the Debt?
https://www.garlic.com/~lynn/2012e.html#42 Who Increased the Debt?
https://www.garlic.com/~lynn/2012e.html#58 Word Length
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
https://www.garlic.com/~lynn/2012f.html#63 One maths formula and the financial crash
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#69 Freefall: America, Free Markets, and the Sinking of the World Economy
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
https://www.garlic.com/~lynn/2012f.html#80 The Failure of Central Planning
https://www.garlic.com/~lynn/2012f.html#87 How do you feel about the fact that India has more employees than US?
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 14 May, 2012 Subject: Adult Supervision Blog: Facebookre:
Note during the economic bubble, it appears to have radically shifted
... claim that the industry tripled in size during the bubble (as
percent of GDP), ny state controller report that wallstreet bonuses
spiked over 400% during the economic bubble (and lots of efforts to
prevent returning to pre-bubble level). Stiglitz' "Freefall: America,
Free Markets, and the Sinking of the World Economy" says that the
industry accounted for 40% of us corporate profits during the
bubble. By the various measures, during the bubble, massive amount of
the country's economy has shifted into wallstreet pockets.
https://www.amazon.com/Freefall-America-Markets-Sinking-ebook/dp/B0035YDM9E
pg188:
"We should have recognized that the outsized proportions of the
financial sector -- in the years before the crisis, some 40 percent of
corporate profits were in that sector -- indicated that something was
wrong"
... snip ...
sort of Stiglitz version of Taibbi's "Vampire Squid"
vampire squid:
https://www.amazon.com/Griftopia-Machines-Vampire-Breaking-ebook/dp/B003F3FJS2
some also here:
http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
saying a company or an industry doubled their profits can be about innovation or more efficient ... saying that 40% of all corporate profit has shifted to industry is a fundamental comment about the economy and how profits are distributed in the economy. the big thing that was "invented" in the bubble was rating agencies selling triple-A ratings when they knew they weren't worth triple-A ... and there was $27T done.
Note: in Jan 2009 I was asked to HTML'ize the Pecora hearings (30s congressional hearings into the 29crash, they had been scanned the previous fall at the boston public library), heavy internal cross-link and indexing ... as well as lots of hrefs between what happened then and what happened this time (some assumption that new congress had appetite to do something). I worked on it for a couple months and then got a call that it wouldn't be needed after all (some implication that enormous amounts of lobbying money spread around washington).
The testimony in the congressional hearings into the rating agencies .... was that the rating agencies *KNEW* they weren't triple-A (including people in the rating agencies that worked in other departments) ... but they were willing to sell the triple-A rating anyway. One commentator during the hearings made the observation that the rating agencies would likely be able to avoid federal prosecution with the threat of credit downgrade for the federal gov. Wallstreet was making enormous profits from the fees and commissions on the transactions ... and personal compensation was such that it mitigated any concern that they might have about their institution, the economy, and/or the country. At the height of the bubble there was joke on wallstreet with an analogy to musical chairs and who would still be holding toxic assets when the bubble burst.
There has been quite a bit about how complex and convoluted CDOs can
be to evaluate ... but that is frequently obfuscation and
misdirection. There were accounts of business people directing risk
managers to fiddle the model inputs until the correct results were
obtained.
http://bits.blogs.nytimes.com/2008/09/18/how-wall-streets-quants-lied-to-their-computers/
(it wasn't an issue with the models, it was straight GIGO ... garbage-in/garbage-out). early on in the crash there were then calls that risk managers needed greater autonomy in corporate structures. since then there has been an enormous amount more obfuscation and misdirection.
recent posts mentioning Stiglitz &/or Taibbi:
https://www.garlic.com/~lynn/2012.html#17 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012.html#21 Zombie Banks
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#47 Avoiding a lost decade
https://www.garlic.com/~lynn/2012b.html#43 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012b.html#84 A Conversation with Peter Thiel
https://www.garlic.com/~lynn/2012c.html#2 Occupy the SEC (Securities & Exchange Commission)
https://www.garlic.com/~lynn/2012d.html#52 Goldman Exec Quits In A Scathing NYT Op-Ed About How The Firm Abuses Its Clients
https://www.garlic.com/~lynn/2012d.html#61 Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
https://www.garlic.com/~lynn/2012f.html#77 Vampire Squid
https://www.garlic.com/~lynn/2012f.html#84 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
https://www.garlic.com/~lynn/2012f.html#91 Psychology Of Fraud: Why Good People Do Bad Things
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 15 May, 2012 Subject: Adult Supervision Blog: Facebookre:
If rating agencies were evaluating toxic CDOs for ratings, they needed supporting documentation; however being paid to always give triple-A, documentation became superfluous. Getting triple-A on everything & documentation being superfluous, the loan originators could do no-documentation loans, also loan quality and borrowers qualifications no longer mattered ... just stuff that got in the way of writing loans as fast as possible for the largest possible value.
Then there is MERS, the robo-signing scandal and illegally fabricating
documents.
http://www.veteranstoday.com/2012/02/22/the-death-of-mers/
and
http://www.rollingstone.com/politics/blogs/taibblog/a-big-change-on-the-foreclosure-front-20120128
they sign a deal for small amount (billions but trivial "cost of doing
business" considering actual amounts involved) to make it go away
http://www.mybanktracker.com/bank-news/2012/02/09/26-billion-foreclosure-deal/
aka the rating agencies willing to sell triple-A ratings w/o bothering to do evaluation led to the whole genre of no-documentation loans which enormously exploded the wallstreet fees, commissions (graft & corruption) on $27T in triple-A rated toxic CDOs. Also, real-estate speculators found the no-down, no-documentation 1% interest-only payment ARMs, widely profitable; in parts of the country with 20-30% inflation, it could be 2000% ROI. The triple-A for a price" changed the mortgage industry from mortgage management business to purely transaction fees&commissions ... with several different players willing to play their part for a piece of the action.
past posts mentioning MERS and/or robo-signing
https://www.garlic.com/~lynn/2012c.html#38 The Death of MERS
https://www.garlic.com/~lynn/2012c.html#46 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#49 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#10 PC industry is heading for more change
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 15 May, 2012 Subject: JPM LOSES $2 BILLION USD! Blog: Financial Crime Risk, Fraud and SecurityJPM LOSES $2 BILLION USD!
My view of Volcker was attempt to re-institute some of Glass-Steagall ... that tried to keep safety&soundness of regulated, insured deposits separated from risky side-effects of investment banking ... that investment banking loses $2B ... and takes down the company it is just one of the risks they take (but try and limit the effect unbridled risk taking can have on regulated insured deposits).
However, "Confidence Men", pg430:
But they were fighting on too many fronts. Carl Levin of Michigan and
Jeff Merkley of Oregon had discovered that Dodd had discreetly gutted
the Volcker Rule, and the two set to work trying to counteract Dodd's
efforts. The Merkley-Levin Amendment articulated Volcker's idea
fully--and wrote it as law. No regulatory backsliding, once everything
settled down.
... snip ...
longer winded discussion about Dodd, Volcker rule, etc
https://www.garlic.com/~lynn/2012.html#72 Chris Dodd's SOPA crusading
Jamie's Cryin: Dimon, J.P. Morgan Chase Lose $2 Billion
http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511
One could suggest that repeal Glass-Steagall had a number of effects ... including aggregation of businesses into too-big-to-fail ... as well as subjecting safety and soundness of insured deposits to the risky operations of investment banking. More recent references is that the businesses are so large that it is impossible for them to be not involved in "insider information" operations. A decade ago there was an industry publication that had thousands of measures comparing the avg. of the largest regional banks against the national banks ... with regional bank avg. coming out slightly more profitable than the national averages (further reducing justification for the too-big-to-fail to top executive compensation proportional to size of the institution).
Summer of 2010 there were a number of articles about drug cartels using "no-documentation" mortgages for money laundering ... and then news that the four too-big-to-fail were involved ... prompting references to too-big-to-jail ... with the government leaning over backwards to keep them in business, the government wasn't about to let little things like money laundering send them to jail.
current round:
Relax! They've Got It Covered; Why Jamie Dimon's $2 Billion Gambling
Loss Will NOT Speed Financial Reform
http://www.counterpunch.org/2012/05/15/why-jamie-dimons-2-billion-gambling-loss-will-not-speed-financial-reform/
the above includes this reference:
Back in 1986, Dimon was the bright young protege of "Sandy" Weill,
when he was forced out of American Express in a coup de requin. Master
and servant made their way to Baltimore, Maryland, where Weill
acquired a storefront moneylending firm called Commercial Credit.
... snip ...
Weill was major force behind repeal of Glass-Steagall. Reference in article to Commercial Credit: "this is the loansharking business"
misc. past posts referencing too-big-to-jail:
https://www.garlic.com/~lynn/2010m.html#24 Little-Noted, Prepaid Rules Would Cover Non-Banks As Wells As Banks
https://www.garlic.com/~lynn/2010q.html#58 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2011.html#50 What do you think about fraud prevention in the governments?
https://www.garlic.com/~lynn/2011f.html#52 Are Americans serious about dealing with money laundering and the drug cartels?
https://www.garlic.com/~lynn/2011n.html#49 The men who crashed the world
https://www.garlic.com/~lynn/2012e.html#16 Wonder if they know how Boydian they are?
https://www.garlic.com/~lynn/2012e.html#35 The Dallas Fed Is Calling For The Immediate Breakup Of Large Banks
https://www.garlic.com/~lynn/2012e.html#37 The $30 billion Social Security hack
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 16 May, 2012 Subject: Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al Engaged in 'Naked Short Selling' Blog: Facebookalso Google+
Accidentally Released - and Incredibly Embarrassing - Documents Show
How Goldman et al Engaged in 'Naked Short Selling'
http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515
from above:
Now, however, through the magic of this unredacted document, the
public will be able to see for itself what the banks' attitudes are
not just toward the "mythical" practice of naked short selling (hint:
they volubly confess to the activity, in writing), but toward
regulations and laws in general.
... snip ...
Short-selling litigation; An enlightening mistake
http://www.economist.com/node/21555472
Goldman, Merrill E-Mails Show Naked Shorting, Filing Says
http://www.bloomberg.com/news/2012-05-15/goldman-merrill-e-mails-show-naked-shorting-filing-says.html
reference that such things go on all the time, but wallstreet has
little to fear from SEC:
http://nypost.com/2007/03/20/cramer-reveals-a-bit-too-much/
DTCC wiki used to have section that DTCC transactions records would be
able to demonstrate illegal naked short ... gone now but lives on at
wayback machine:
https://web.archive.org/web/20080728143102/https://en.wikipedia.org/wiki/Depository_Trust_&_Clearing_Corporation
Both DTCC entries mention "Dodd" would consider holding hearings
... but none actually were held. Note this from "Confiendece Men",
pg430:
But they were fighting on too many fronts. Carl Levin of
Michigan and Jeff Merkley of Oregon had discovered that Dodd had
discreetly gutted the Volcker Rule, and the two set to work trying to
counteract Dodd's efforts. The Merkley-Levin Amendment articulated
Volcker's idea fully--and wrote it as law. No regulatory backsliding,
once everything settled down.
... snip ...
misc. past posts mentioning "naked short":
https://www.garlic.com/~lynn/2008k.html#1 dollar coins
https://www.garlic.com/~lynn/2008k.html#25 IBM's 2Q2008 Earnings
https://www.garlic.com/~lynn/2008n.html#23 Michigan industry
https://www.garlic.com/~lynn/2008n.html#25 Blinkylights
https://www.garlic.com/~lynn/2008n.html#26 Blinkylights
https://www.garlic.com/~lynn/2008n.html#28 Blinkylights
https://www.garlic.com/~lynn/2008n.html#31 Blinkylights
https://www.garlic.com/~lynn/2008n.html#101 Blinkylights
https://www.garlic.com/~lynn/2008o.html#0 Blinkylights
https://www.garlic.com/~lynn/2008o.html#1 illegal naked short selling
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
https://www.garlic.com/~lynn/2009c.html#67 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009d.html#75 Whistleblowing and reporting fraud
https://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
https://www.garlic.com/~lynn/2009s.html#47 Audits VII: the future of the Audit is in your hands
https://www.garlic.com/~lynn/2010c.html#33 Happy DEC-10 Day
https://www.garlic.com/~lynn/2010h.html#41 Profiling of fraudsters
https://www.garlic.com/~lynn/2010m.html#62 Dodd-Frank Act Makes CEO-Worker Pay Gap Subject to Disclosure
https://www.garlic.com/~lynn/2010p.html#43 WikiLeaks' Wall Street Bombshell
https://www.garlic.com/~lynn/2010p.html#48 WikiLeaks' Wall Street Bombshell
https://www.garlic.com/~lynn/2010p.html#63 TCM's Moguls documentary series
https://www.garlic.com/~lynn/2010q.html#36 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2010q.html#44 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2011d.html#26 The first personal computer (PC)
https://www.garlic.com/~lynn/2011e.html#39 Back to architecture: Analyzing NYSE data
https://www.garlic.com/~lynn/2011f.html#35 At least two decades back, some gurus predicted that mainframes would disappear
https://www.garlic.com/~lynn/2011f.html#52 Are Americans serious about dealing with money laundering and the drug cartels?
https://www.garlic.com/~lynn/2011j.html#11 Innovation and iconoclasm
https://www.garlic.com/~lynn/2011j.html#38 Advice from Richard P. Feynman
https://www.garlic.com/~lynn/2011k.html#60 50th anniversary of BASIC, COBOL?
https://www.garlic.com/~lynn/2011l.html#21 HOLLOW STATES and a CRISIS OF CAPITALISM
https://www.garlic.com/~lynn/2011o.html#39 Civilization, doomed?
https://www.garlic.com/~lynn/2011p.html#30 21st Century Management approach?
https://www.garlic.com/~lynn/2012.html#5 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012e.html#41 Why Are the Fed and SEC Keeping Wall Street's Secrets?
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 16 May, 2012 Subject: There's Not an App for That: When Will Our Smartphones Be Recongized as Valid Forms of ID? Blog: FacebookThere's Not an App for That: When Will Our Smartphones Be Recongized as Valid Forms of ID?
I got a patent on that back in the late 90s ... some recent topic
drift on the subject here:
https://www.garlic.com/~lynn/2012g.html#3
I gave a talk on the subject at ISI fall 1998, had the internet
standards editors group and the USC computer science graduate
stutdents ... related post from dec98:
https://www.garlic.com/~lynn/aadsm2.htm#straw
all "assigned":
https://www.garlic.com/~lynn/aadssummary.htm
Corporate patent plan payed $6/patents, we were working with boutique patent attorney firm ... and had 50 patents drafted and they were saying it would be 100 or more when we finished. Some executive looked at total cost of filing that many patents (both US and international) and directed all the claims be repackaged as 9 patents. Later the patent office complained about patents with humongous number of claims (filing fee not even covering cost to read all the claims) and directed claims be refiled as minimum of 20-30 patents. Corporate patent plan didn't pay for refiled patents.
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 16 May, 2012 Subject: JPM LOSES $2 BILLION USD! Blog: Financial Crime Risk, Fraud and Securityre:
recent item about too-big-to-fail not needing to worry about regulations and enforcement
Accidentally Released - and Incredibly Embarrassing - Documents Show
How Goldman et al Engaged in 'Naked Short Selling'
http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515
Short-selling litigation; An enlightening mistake
http://www.economist.com/node/21555472
Goldman, Merrill E-Mails Show Naked Shorting, Filing Says
http://www.bloomberg.com/news/2012-05-15/goldman-merrill-e-mails-show-naked-shorting-filing-says.html
similar reference from a few years ago:
http://nypost.com/2007/03/20/cramer-reveals-a-bit-too-much/
from baseline:
Investigating JPMorgan Chase
http://economix.blogs.nytimes.com/2012/05/17/investigating-jpmorgan-chase/?src=tp
from above:
In the end, we may well come to the same conclusion as Elizabeth
Warren ... who has brilliantly seized the political moment and
put her opponent for the Senate seat from Massachusetts, the
Republican incumbent Scott Brown, on the defensive.
Ms. Warren is calling for the re-imposition of Glass-Steagall ...
separating commercial from investment banking. Mr. Fine is already
pushing in the same direction. This position should be appealing
across the political spectrum.
... snip ...
and
President Obama's Wall Street problem
http://www.politico.com/news/stories/0512/76259.html
How Wall Street Killed Financial Reform; It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House
http://www.rollingstone.com/politics/news/how-wall-street-killed-financial-reform-20120510
Are JPMorgan's Losses A Canary in a Coal Mine?
http://billmoyers.com/2012/05/16/audio-bill-moyers-and-simon-johnson-discuss-jpmorgan-chases-2-billion-loss/
some more detail on the trade (bets)
JPMorgan not so dumb
http://www.atimes.com/atimes/Global_Economy/NE18Dj03.html
recent posts mentioning Glass-Steagall:
https://www.garlic.com/~lynn/2012.html#0 Revolution Through Banking?
https://www.garlic.com/~lynn/2012.html#25 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012b.html#16 Interview of Mr. John Reed regarding banking fixing the game
https://www.garlic.com/~lynn/2012b.html#65 Why Wall Street Should Stop Whining
https://www.garlic.com/~lynn/2012b.html#95 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012c.html#0 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#32 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#39 Greek knife to Wall Street
https://www.garlic.com/~lynn/2012c.html#44 New Citigroup Looks Too Much Like the Old One
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#68 Memory versus processor speed
https://www.garlic.com/~lynn/2012d.html#69 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#1 The Dallas Fed Is Calling For The Immediate Breakup Of Large Banks
https://www.garlic.com/~lynn/2012e.html#16 Wonder if they know how Boydian they are?
https://www.garlic.com/~lynn/2012e.html#30 Senators Who Voted Against Ending Big Oil Tax Breaks Received Millions From Big Oil
https://www.garlic.com/~lynn/2012e.html#41 Why Are the Fed and SEC Keeping Wall Street's Secrets?
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
https://www.garlic.com/~lynn/2012f.html#71 When Mobile Telecommunications Routes Become Banks
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 17 May, 2012 Subject: Organizational Hierarchy; Adapting Old Structures to New Challenges Blog: FacebookOrganizational Hierarchy; Adapting Old Structures to New Challenges
This was discussed in some detail in an online computer conferencing
in the early 80s (providing direct peer-to-peer communication). One of
the roadblocks was those in middle management securing their positions
by controlling information interface for their organizations ... over
the past three decades observed lots of instances where those middle
management offered huge resistance to more efficient organization
operation (feeling their position/role controlling information was
threatened). Boyd would talk about this in his briefing Organic
Design For Command And Control (as well as pushing decisions as low
as possible in the organization). misc. past posts & URLs from around
the web referencing Boyd and/or OODA-loops
https://www.garlic.com/~lynn/subboyd.html
... aka their career was bound to being an "information gateway"
I was blamed for online computer conferencing on the internal network
(larger than arpanet/internet from just about the beginning until late
'85 or early '86) in the late 70s and early 80s. The early 80s event
was specifically referred to as "Tandem Memos" ... folklore was that
when the executive committee (chairman, ceo, pres, etc) was informed
of online computer conferencing (and the internal network), 5of6
wanted to fire me (there was write-up on the event nov81
datamation). Some past posts mentioning internal network
https://www.garlic.com/~lynn/subnetwork.html#internalnet
The corporation had an "investigation" of the event afterwards and Hiltz & Turoff ("Network Nation", EIES) brought in as consultants.
There was also a researcher that was paid to study how I communicated;
sit in the back of my office for nine months taking notes on
face-to-face & telephone conversations, went with me to meetings, got
copies of all my incoming & outgoing email as well as logs of all
instant messages. The result was research report, and material used
for Stanford phd thesis (joint between language and computer AI) as
well as some number of papers and books. some past posts
https://www.garlic.com/~lynn/subnetwork.html#cmc
... note regarding "information gateways" ... also "information tollbooths".
Also, in the early 80s, I had sponsored Boyd's briefings at IBM ... first time he was still in the process of developing Organic Design For Command And Control ... so only briefed Patterns Of Conflict ... 2nd briefing had Patterns of Conflict as well as newly minted Organic Design For Command And Control
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 17 May, 2012 Subject: Psychology Of Fraud: Why Good People Do Bad Things Blog: Financial Crime Risk, Fraud and Securityre:
Nearly forever insider fraud has dominated. In the past, there has been work on multi-person transactions as countermeasure to insider fraud. Then came collusion as a response to multi-person transactions ... and then increasingly sophisticated anti-collusion measures. The rise of the internet has frequently been used to obfuscate and misdirect lots of fraudulent and cover insider tracks.
recent from today, whole organizations rife with illegal activity with little or no expectations of being held accountable:
Accidentally Released - and Incredibly Embarrassing - Documents Show
How Goldman et al Engaged in 'Naked Short Selling'
http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515
Short-selling litigation; An enlightening mistake
http://www.economist.com/node/21555472
Goldman, Merrill E-Mails Show Naked Shorting, Filing Says
http://www.bloomberg.com/news/2012-05-15/goldman-merrill-e-mails-show-naked-shorting-filing-says.html
There was CEO European conference in 2004 with presidents of various european exchanges, the main theme was SOX was starting to pollute Europe. I gave a talk about audits needing to find inconsistencies. With computers, any set of books could be programmed to be consistent ... so that auditing needed independent sources to cross-check ... however, if all sources were from the same dataprocessing infrastructure ... they could be made consistent ... negating any level of auditing.
Of course, as per GAO reports referenced upthread ... SOX also assumed auditors and SEC to be doing something (in theory under SOX all the related executives from GAO reports, would be doing jail time).
A couple weeks ago, CBS 60mins had that auditors, SEC, and Federal Reserve on site at Lehman ... however, they apparently were just sitting on the sidelines just watching all the various activities going on.
Also referenced upthread ... Stiglitz reference to the history rewriting that has been going on.
other recent posts on the related subjects:
https://www.garlic.com/~lynn/2012.html#1 The war on terabytes
https://www.garlic.com/~lynn/2012.html#5 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#18 SEC v. Citigroup, How to Avoid (Greater) Disaster
https://www.garlic.com/~lynn/2012.html#26 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012.html#35 Israel vows to hit back after credit cards hacked
https://www.garlic.com/~lynn/2012.html#48 Fed's image tarnished by newly released documents
https://www.garlic.com/~lynn/2012.html#65 Reject gmail
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012.html#91 Has anyone successfully migrated off mainframes?
https://www.garlic.com/~lynn/2012.html#94 Bankruptcy a reprieve for some companies
https://www.garlic.com/~lynn/2012b.html#3 Why Threat Modelling fails in practice
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#52 Banking malware a growing threat, as new variant of Zeus is detected
https://www.garlic.com/~lynn/2012b.html#53 Can America Lead the World's Fight Against Corruption?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#55 Mythbusters Banned From Discussing RFID By Visa And Mastercard
https://www.garlic.com/~lynn/2012b.html#61 Banking malware a growing threat, as new variant of Zeus is detected
https://www.garlic.com/~lynn/2012b.html#71 Password shortcomings
https://www.garlic.com/~lynn/2012b.html#78 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#82 Mathematics < Integrity = Financial Fraud
https://www.garlic.com/~lynn/2012b.html#87 The Benefit and The Burden
https://www.garlic.com/~lynn/2012b.html#94 public key, encryption and trust
https://www.garlic.com/~lynn/2012b.html#95 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012b.html#96 Infographic: Online payment security
https://www.garlic.com/~lynn/2012b.html#99 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#0 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#3 zSeries Manpower Sizing
https://www.garlic.com/~lynn/2012c.html#4 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012c.html#6 The 15 Worst Data Security Breaches of the 21st Century
https://www.garlic.com/~lynn/2012c.html#11 The 15 Worst Data Security Breaches of the 21st Century
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#21 Study links ultrafast trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#36 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#46 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#48 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#8 Time to pull the PIN!
https://www.garlic.com/~lynn/2012d.html#10 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#12 Gordon Gekko Says
https://www.garlic.com/~lynn/2012d.html#14 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#16 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012d.html#26 Can SSL Certificate Checking System Be Saved?
https://www.garlic.com/~lynn/2012d.html#34 Gordon Gekko Says
https://www.garlic.com/~lynn/2012d.html#39 Fannie and Freddie must go - here's how
https://www.garlic.com/~lynn/2012d.html#49 Do you know where all your sensitive data is located?
https://www.garlic.com/~lynn/2012d.html#52 Goldman Exec Quits In A Scathing NYT Op-Ed About How The Firm Abuses Its Clients
https://www.garlic.com/~lynn/2012d.html#55 Do you know where all your sensitive data is located?
https://www.garlic.com/~lynn/2012d.html#62 Gordon Gekko Says
https://www.garlic.com/~lynn/2012d.html#63 Fans of Threat Modelling reach for their guns ... but can they afford the bullets?
https://www.garlic.com/~lynn/2012d.html#68 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#16 Wonder if they know how Boydian they are?
https://www.garlic.com/~lynn/2012e.html#17 Data theft: Hacktivists 'steal more than criminals'
https://www.garlic.com/~lynn/2012e.html#30 Senators Who Voted Against Ending Big Oil Tax Breaks Received Millions From Big Oil
https://www.garlic.com/~lynn/2012e.html#31 PC industry is heading for more change
https://www.garlic.com/~lynn/2012e.html#32 Visa, MasterCard warn of 'massive' security breach
https://www.garlic.com/~lynn/2012e.html#37 The $30 billion Social Security hack
https://www.garlic.com/~lynn/2012e.html#41 Why Are the Fed and SEC Keeping Wall Street's Secrets?
https://www.garlic.com/~lynn/2012e.html#53 GOLD STANDARD GOOD OR BAD?
https://www.garlic.com/~lynn/2012e.html#57 speculation
https://www.garlic.com/~lynn/2012e.html#79 What's the takeaway on Audit?
https://www.garlic.com/~lynn/2012e.html#82 Fighting Cyber Crime with Transparency
https://www.garlic.com/~lynn/2012f.html#13 The White House and Mortgage Fraud: So Far It's All Talk, No Action
https://www.garlic.com/~lynn/2012f.html#25 Time to competency for new software language?
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
https://www.garlic.com/~lynn/2012f.html#33 The case against Lehman Brothers
https://www.garlic.com/~lynn/2012f.html#38 UK firms need to 'fess up to security boobs
https://www.garlic.com/~lynn/2012f.html#47 Cartons of Punch Cards
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
https://www.garlic.com/~lynn/2012f.html#80 The Failure of Central Planning
https://www.garlic.com/~lynn/2012f.html#84 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#87 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012g.html#3 Quitting Top IBM Salespeople Say They Are Leaving In Droves
https://www.garlic.com/~lynn/2012g.html#6 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#8 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#9 JPM LOSES $2 BILLION USD!
https://www.garlic.com/~lynn/2012g.html#10 Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al Engaged in 'Naked Short Selling'
https://www.garlic.com/~lynn/2012g.html#12 JPM LOSES $2 BILLION USD!
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 17 May, 2012 Subject: Stars for hire Blog: FacebookStars for hire
references:
From the Pentagon to the private sector; In large numbers, and with
few rules, retiring generals are taking lucrative defense-firm jobs
http://www.boston.com/news/nation/washington/articles/2010/12/26/defense_firms_lure_retired_generals/
Look Out, 4-Star General Coming Through ... the Revolving Door
http://www.battleland.blogs.time.com//2012/02/02/look-out-4-star-general-coming-through-the-revolving-door/
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 18 May, 2012 Subject: Psychology Of Fraud: Why Good People Do Bad Things Blog: Financial Crime Risk, Fraud and Securityre:
There is lots of discussion recently regarding Thinking Fast & Slow in (linkedin) Boyd group ... especially with respect to Boyd's OODA-loop (also being used for LEO training). In the 80s, I use to sponsor Boyd's briefings at IBM.
The counter is studies about financial industry attracts a large
percentage of sociopaths and amoral people ... who seem to have
inability for considering consequences. really long winded recent post
in mailing list
https://www.garlic.com/~lynn/2012e.html#57
with this reference about wallstreet
Thinking, Fast & Slow (Daniel Kahneman, another nobel prize winner in
economics)
https://www.amazon.com/Thinking-Fast-and-Slow-ebook/dp/B00555X8OA
pg. 212:
Since then, my questions about the stock market have hardened into a
larger puzzle: a major industry appears to be built largely on an
illusion of skill. Billions of shares are traded every day, with many
people buying each stock and others selling it to them
... snip ...
aka that much of wallstreet is pure illusion & fabrication ... which goes along with Taibbi references to much of it is giant con.
There is quite a few more references to JPM trade in the JPM discussion in this linkedin group.
Note in Jan2009, I was asked to HTML'ize the Percoa hearings (congressional hearings into crash of 29, resulted in Glass-Steagall; had been scanned the fall before at Boston Public Library) ... with lots of internal HREF cross-references and links as well as lots of URLs between what happened this time and what happened then (some expectation that new congress would have appetite to do something). After working on it for a couple months ... got a call saying it wouldn't be needed after all (implication that wallstreet was pouring massive amounts of money into washington).
From "Confidence Men: Wall Street, Washington, and the Education of a President"
https://www.amazon.com/Confidence-Men-Washington-Education-ebook/dp/B0089LOKKS/
it mentions that Obama's economic "A-team" was instrumental in getting him elected ... but they were planning on holding accountable those responsible for the economic mess ... and Obama appoints the "B-team" instead ... many of who had participated in the economic mess.
also from "Confidence Men" regarding Volcker rule (in Dodd-Frank):
But they were fighting on too many fronts. Carl Levin of Michigan and
Jeff Merkley of Oregon had discovered that Dodd had discreetly gutted
the Volcker Rule
... snip ...
also x-over from JPM discussion, reference to Dimon was protege of
Weill during 80s&90s
http://www.counterpunch.org/2012/05/15/why-jamie-dimons-2-billion-gambling-loss-will-not-speed-financial-reform/
from above:
Back in 1986, Dimon was the bright young protege of "Sandy" Weill,
when he was forced out of American Express in a coup de requin. Master
and servant made their way to Baltimore, Maryland, where Weill
acquired a storefront moneylending firm called Commercial Credit.
... snip ...
also has reference to Commerical Credit being loansharking operation.
In the 90s, Weill was in violation of Glass-Steagall with the takeover
of Citi ... but Greenspan gave him exemption while Weill worked on
getting Glass-Steagall repealed. Age of Greed goes into some more
detail
https://www.amazon.com/Age-Greed-Triumph-Finance-ebook/dp/B004DEPF6I/
other past posts mentioning thinking, fast & slow
https://www.garlic.com/~lynn/2011p.html#138 Thinking, Fast & Slow
https://www.garlic.com/~lynn/2011p.html#143 Wall Street's Big Lie
https://www.garlic.com/~lynn/2011p.html#147 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#1 The war on terabytes
https://www.garlic.com/~lynn/2012.html#3 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012b.html#29 The speeds of thought, complexities of problems
https://www.garlic.com/~lynn/2012b.html#35 Entropy and #SocialMedia
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#59 Original Thinking Is Hard, Where Good Ideas Come From
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: Co-existance of z/OS and z/VM on same DASD farm Newsgroups: bit.listserv.ibm-main Date: 18 May 2012 11:23:00 -0700VM had dasd read/only for volser (vol1 record) to identify each mounted disk. VM r/w activity was limited to vm page formated disks.
CMS running in virtual machine had support for cms filesystems and some primitive support for real formated OS & DOS disks. regarding incorrently rewriting vtoc ... there is some possibility it might have happened if somebody had attached/linked the real disks to cms in a virtual machine (in r/w mode).
In the mid-70s, one of the people in the vm370/cms development group
significantly rewrote and developed full function OS r/w filesystem
(real os vtoc, pds directory, etc.) function in CMS (joke that the
<100k bytes was more efficient os/360 similiation than the 8+mbytes that
had been done in MVS for os/360 simulation). however this was
approx. the period when FS effort was imploding and there was mad rush
to get products back into the 370 pipelines (during FS effort, 370
activity was being suspended and/or killed off). misc. past posts
mentioning Future System effort (that was going to completely replace
360/370)
https://www.garlic.com/~lynn/submain.html#futuresys
As part of reconsituting 370, (303x was kicked off in parallel with 370/xa) and the head of POK managed to convince corporate to kill off vm370 product, shutdown the development group and move all the people to POK ... or otherwise they wouldn't be able to meet the mvs/xa ship schedule.
somehow the vm370 development group was warned ahead of time and some of the people managed to escape being moved to POK (there was joke about head of POK was major contributor to DEC vax/vms). in the killing off of the vm370 product and shutdown of the group ... before the full function OS filesystem support shipped ... and it all just disappeared.
Eventually, Endicott managed to save the vm370 product mission, but they had to reconstitute a development group from scratch.
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 18 May, 2012 Subject: VM Workshop 2012 Blog: z/VMre:
VM Workshop 2012
http://www.vmworkshop.org/
Just got email lobbying for me to attend. Its around 10hr drive. I haven't decide yet.
I just registered for workshop ... I'm planning 81 and then 64 ... I recently drove the 81 part to far SW Virginia where lots of ancestors originated. I had to decide between the workshop and a dinner for oldtime IBMers north of NYC.
old email from long ago and far away:
Date: FRI, 02/20/87 10:21:36 PST From: wheeler re: friday; ... as the old saying goes, "vote early and often" btw, next week starts the west coast vm computer meetings, VM workshop is being held @ Asilomar, followed by SHARE in SanFran, followed by the IBM VMITE, followed by GUIDE in LA. Following is the tentative wrkshp schedule ... I'm giving two talks, one on history of VM Performance (previously given at SEAS and easily ran 3-4 hrs). Network Research (previously given at Baybunch and numerous other places) ... I may also be participating in BOFs on debugging (DUMPRX) and spooling (HSDTSFS). <<< MEMO VMWKABSA - 55 lines, 1 append(s) >>> Append on 02/18/87 at 15:44 by Dave Gomberg, UC SAN FRANCISCO, 415-476-4525: Well, at long last here is the agenda. Tue and Wed are self-explanatory, Xhu is a borrowing of Knuth's freedom with pronunciation of the english letter X (when you find someone who actually sets TEX in Greek font, not english, let me know). I have decreed that Xh is pronounced just like Th (as in Thursday). A and P refer to AM and PM, X is evening sessions. The digits refer to order, Wed AM will probably have parallel sessions. Please let me know if you find any problems. Jim Bergsten TueX The Computer Software Business KOLx WedX Burnout roundtable Mike Armstrong XhuX What SHARE can do for VM Users & vv Dave Gomberg Tue 1 1:15 Opening Gabe Goldberg TueA1 :30 A new way to manage DCSS installation and testing Bob Bolch TueA2 :30 CMS-based Support for the 7171 Roger Deschner TueA3 1:15 Capacity planning and statistical data analysis Lynn Wheeler TueP1 1:30 VM History Arty Ecock TueP2 :30 CMS File System Tutorial Rich Greenberg TueP3 :30 VM Enhancements to support the Xerox 4060 Richard Peters TueP4 1:00 Using a worker to control performance variables Jim Bur TueP5 :60 VMBATCH experiences Joe Farrachio WedA :35 CP mods: TIMEZONE, MULTI-NUC Sean McGrath WedA :15 PMA Without Pain Using Non-Full Pack Minidisks Tom Matteson WedA :20 Automated System ID Password Maintenance under RACF Tom Foth WedA 1:00 Removing CP bottlenecks: FAST/VMCF (ADE product) Mike Harding WedA :40 Consideration of Group Userids Jim Ficher WedA :30 Virtual 3800 handling Bill Temps WedA :30 IOCP in a VM Environment Selwyn Zerof WedA :45 Using an Apple Laserwriter with VM Joe Farrachio WedA :35 CP Maintenance EXEC's for multi-CPU installations Richard Houang WedA :50 A CMS Help Clearing House Jim McMaster WedA :30 Comparing Three VM Backup Products Gabe Goldberg WedA :30 Everything you wanted in a COPY program (V/COPY) AnnMarie MarcouxWedP1 :30 Padded Cells Bob O'Hara WedP2 1:15 RxCMS, an experimental 31 bit CMS at Yorktown Selwyn Zerof WedP3 :45 Doing REXX: Program Conversion Charles Daney WedP4 1:15 Using a REXX package interface Gabe Goldberg WedP5 1:00 A DBMS system based on CMS primitives Bill Temps XhuA1 1:00 VM System Software Change Management Lorne Conell XhuA2 1:00 Fast Checkpointing/checkpoint & Warm Start tutorial Charlie Whitman XhuA3 :45 Interesting Uses for VMGROUP=YES DCSS's Barry Gates XhuA4 1:00 Tutorial: Writing your own assembler macros Dave Gomberg XhuP1 1:15 Source roundtable Joe Farrachio XhuP2 :35 Simple shadow conference techniques Jim Fisher XhuP3 :30 VM/XA Experiences Lynn Wheeler XhuP4 1:00 Networking Research Tom Foth XhuP5 1:15 XEDIT for fun and profit (Thursday only) *** APPENDED 02/18/87 15:44:11 BY UCS/DAVE *** .... Lynn Wheeler, K83/801, ALM-RES, 457-2680(408-927)/427-4536(408-997) CSNET/ARPANET: Wheeler@IBM.COM... snip ... top of post, old email index
IBM VMITE ... was sort of the IBM internal version of vm workship ... had first been held at san jose research in early 70s ... and was still being held every year in san jose.
technology basis for the modern internet is TCP/IP; operational basis for the modern internet was NSFNET backbone, and business basis for modern internet was CIX.
some old email about the networking activity ... had been working with
the participants that would be taking part in NSFNET backbone ... but
when the RFP was released, internal politics prevented us from
bidding. The director of NSF attempted to help by writing a letter to the corporation, but that just made the internal politics worse:
https://www.garlic.com/~lynn/lhwemail.html#nsfnet
I had given the VM performance history presentation at SEAS the year before ... and have recently had repeat performance at HILLGANG meeting.
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: Co-existance of z/OS and z/VM on same DASD farm Newsgroups: bit.listserv.ibm-main Date: 18 May 2012 13:33:32 -0700PaulGBoulder@AIM.COM (Paul Gilmartin) writes:
the POK group did VMTOOL that was supposed to be for internal use only for MVX/XA development. However, eventually the decision was made to release it as VM/SF ... for customer aid in MVS to MVS/XA conversion.
There was lots of internal politics. Internally, vm370 had been ported and running in 370/XA support ... had much better function, features, performance, reliability, etc than VM/SF. However, there was growing politics to turn VM/SF into VM/XA ... even tho the vm370 solution running in XA-mode was significantly better. Part of the issue was that VM/SF was from the POK "high-end" group ... which was responsible for XA. vm370 was still from the endicott mid-range group ... which had less political clout.
old post with mention of vm/811 (aka vm/sf ... XA was referred to as
"811" internally for the nov1978 date on lots of the XA architecture
documents).
https://www.garlic.com/~lynn/2011b.html#70 VM/370 3081
and discussion (with old email) about vm370 running in xa-mode
https://www.garlic.com/~lynn/2011c.html#87 A History of VM Performance
with regard to "FBA" ... I've mentioned before that I was told that it
would cost $26M to release MVS support for FBA (fixed-block archtecture,
at the time 3370s) ... even if I gave the MVS group fully integrated and
tested code. The $26M was just for education and documentation changes.
To justify the $26M, I had to show incremental new disk sales (on the
order of ten times the cost ... i.e. around $300M); and they were
claiming that they were making & selling as much disks as possible ...
and if MVS had FBA support ... customers would just switch to having the
same amount of FBA as CKD. I wasn't allowed to use business
justification for drastically reduced lifetime costs ... I had to have
business justification showing additional new sales. As as been pointed
out ... current disks are all FBA ... there haven't been real CDK disks
made for decades. misc. past posts mentioning DASD, CKD, FBA,
multi-track search, etc
https://www.garlic.com/~lynn/submain.html#dasd
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 19 May, 2012 Subject: Psychology Of Fraud: Why Good People Do Bad Things Blog: Financial Crime Risk, Fraud and Securityre:
#1 on times list of those responsible:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html
#2 on times list
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
#3 on times list:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
#4 on times list
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
Weill is well down the list even tho he was the force behind the
repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/
However, the four largest too-big-to-fail are still carrying $5.2T in
toxic assets "off-book" at the end of 2008 (with citi carrying the
most of the four)
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akv_p6LBNIdw&refer=home
in congressional hearings into the pivotal role that the rating
agencies played ... they accepted money from the loan originators to
give triple-A ratings on toxic CDOs (securitized loans) even when the
rating agencies knew they weren't worth triple-A ... this was major
contributor in being able to do $27T during the bubble
Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
https://www.bloomberg.com/news/articles/2008-10-27/evil-wall-street-exports-boomed-with-fools-born-to-buy-debt
the triple-A enable loan originators to open whole new market and source of funds ... those large institutions that only dealt in triple-A (like large retirement funds) ... and provide nearly unlimited funds. Triple-A also trumped documentation ... allowing for no-documentation & liar loans. Both drug cartels (for money laundering, reports of this activity resulted in label too-big-to-jail in addition to too-big-to-fail) and real-estate speculators were able to take advantage of the no-documentation loans (and being able to pay for triple-A eliminated any reason for loan originators to care about borrower's qualifications and/or loan quality). The triple-A toxic CDOs enabling no-documentation loans then are the equivalent to Brokers' Loans that caused the crash of '29. With no-documentation, 1% interest only payment ARMS, speculators could see 2000% ROI in parts of the country with 20-30% inflation.
Recent CBS 60mins report about auditors, SEC, and Federal Reserve all
had people at Lehman and just sat on the sidelines watching while it
all happens
http://www.cbsnews.com/videos/the-case-against-lehman-brothers/
... as well as the other regulatory agencies sitting on the sidelines
... then are at least: see no evil, hear no evil, speak no evil:
https://en.wikipedia.org/wiki/Three_wise_monkeys
As mentioned upthread, Sarbanes-Oxley had SEC doing something about rating agencies ... but as the GAO reports show, the congressional hearings into rating agencies, and the testimony by the person that tried unsuccessfully for a decade to get SEC to do something about Madoff ... SEC was doing very little about anything during the last decade.
recent posts mentioning $5.2T, $27T, too-big-to-fail, Sarbanes-Oxley,
etc
https://www.garlic.com/~lynn/2012.html#0 Revolution Through Banking?
https://www.garlic.com/~lynn/2012.html#1 The war on terabytes
https://www.garlic.com/~lynn/2012.html#18 SEC v. Citigroup, How to Avoid (Greater) Disaster
https://www.garlic.com/~lynn/2012.html#21 Zombie Banks
https://www.garlic.com/~lynn/2012.html#25 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#26 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#32 Wall Street Bonuses May Reach Lowest Level in 3 Years
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012b.html#16 Interview of Mr. John Reed regarding banking fixing the game
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#35 Entropy and #SocialMedia
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#53 Can America Lead the World's Fight Against Corruption?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#65 Why Wall Street Should Stop Whining
https://www.garlic.com/~lynn/2012b.html#67 How Economists Contributed to the Financial Crisis
https://www.garlic.com/~lynn/2012b.html#87 The Benefit and The Burden
https://www.garlic.com/~lynn/2012b.html#95 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012c.html#0 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#25 Goldman Sachs P.R. Chief's Accidental Exit Interview
https://www.garlic.com/~lynn/2012c.html#30 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#32 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#36 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#38 The Death of MERS
https://www.garlic.com/~lynn/2012c.html#44 New Citigroup Looks Too Much Like the Old One
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#46 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#55 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#16 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#39 Fannie and Freddie must go - here's how
https://www.garlic.com/~lynn/2012d.html#42 China's J-20 Stealth Fighter Is Already Doing A Whole Lot More Than Anyone Expected
https://www.garlic.com/~lynn/2012d.html#45 Banks Repaid Fed Bailout With Other Fed Money: Government Report
https://www.garlic.com/~lynn/2012d.html#48 IBM cuts more than 1,000 U.S. workers
https://www.garlic.com/~lynn/2012e.html#1 The Dallas Fed Is Calling For The Immediate Breakup Of Large Banks
https://www.garlic.com/~lynn/2012e.html#23 Are mothers naturally better at OODA because they always have the Win in mind?
https://www.garlic.com/~lynn/2012e.html#30 Senators Who Voted Against Ending Big Oil Tax Breaks Received Millions From Big Oil
https://www.garlic.com/~lynn/2012e.html#31 PC industry is heading for more change
https://www.garlic.com/~lynn/2012e.html#33 PC industry is heading for more change
https://www.garlic.com/~lynn/2012e.html#35 The Dallas Fed Is Calling For The Immediate Breakup Of Large Banks
https://www.garlic.com/~lynn/2012e.html#37 The $30 billion Social Security hack
https://www.garlic.com/~lynn/2012e.html#40 Who Increased the Debt?
https://www.garlic.com/~lynn/2012e.html#42 Who Increased the Debt?
https://www.garlic.com/~lynn/2012e.html#57 speculation
https://www.garlic.com/~lynn/2012e.html#58 Word Length
https://www.garlic.com/~lynn/2012e.html#86 CISPA legislation seen by many as SOPA 2.0
https://www.garlic.com/~lynn/2012f.html#14 Free $10 Million Loans For All! and Other Wall Street Notes
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
https://www.garlic.com/~lynn/2012f.html#63 One maths formula and the financial crash
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#69 Freefall: America, Free Markets, and the Sinking of the World Economy
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
https://www.garlic.com/~lynn/2012f.html#80 The Failure of Central Planning
https://www.garlic.com/~lynn/2012f.html#84 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#87 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
https://www.garlic.com/~lynn/2012g.html#6 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#8 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#9 JPM LOSES $2 BILLION USD!
https://www.garlic.com/~lynn/2012g.html#12 JPM LOSES $2 BILLION USD!
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 19 May, 2012 Subject: Closure in Disappearance of Computer Scientist Blog: Google+re:
Closure in Disappearance of Computer Scientist
http://bits.blogs.nytimes.com/2012/05/18/closure-in-disappearance-of-computer-scientist-jim-gray/
above references (from 2008):
A Tribute to Jim Gray: Sometimes Nice Guys Do Finish First
http://bits.blogs.nytimes.com/2008/05/31/a-tribute-to-jim-gray-sometimes-nice-guys-do-finish-first/
..
Sailing Mystery Unsolved: Court Declares Jim Gray Dead
http://www.informationweek.com/database/sailing-mystery-unsolved-court-declares-jim-gray-dead/d/d-id/1104453
above references (from 2007):
The Search For Microsoft Researcher Jim Gray; Colleagues rallied to
look for the renowned computer scientist, but to no avail.
http://www.informationweek.com/the-search-for-microsoft-researcher-jim-gray/d/d-id/1053601
I worked with Jim in the 70s and then he palmed some amount off onto me when he left for Tandem. Before he disappeared, he con'ed me into interviewing for chief security architect in redmond ... interview went on for a few weeks, but we never came to an agreement.
also (linkedin) z/VM group:
http://lnkd.in/C2yn7p
The original relational/SQL implementation was done under vm370 on
370/145 in SJR (bldg. 28). Later there was System/R technology
transfer from SJR to Endicott for SQL/DS. Folklore was that it was
done under the corporate radar while they were focused on EAGLE as the
strategic corporation DBMS effort. Then when EAGLE imploded, there was
a request about how long would it take to port System/R to MVS (for
DB2). misc. past posts mentioning System/R
https://www.garlic.com/~lynn/submain.html#systemr
I got blamed for online computer conferencing on the internal network
(larger than arpanet/internet until late '85 or early '86) in the late
70s & early 80s.
https://www.garlic.com/~lynn/subnetwork.html#internalnet
Shortly after he left SJR, I visited Jim at Tandem and then
distributed a trip report on the visit. This saw big upswing in online
activity contributing to (from IBM Jargon):
Tandem Memos - n. Something constructive but hard to control; a fresh
of breath air (sic). That's another Tandem Memos. A phrase to worry
middle management. It refers to the computer-based conference (widely
distributed in 1981) in which many technical personnel expressed
dissatisfaction with the tools available to them at that time, and
also constructively criticized the way products were [are]
developed. The memos are required reading for anyone with a serious
interest in quality products. If you have not seen the memos, try
reading the November 1981 Datamation summary.
... snip ...
folklore is that when the executive committee was told about online computer conferencing (and internal network), 5of6 wanted to fire me.
Intersection of Gray, Tandem, Tandem Memos, Grenoble Science Center, and academic dispute about "Local LRU" vis-a-vis Global LRU ... from recent discussion about Grenoble Science Center:
In early 70s, Grenoble did modifications to CP67 that implemented "working set dispatcher" ... from 1968 acm paper ... and grenoble published paper in acm about their work. As undergraduate in the 60s at WSU, I had done something different that was much more dynamic ... but also differed from in being global LRU rather than local LRU page replacement.
In the early 70s, cambridge was running my stuff on 768kbyte 360/67 (104 pageable pages after fixed storage requirements) with nearly identical workload and response as Grenoble's on 1mbyte 360/67 (156 pageable pages after fixed storage requirements). The difference Cambridge was running 70-75 users to Grenoble's 30-35 users (i.e. 2/3rds the number of pageable pages with twice the users doing similar workload and getting similar response).
I leave Cambridge for SJR 1977, late 70s and early 80s, I'm blamed for
online computer conferencing on the internal network. Jim Gray leaves
SJR for tandem and palms off a bunch of his stuff on me. I visit Jim
at Tandem and distribute trip report on the internal network which
eventually turns into Tandem Memos. At ACM SIGOPS (asilomar
14-16Dec81), Jim Gray wants me to help a tandem co-worker get his
Stanford PHD on global LRU. Side for "local LRU" has mounted a
campaign against Stanford awarding the PHD ... since global LRU is
in conflict with "local LRU". Grenoble had sent me raw data and draft
of their ACM paper on CP67 running "working set dispatcher" (which I
still had). I still had comparison data from local LRU at
Cambridge. My local management prohibits me from sending response for
nearly a year ... copy of part of response is here.
https://www.garlic.com/~lynn/2006w.html#email821019
I hope that research management is doing it as part of punishment for
doing Tandem Memos and not because they are taking sides in the
academic dispute on local/global LRU. Lots of archived passed posts on
working sets, global/local LRU, clock, etc
https://www.garlic.com/~lynn/subtopic.html#wsclock
past posts mentioning disappearance and/or tribute to Jim:
https://www.garlic.com/~lynn/2007g.html#28 Jim Gray Is Missing
https://www.garlic.com/~lynn/2007i.html#68 A tribute to Jim Gray
https://www.garlic.com/~lynn/2008d.html#25 Remembering The Search For Jim Gray, A Year Later
https://www.garlic.com/~lynn/2008i.html#32 A Tribute to Jim Gray: Sometimes Nice Guys Do Finish First
https://www.garlic.com/~lynn/2008i.html#36 A Tribute to Jim Gray: Sometimes Nice Guys Do Finish First
https://www.garlic.com/~lynn/2008i.html#40 A Tribute to Jim Gray: Sometimes Nice Guys Do Finish First
https://www.garlic.com/~lynn/2008p.html#27 Father Of Financial Dataprocessing
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 19 May, 2012 Subject: Psychology Of Fraud: Why Good People Do Bad Things Blog: Financial Crime Risk, Fraud and Securityre:
and #1 on times list did favors in washington, Age of Greed pg 370:
In addition, the Justice Department was now investigating reduced rate
mortgages Mozilo allegedly sold to Senators Chris Dodd of Connecticut
and Kent Conrad of North Dakota, as well as two former heads of Fannie
Mae, Jim Johnson and Franklin Raines. They were known as "Friends of
Angelo."
... snip ...
at next level of detail, Wharton article that estimates 1000 are
responsible for 80% of the mess ... gone behind paywall but lives free
at wayback machine:
https://web.archive.org/web/20080606084328/http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933
and that it would go a long way to correcting the situation if the gov could figure out how to eliminate them; aka Obama's economic "A-team" (that was going to hold accountable those responsible) rather than the "B-team". Note that the (apr2008) article was somewhat optimistic on future prospects.
note: if you get the wayback "welcome" page ... click on the "Impatient!" at middle right-hand side
Note part of the issue is somewhat obfuscated ... in the past depository institutions used deposits for loans&mortgages ... this time it was primarily the $27T in triple-A rated toxic CDOs (although too-big-to-fail depository institutions were put at risk playing with triple-A rated toxic CDOs)
Head of Federal Reserve isn't on Times "mess" list for monetary policy. Depository institutions (and non-depository loan originators) were able to circumvent FED with funds from $27T in triple-A rated toxic CDOs (as well as using CDOs to move loans off their books). Head of Federal Reserve (and head of SEC) are on Times "mess" list for failure to perform any regulatory oversight.
also (including the $5.2T that were still "off-book" for the four largest too-big-to-fail at the end of 2008):
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=aYJZOB_gZi0I
some more on #1 on Times mess list ... corporation having been taken over by BofA
Bank of America: Too Crooked to Fail; The bank has defrauded everyone
from investors and insurers to homeowners and the unemployed. So why
does the government keep bailing it out?
http://www.rollingstone.com/politics/news/bank-of-america-too-crooked-to-fail-20120314
past posts mentioning Wharton article and/or Age of Greed:
https://www.garlic.com/~lynn/2012.html#3 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#17 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#31 Who originated the phrase "user-friendly"?
https://www.garlic.com/~lynn/2012.html#37 Romney's Opponents Intensify Attacks as Voting Nears
https://www.garlic.com/~lynn/2012.html#40 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#45 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#47 Avoiding a lost decade
https://www.garlic.com/~lynn/2012.html#48 Fed's image tarnished by newly released documents
https://www.garlic.com/~lynn/2012.html#57 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#62 Railroaded
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012.html#72 Chris Dodd's SOPA crusading
https://www.garlic.com/~lynn/2012.html#77 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#79 Bain: A consulting firm too hot to handle? (Fortune, 1987)
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012.html#92 Has anyone successfully migrated off mainframes?
https://www.garlic.com/~lynn/2012.html#95 Can anyone offer some insight
https://www.garlic.com/~lynn/2012b.html#12 Sun Tzu, Boyd, strategy and extensions of same
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#29 The speeds of thought, complexities of problems
https://www.garlic.com/~lynn/2012b.html#43 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#74 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#90 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#99 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#2 Occupy the SEC (Securities & Exchange Commission)
https://www.garlic.com/~lynn/2012c.html#5 Too big not to fail
https://www.garlic.com/~lynn/2012c.html#19 Occupy the SEC Pitches An Extreme Makeover of Wall Street
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#62 Why Is Finance So Big?
https://www.garlic.com/~lynn/2012d.html#13 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#14 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#48 IBM cuts more than 1,000 U.S. workers
https://www.garlic.com/~lynn/2012d.html#71 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#91 The Fractal Organization: Creating sustainable organizations with the Viable System Model
https://www.garlic.com/~lynn/2012f.html#35 Inequality and Investment Bubbles: A Clearer Link Is Established
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#86 The Dangers of High-Frequency Trading; Wall Street's Speed Freaks
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 18 May, 2012 Subject: VM Workshop 2012 Blog: z/VMre:
Above reference to DUMPRX ... was a replacement for IPCS that I did in
REXX, I had an objective working half-time over 3months, from scratch,
do implementation with ten times the function and ten times the
performance. I finished early so started developing a library that
automatically examined storage for wide-range of failure signatures. I
had expected it to be shipped ... but for some reason it never got out
of internal use (although nearly every internal datacenter and every
customer support PSR were using it). past posts mentioning dumprx
https://www.garlic.com/~lynn/submain.html#dumprx
a couple old emails from 3092 (3090 service processor) group about
wanting to include dumprx:
https://www.garlic.com/~lynn/2010e.html#email861031
https://www.garlic.com/~lynn/2010e.html#email861223
Reference to HSDTSFS ... I had project called HSDT (high-speed data
transport) doing full-duplex T1 and faster links. some past posts
https://www.garlic.com/~lynn/subnetwork.html#hsdt
I could run tcp/ip ... some past posts mentioning doing RFC1044
support for mainframe tcp/ip product and getting possibly 500 times
improvement in bytes moved per instruction executed
https://www.garlic.com/~lynn/subnetwork.html#1044
but RSCS had significant spool-file bottleneck. RSCS used spool-file
for repository which had a 4k-byte (page) serialized, synchronous
interface. spool-file under heavy load might only be able to deliver
4-6 blocks/sec to single user (16kbytes/sec - 24kbytes/sec). Single T1
required 300kbytes/sec sustained (full-duplex, 1.5mbit/sec in each
direction). For HSDT, I needed a spool file interface that could
deliver multiple megabytes/sec to RSCS. HSDTSFS leveraged the memory
mapped filesystem that I had original done on cp67 ... asynchronous
operation, contiguous allocation, multiple block read transfers,
write-behind of multiple block writes (to achieve multi-megabyte
thruput for rscs). misc. past posts mentioning memory mapped
filesystem
https://www.garlic.com/~lynn/submain.html#mmap
I also tried to get HSDTSFS deployed for the internal network backbone
... but this was in the period where there was loads of internal
politics and mis-information as part of moving the internal network to
SNA/VTAM
https://www.garlic.com/~lynn/2011.html#email870306
other internal network posts
https://www.garlic.com/~lynn/subnetwork.html#internalnet
SNA/VTAM support for even T1 was pure fabrication. Eventually they attempted to demonstrate something with 3737 ... had bunch of 68ks, lots of buffering, spoofed host VTAM with immediate acks (as if the RU had reached the remote end), support single T1 able to do 200kbyte/sec sustained (2/3rds T1 full-duplex).
I've also claimed that the NSFNET backbone called for T1 because HSDT
example was already running T1 and faster links. Even with director of
NSF help (and making statements what I already had running was at
least 5yrs ahead of all RFP responses), didn't make much
impact. Winning RFP responses didn't actually install T1 links ... it
used 440kbit/sec links ... however, possibly trying to meet the letter
of the RFP, they installed telco multiplexor with T1 trunks which
multiplexed multiple links/trunk. I would make snide remarks that some
of their T1 multiplexed trunks might in-turn, be multiplexed over T3
or even T5 trunks ... so why couldn't they call it T5 NSFNET
backbone. misc. past posts
https://www.garlic.com/~lynn/subnetwork.html#nsfnet
Possibly because of my snide remarks and somebody wanting to shut them down, I was asked to be the red team for the T3 NSFNET backbone RFP response ... with a couple dozen people from half dozen labs around the world on the blue team. At the final review, I presented first and then the blue team. Five minutes into the blue team presentation, the executive running the review, pounded on his table and said he would lie down in front of a garbage truck before letting anything but the blue team proposal go forward.
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: Co-existance of z/OS and z/VM on same DASD farm Newsgroups: bit.listserv.ibm-main Date: 20 May 2012 15:20:00 -0700phil@VOLTAGE.COM (Phil Smith) writes:
40th vm370 anniv. this year ... 2012 vm workshop discussion in
(linkedin) z/VM
http://lnkd.in/Emfz8Z
some also archived here
https://www.garlic.com/~lynn/2012g.html#18
and
https://www.garlic.com/~lynn/2012g.html#23
I posted schedule for 1987 vm workshop ... mentions I gave two presentations (on performance and networking) and two BOFs (debugging and spool file system rewrite). The spool file system rewrite was because I needed at least a factor of 100 times increase in thruput (for RSCS network thruput). I also made the integrity of the spool file system and the integrity of the overall system completely independent (like I could loose whole spool file disk w/o impacting the running of the system and/or the integrity of the spool files on other disks).
misc. past posts mentioning HSDTSFS:
https://www.garlic.com/~lynn/2000b.html#43 Migrating pages from a paging device (was Re: removal of paging device)
https://www.garlic.com/~lynn/2002b.html#44 PDP-10 Archive migration plan
https://www.garlic.com/~lynn/2003k.html#26 Microkernels are not "all or nothing". Re: Multics Concepts For
https://www.garlic.com/~lynn/2003k.html#63 SPXTAPE status from REXX
https://www.garlic.com/~lynn/2004g.html#19 HERCULES
https://www.garlic.com/~lynn/2004p.html#3 History of C
https://www.garlic.com/~lynn/2005d.html#38 Thou shalt have no other gods before the ANSI C standard
https://www.garlic.com/~lynn/2005s.html#28 MVCIN instruction
https://www.garlic.com/~lynn/2007c.html#21 How many 36-bit Unix ports in the old days?
https://www.garlic.com/~lynn/2008g.html#22 Was CMS multi-tasking?
https://www.garlic.com/~lynn/2009h.html#63 Operating Systems for Virtual Machines
https://www.garlic.com/~lynn/2009o.html#12 Calling ::routines in oorexx 4.0
https://www.garlic.com/~lynn/2010k.html#26 Was VM ever used as an exokernel?
https://www.garlic.com/~lynn/2010k.html#35 Was VM ever used as an exokernel?
https://www.garlic.com/~lynn/2011e.html#25 Multiple Virtual Memory
https://www.garlic.com/~lynn/2011e.html#29 Multiple Virtual Memory
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 21 May, 2012 Subject: VM370 40yr anniv, CP67 44yr anniv Blog: IBM Historic Computingsome amount in the z/VM discussion group related to 2012 VM Workshop ... here
posts also archived here
https://www.garlic.com/~lynn/2012g.html#18
and
https://www.garlic.com/~lynn/2012g.html#23
above includes old email with schedule for 1987 VM Workshop
https://www.garlic.com/~lynn/2012g.html#email870220
CP67 was installed at the Univ. in Jan68 by three people that came out from the Science Center ... and then was announced at the spring '68 SHARE meeting in Houston.
Univ. also had 360/67 installed for TSS ... replacing 709/1401. TSS/360 wasn't really ready and ran as 360/65 with OS/360 for production. I was undergraduate but was responsible for production system. Last week, Jan1968 three people came out from the science center to install cp67.
On weekends, the IBM SE would play with TSS/360 taking turns with me doing system support for os/360 and playing with cp67. Summer 1968, he did a synthetic script benchmark for four simulated users doing fortran edit, compile and execute ... and I then did equivalent synthetic script benchmark on cp67/cms. His tss3/60 simulated four user benchmark had worse trivial response and thruput then my cp67 simulated 35 user benchmark .
CP67 never did move into production use at the univ. although I did a
large number of enhancements ... part of presentation that I made at
Fall 1968 SHARE meeting:
https://www.garlic.com/~lynn/94.html#18
In spring 1969, I removed 2780 support from HASP (to reduce storage footprint) and replaced it with 2741 & TTY/ASCII terminal support and conversational editor that implemented the CMS edit syntax (no code reuse since the running environments were so different) for online edit&execute environment.
As an aside, does anybody remember the name of the IBM branch person
on the Naval Post Graduate account???? Post in "Greater IBM" with
relationship between CP/67 at NPG, CP/M, seattle computing and ms/dos:
https://www.garlic.com/~lynn/2012c.html#24
There was semi-humorous reference that TSS had aggregate of 1200 people at time that science center had 12 people on cp67/cms.
Later port of TSS to 370 was very limited availability. However, there was TSS/370 effort to do a extremely stripped down kernel as special product for AT&T which they would use to scaffold UNIX interface.
Stanford did Orvyl/Wylbur for their 360/67 ... Orvyl was the virtual memory operating system, Wybur editor was later ported to MVS and still survives in some place.
Michigan did virtual memory "MTS" (Michigan terminal system) for their 360/67. Later ported to 370 and MTS/370 saw some life at a number of locations
A different kind of virtual memory CP67 story from z/VM discussion
about Jim Gray, relational dbms, etc:
http://lnkd.in/C2yn7p
and Google+
https://plus.google.com/u/0/102794881687002297268/posts/3mLL1gA4fHa
also archived here:
https://www.garlic.com/~lynn/2012g.html#21
In early 70s, Grenoble did modifications to CP67 that implemented "working set dispatcher" ... from 1968 acm paper ... and grenoble published paper in acm about their work. As undergraduate in the 60s at WSU, I had done something different that was much more dynamic ... but also differed from in being global LRU rather than local LRU page replacement.
In the early 70s, cambridge was running my stuff on 768kbyte 360/67 (104 pageable pages after fixed storage requirements) with nearly identical workload and response as Grenoble's on 1mbyte 360/67 (156 pageable pages after fixed storage requirements). The difference Cambridge was running 70-75 users to Grenoble's 30-35 users (i.e. 2/3rds the number of pageable pages with twice the users doing similar workload and getting similar response).
I leave Cambridge for SJR 1977, late 70s and early 80s, I'm blamed for
online computer conferencing on the internal network. Jim Gray leaves
SJR for tandem and palms off a bunch of his stuff on me. I visit Jim
at Tandem and distribute trip report on the internal network which
eventually turns into Tandem Memos. At ACM SIGOPS (asilomar
14-16Dec81), Jim Gray wants me to help a tandem co-worker get his
Stanford PHD on global LRU. Side for "local LRU" has mounted a
campaign against Stanford awarding the PHD ... since global LRU is in
conflict with "local LRU". Grenoble had sent me raw data and draft of
their ACM paper on CP67 running "working set dispatcher" (which I
still had). I still had comparison data from local LRU at
Cambridge. My local management prohibits me from sending response for
nearly a year ... copy of part of response is here.
https://www.garlic.com/~lynn/2006w.html#email821019
I hope that research management is doing it as part of punishment for
doing Tandem Memos and not because they are taking sides in the
academic dispute on local/global LRU. Lots of archived passed posts on
working sets, global/local LRU, clock, etc
https://www.garlic.com/~lynn/subtopic.html#wsclock
... snip ...
recent Amdahl thread in MainframeZone:
http://lnkd.in/at94Sb
some of my comments also archived here:
https://www.garlic.com/~lynn/2012f.html#78
https://www.garlic.com/~lynn/2012f.html#93
tale about first Amdahl machine to be installed in "true blue"
commercial account (up until then had been education, scientific, etc)
... and I could kiss my career goodby ... since the branch manager was
good buddies with the CEO:
https://www.garlic.com/~lynn/2012f.html#21
note that MTS folklore is that it was originally scaffolded off of Lincoln Labs LLMPS.
Cambridge had originally done virtual machines on 360/40 with hardware
modifications to support virtual memory (i.e. 360/67 was only 360 that
came standard with hardware virtual memory support) ... paper on cp40
that Comeau gave at 1982 SEAS meeting:
https://www.garlic.com/~lynn/cp40seas1982.txt
when 360/67 was finally available, cp40 morphed into cp67. cp67 was installed on Lincoln Labs 360/67 in 1967 and then last week Jan1968, installed at univ where I was undergraduate.
For totally unrelated, yesterday I got asked to (also) help with history for the 40th anniversary of ATM (automated teller machine) ... same year as vm370.
Other folklore was one of the first ATMs was installed across the street from McDonalds ... and kids discovered they could feed tomato&mustard packets into the card reader. The card reader feed (magstripe reader) then was retrofitted with sensors that could differentiate between payment card and condiment packets.
Lincoln Labs was also responsible for the "Search List" RPQ instruction that showed up on lots of 360/67s. CP67 changed its internal kernel storage management to use the search list instruction (best fit ... potentially following hundreds of list entries). There was special code in cp67 program interrupt handler to recognize invalid instruction interrupt (for search list) and simulate the operation. As other CP67 pathlengths were reduced ... storage management started to represent significant percentage of total CP67 overhead (even using search list instruction). Summer of 1969, I made the changes so that high-use kernel routine linkage was changed from SVC interrupt to BALR ... including storage management ... overall it made big reduction ... but it wasn't significant percent change of total storage management pathlength.
Then there was study for using "sub-pools" for managing most frequent storage operations. This drop storage managment that was hitting 15-20% with lots of logged-in users and allocated storage to nearly negligible (something like 14 instructions for BALR subpool call). Issue was if there are hundreds of list elements to scan ... the search list instruction might speed it up by 2-3 times ... but it still required hundreds of storage fetches (and corresponding machine cycles).
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: IBM's first tape drive turns 60 (makes you feel old!) Newsgroups: bit.listserv.ibm-main Date: 22 May 2012 07:16:20 -0700R.Skorupka@BREMULTIBANK.COM.PL (R.S.) writes:
cartridges (tape 4inches wide by 770inches)?
http://www-03.ibm.com/ibm/history/exhibits/storage/storage_PH3850B.html
https://en.wikipedia.org/wiki/IBM_3850
http://www.columbia.edu/cu/computinghistory/media.html
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 22 May, 2012 Subject: Weak PINs, Habits Increase Risk of Financial Fraud Blog: Financial Crime Risk, Fraud and SecurityWeak PINs, Habits Increase Risk of Financial Fraud
from above:
How people choose their ATM and debit card personal identification numbers (PINs) could predict how easily their accounts may be struck by fraud, according to a recent security study. That's one reason why PULSE, one of the nation's leading debit/ATM networks, recognizes ATM & Debit Card Safety Awareness Month each June.
... snip ...
This is something of obfuscation, multi-factor authentication assumes
independent exploits & compromises. From 3-factor authentication
paradigm
https://www.garlic.com/~lynn/subintegrity.html#3factor
• something you have (card, magstripe, etc)
• something you know (pin, password)
• something you are (biometrics)
PINs are countermeasure to lost/stolen card. A couple problems/issues:
• with the enormous proliferation in shared-secret, something you know
authentication, there is requirement for a unique value, impossible
to guess (making it impossible to remember) for every unique
security domain. consequences is that studies have claimed 1/3rd of
debit/atm cards have PIN written on them
https://www.garlic.com/~lynn/subintegrity.html#secrets
• skimming static information at end-point has been a threat/vulnerability for a couple decades, originally used for skimming magstripe at point-of-sale for creation of counterfeit card ... but compromised end-points could as easily skim both magstripe and PIN (as they can skim just magstripe) ... invalidating assumption about independent vulnerability
There has also been some obfuscation. In the 70s, there was threat from counterfeit credit magstripe cards that were created from algorithms generating valid magstripe. As a countermeasure ... there was a secure hash/code added to the magstripe information. However, PIN debit cards weren't vulnerable ... since the algorithm generating a valid magstripe wasn't also able to generate valid PIN. When the industry started moving to allow debit cards to be used at point-of-sale in PIN-less transactions .... all of a sudden debit cards became vulnerable to algorithm generated counterfeit magstripe cards. There was some amount of press about debit cards having less security than credit cards .... which was obfuscation for enabling debit cards to be used at point-of-sale in PIN-less transactions
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From: lynn@garlic.com (Lynn Wheeler) Date: 22 May, 2012 Subject: REPEAL OF GLASS-STEAGALL DID NOT CAUSE THE FINANCIAL CRISIS - WHAT DO YOU THINK? Blog: Financial Crime Risk, Fraud and SecurityReinstating an Old Rule Is Not a Cure for Crisis
Lack of adult supervision allowed extremely risky activity. Repeal of Glass-Steagall was just part of repeal of regulation and failure to enforce regulation that went on during the period. Repeal of Glass-Steagall contributed to too-big-to-fail & putting taxpayer on the hook for the extreme risky activity. Putting the taxpayer on the hook for extreme risky behavior drastically increases moral hazard when downside for risky behavior has been mostly eliminated. GLBA was just part of that activity.
The equivalent to Brokers' Loans that were the root of the crash of
'29 was the no-documentation loans that were enabled by rating
agencies willing to sell triple-A ratings on toxic CDOs (when they
knew they weren't worth triple-A, testimony from congressional
hearings into role that rating agencies played) ... the triple-A
ratings enabled them being sold to large institutional investors that
are restricted to dealing in triple-A and greatly facilitating $27T
being done during the bubble:
Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
https://www.bloomberg.com/news/articles/2008-10-27/evil-wall-street-exports-boomed-with-fools-born-to-buy-debt
from 30s' congressional Pecora hearings:
BROKERS' LOANS AND INDUSTRIAL DEPRESSION
For the purpose of making it perfectly clear that the present
industrial depression was due to the inflation of credit on brokers'
loans, as obtained from the Bureau of Research of the Federal Reserve
Board, the figures show that the inflation of credit for speculative
purposes on stock exchanges were responsible directly for a rise in
the average of quotations of the stocks from sixty in 1922 to 225 in
1929 to 35 in 1932 and that the change in the value of such Stocks
listed on the New York Stock Exchange went through the same identical
changes in almost identical percentages.
.... snip ...
The difference being that the Brokers' Loans resulted in enormous bubble/inflation in the stock market, the triple-A ratings "for sale" enabled the no-documentation loans and the inflation/bubble in the real-estate market.
Somewhat aside ... the rhetoric on the floor of congress regarding the primary purpose of GLBA (better known now for the repeal of Glass-Steagall ... allowing regulated, safe & sound depository institution to move into extremely risky behavior) was to prevent institutions that didn't already have banking charters from getting banking charters aka eliminating competition from other institutions moving into depository banking business (banks can add extremely risky activity ... but others couldn't become depository banks).
Role forward to the bubble crash, $700B TARP funds was appropriated
for purchase of toxic assets ... but that was before they knew there
was $27T ... and just the four largest too-big-to-fail were
carrying $5.2T of toxic assets "off-book" the end of 2008:
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akv_p6LBNIdw&refer=home
... and they had to create another purpose for TARP funds .... and it became the responsibility of the federal reserve to perform the bail-out and rescues behind the scenes. As part of the federal reserve activity ... they granted banking charters to several institutions, that didn't already have ones (making them eligible to assistance reserved for regulated depository institutions), which should have been precluded under GLBA
x-over from psychology of fraud:
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#91 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#14 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#16 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#22 Psychology Of Fraud: Why Good People Do Bad Things
#1 on times list of those responsible:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html
#2 on times list
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
#3 on times list:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
#4 on times list
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
number one on the list was using loan origination company that wasn't depository institution .... instead of deposits (for loans), it was able to immediately package loans at triple-A rated toxic CDOs and unload them (paying for the triple-A rating when the rating agencies knew they weren't worth triple-A).
number two on the list ... while responsible for GLBA ... was also heavily involved in lots of deregulation activity ... including exempting CDSs from oversight (modulo GLBA keeping competition from moving into depository banking business)
number three on the list ... avoided performing a lot of regulatory
activity ... including the takeover of CITI which violated
Glass-Steagall ... giving an exemption to allow Glass-Steagall to be
repealed. Also allowing enormous amounts of toxic assets to pile up
"off-book" ... including the $5.2T "off-book" for just the four
largest too-big-to-fail
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=aYJZOB_gZi0I
as did number four on the list ... avoiding performing regulatory activity
Note that in 2008, CITI had unloaded several tens of billions of its
toxic assets at 22cents on the dollar. At the end of 2008 with $5.2T
in toxic assets still being carried by the four largest
too-big-to-fail institutions
Bank's Hidden Junk Menaces $1 Trillion Purge
>http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akv_p6LBNIdw&refer=home
if those toxic assets were brought back onto the balance sheet and valued ... the loses would have had all four institutions declared bankrupt and forced into liquidation.
Repeal of Glass-Steagall and allowing depository institutions to get into really risky business was part of the whole paradigm of allowing them to do anything they wanted to w/o adult supervision and putting the taxpayer on the hook for the consequences.
other recent mention of Pecora and/or Brokers' Loans:
https://www.garlic.com/~lynn/2012b.html#5 The round wheels industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#56 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012e.html#42 Who Increased the Debt?
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: 24/7/365 appropriateness was Re: IBMLink outages in 2012 Newsgroups: bit.listserv.ibm-main Date: 23 May 2012 06:51:04 -0700cfmpublic@NS.SYMPATICO.CA (Clark Morris) writes:
eventually the incumbent vendor came back and said that they could do replicated systems also ... for masking individual system downtime ... but that negated the requirement for redudant hardware.
i was then asked to write a section for the corporae continuous available strategy document ... but the section got pulled after both Rochester and POK complained that they couldn't meet the objectives.
past posts mentioning coining the terms disaster survivability and
geographic survivability ... to differentiate from disaster/recovery
when out marketing ha/cmp:
https://www.garlic.com/~lynn/submain.html#available
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: 24/7/365 appropriateness was Re: IBMLink outages in 2012 Newsgroups: bit.listserv.ibm-main Date: 23 May 2012 07:53:26 -0700bfairchild@ROCKETSOFTWARE.COM (Bill Fairchild) writes:
Volcker in discussion with civil engineering professor about
significantly decline in infrastructure projects (as institutions
skimmed funds for other purposes & disappearing civil engineering jobs)
resulting in universities cutting back civil engineering programs;
"Confidence Men", pg290:
Well, I said, 'The trouble with the United States recently is we spent
several decades not producing many civil engineers and producing a
huge number of financial engineers. And the result is s**tty bridges
and a s**tty financial system!
... snip ...
old presentation by Jim Gray on availability ... scanned from paper copy
that had been made on copying machine in bldg. 28, SJR
https://www.garlic.com/~lynn/grayft84.pdf
the point (from early 80s) was that majority of outages (scheduled and non-scheduled) had shifted from hardware to software (and human errors).
(early 70s) before virtual memory announcement for 370, a copy of internal document describing the technology leaked to the press. in the wake of the following investigation, all internal copying machines were retrofitted with unique identifier (under the glass) that would appear on all copies made on that machine.
for other drift ... it has been five years since Jim disappeared and
cal. court recently declared him dead ... reference in (linkedin) z/VM
group:
http://lnkd.in/C2yn7p
also archived here:
https://www.garlic.com/~lynn/2012g.html#21 Closure in Disappearance of Computer Scientist
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 23 May, 2012 Subject: IBM bans Siri: Privacy risk, or corporate paranoia at its best? Blog: Google+re:
IBM bans Siri: Privacy risk, or corporate paranoia at its best?
http://www.zdnet.com/blog/btl/ibm-bans-siri-privacy-risk-or-corporate-paranoia-at-its-best/77843
The IBM internal network was larger than arpanet/internet from just about the beginning until late '85 or early '86 (about the time the big push started to convert to SNA/VTAM). For security purposes, all links leaving corporate facilities were required to have link encryptors. One of the big barriers were numerous governments around the world granting approval ... especially when link crossed national boundary (between IBM sites in different countries). There was claim that in the mid-80s, the internal network had over half of all link encryptors in the world
In the early 80s, starting to look at "road warrior" support (remote dialin while on the road) ... threat&vulnerability studies turned up a number of things ... including hotel PBXs were viewed as major vulnerability (hotel PBX rooms tended to have little or no security making it easy to place listening/recording devices). The off-premise program resulted in special "encrypting" modems ... with special dial-in procedures for corporate sites.
PBXs were found to have all sorts of vulnerabilities ... it was even demonstrated that PBXs at corporate sites could be compromised to use office phones as listening devices (even when phones were not "off-hook").
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 23 May, 2012 Subject: IBM bans Siri: Privacy risk, or corporate paranoia at its best? Blog: Google+re:
Reference to internal network passing 1000 nodes summer of 1983:
https://www.garlic.com/~lynn/2006k.html#8
also contains a list of all IBM sites that had new nodes added during
1983. misc. past posts mentioning internal network
https://www.garlic.com/~lynn/subnetwork.html#internalnet
At the "great" switch-over from arpanet to internetworking on 1/1/83,
arpanet had something like 100 (IMP) network nodes and 255 connected
hosts. misc. past posts mentioning arpanet/internet:
https://www.garlic.com/~lynn/subnetwork.html#internet
Late 85 or early 86 both arpanet/internet and internal network passed 2000 nodes.
One of the big issues for internal network was restricting JES2 to boundary nodes for nearly the whole-time. Some of the original internal JES2 network source still carried "TUCC" in the assembler statements. It mapped network nodes into the spare entries left-over for defining psuedo unit record devices in a 255 entry table ... typically on the order of 150-170 available entries. JES2 had unfortunate characteristic of throwing away traffic if the origin node & final destination node wasn't defined in its internal table ... and internal network had already passed 255 nodes. This led to restricting JES2 to boundary nodes ... so that it would at least only trash traffic that it didn't recognize origin ... and not be involved in trashing traffic passing through to other nodes.
JES2 didn't get around to support 999 nodes until well after the internal network passed 1000 nodes ... and didn't get arorund to supporting 1999 nodes until internal network passed 2000 nodes.
Oringinal JES2 network had another unfortunate characteristic that it mixed up JES2 control information in the header with JES2 networking information. As a result, traffic between two different MVS systems operating with different JES2 release levels could result in MVS crashing.
VM networking support had native drivers ... but had layered things
cleanly so could also have other drivers ... and a large library of
VNET JES2 specific drivers were created. Internally they even had
special code for converting JES2 headers between release levels
(i.e. the specific JES2 driver would be started that corresponded to
the JES2 release level at the other end of the link ... and would
reformat any JES2 headers for the corresponding release). There was
infamous case in the 80s where San Jose JES2 systems were causing MVS
systems in Hursley to crash ... and it was blamed on the local VM
network systems ... because the corresponding VM networking JES2
driver to prevent MVS from crashing hadn't been specified.
... misc. past posts mentioning HASP, HASP networking, JES2, and/or
JES2 networking
https://www.garlic.com/~lynn/submain.html#hasp
In the 80s, I believe they even stopped shipping to customers the VM
native network drivers and started only shipping the VM networking
JES2 drivers ... even though the native VM networking drivers were
much more efficient and had higher throughput. Misc. past posts
mentioning BITNET &/or EARN
https://www.garlic.com/~lynn/subnetwork.html#bitnet
One of the issues was that the communication group was trying hard to
restrict PCs & workstations to terminal emulation (both internally &
at customers) ... while peer-to-peer internet support was starting for
PCs & workstations ... resulting in exploding the number of internet
nodes. misc. past posts mentioning terminal emulation
https://www.garlic.com/~lynn/subnetwork.html#emulation
In fact, in the late 80s, a senior disk engineer got a talk scheduled at an internal, annual, world-wide communication group conference and opened with the statement that the communication group was going to be responsible for the demise of the disk division. The issue was that the communication group had a stranglehold and the disk division was starting to see leading edge of drop in disk sales as data was starting to flee the datacenter for more distributed computing friendly platforms. The disk division had come up with some number of solutions to address the problem, but because the communication group owned strategic responsibility for everything that crossed datacenter walls, the disk divisions repeatedly saw the solutions being vetoed.
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Thu, 24 May 2012 08:34:08hancock4 writes:
as a result, saw chipcards that could do "offline" point-of-sale transactions in europe ... i.e. point-of-sale terminal interacted with chipcard and wasn't required to go online for every transaction.
lot of these were "stored-value" cards ... that had "secure" mechanism for storing & recording value ... somewhat like some of the US metro cards. in the 90s, some of these made pilot excursions into the US ... and we got asked to design&cost dataprocessing infrastructure for scaled-up, country-wide deployment (mostly backup dealing with loading valud into the cards). I also did some financial analysis and nearly all of the infrastructure value motivating the programs was that the operator got the float on the unspent value in the cards. In some case it was like a pyramid scheme where the international license holder effectively got all of the float ... with individual country operators not getting any. then to spur the uptake, there were announcements that the international license holder would split the float with the individual country operators. Then the EU central banks decreed said that interest would have to start being paid on unspent value in the cards ... and the programs just slowly dwindled away.
About that time, some operators in the US introduced an online magstripe stored value ... similar in concept to the EU chipcards but leveraged existing online point-of-sale & telco infrastructures to do account-based operation. they are now marketing as gift and merchant cards ... large racks of them can be seen near checkout counters in some grocery stores.
a variation of the stored-value chipcards ... were more sophisticated association chipcards for standard credit operation. the merchant point-of-sale terminal would interact with the chipcards ... and the chipcards could be trusted to tell the merchant POS terminal whether or not to go online, as well as how much available credit limit was available on the card and whether the current transaction was approved or not. these required PIN operation (as countermeasure to lost/stolen cards unauthorized use) and supposedly had lots of security to prevent other forms of fraudulent activity. Point of the card was specifically for security ... but would allow merchant point-of-sale terminals to do offline transactions (to avoid high telco charges) and could batch large number of transactions to be done in one telco transaction at end-of-shift or end-of-day.
There was a large pilot in the US of these cards in the early part of the century. However, the cards interacted with the terminal using "static" authentication data. There turned out that effectively the same terminal compromise that would skim static magstripe data (to create counterfeit magstripe cards) could be used to skim static chipcard authentication data. This then could be used to create counterfeit chipcards that were called YES CARDS; once authenticated the card would always answer "YES" to the following three question: 1) was the correct PIN entered ("YES"), 2) should this be an offline transaction ("YES") and 3) is the transaction within the account credit limit ("YES"). It was not too long later that the pilot disappeared w/o a trace.
I had tried to tell the pilot operators about the vulnerability ... but they apparently had such a myopic focus on the chips ... that they responded by saying they could address the problem by changing the programming in valid chips. The problem was that the compromise wasn't of valid chips ... but a merchant terminal compromise (and changing programming in valid chips had no impact on creation of fraudulent counterfeit YES CARDS).
At the ATM Integrity Task Force meetings ... early part of this century when the YES CARD problem was explained, somebody in the audience made the observation that they managed to spend billions of dollars to prove chipcards are less secure than magstripe cards. The issue is that a countermeasure to counterfeit magstripe card is to deactivate the account (and prevents/blocks future online fraudulent transactions). However for YES CARDS, deactivating the account has no effect, since the merchant terminal doesn't go online until long after the crooks are gone.
old reference (gone 404 but lives on at wayback machine) to YES CARD
presentation at cartes2002:
https://web.archive.org/web/20030417083810/http://www.smartcard.co.uk/resources/articles/cartes2002.html
past posts mentioning YES CARDS:
https://www.garlic.com/~lynn/subintegrity.html#yescard
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@GARLIC.COM (Anne & Lynn Wheeler) Subject: Re: Co-existance of z/OS and z/VM on same DASD farm Newsgroups: bit.listserv.ibm-main Date: 24 May 2012 07:17:05 -0700phil@VOLTAGE.COM (Phil Smith) writes:
old email about vm/370 running in XA mode:
https://www.garlic.com/~lynn/2011c.html#email860122
https://www.garlic.com/~lynn/2011c.html#email860123
https://www.garlic.com/~lynn/2011e.html#email870508
the early issue were claims that the resources to bring "migration aid" up to vm370 product level was several orders larger than the resources needed to fix any perceived deficiencies in vm370 (compared to "migration aid").
for little x-over with this thread:
https://www.garlic.com/~lynn/2012g.html#29 24/7/365 appropriateness was Re: IBMLink outages in 2012
https://www.garlic.com/~lynn/2012g.html#30 24/7/365 appropriateness was Re: IBMLink outages in 2012
post from couple years ago about z/VM announcing cluster support:
https://www.garlic.com/~lynn/2009p.html#43 From The Annals of Release No Software Before Its Time
US HONE system had done vm370 cluster (loosely-coupled) &
single-system-image support in the late 70s (large number of
multiprocessors sharing disk pool) ... US HONE datacenters had been
consolidated in Palo Alto in mid-70s (building next door to where
FACEBOOK later first moved into) and provided online sales&marketing
support (HONE clones sprouted all over the world for world-wide
sales&marketing support). In the early 80s, the datacenter was
replicated in Dallas, and fall-over/load-balancing was extended across
the two geographically separated datacenters. misc. poast posts
mentioning HONE
https://www.garlic.com/~lynn/subtopic.html#hone
Prior to US HONE cluster support, vm370 commerical online service
bureaus had done their own cluster support including non-disruptive
migration of active running users between systems in the complex (not
just logon load-balancing and fall-over). This allowed a system to be
taken/varied offline for maintenance w/o impacting any users running
on the system. misc. past posts mentioning commercial online service
https://www.garlic.com/~lynn/submain.html#timeshare
In the 80s, IBM research had done vm/4341 cluster support with 3088/trotter ... but when they went to release, they were told that they had to convert from their own home grown protocol to SNA/VTAM ... cluster operations that had taken small fraction of a second started taking half a minute or more.
all of that would be disappearing in transition from vm370 base to vmtool/migration-aid base.
with regard to loosely-coupled and SNA/VTAM battles ... my wife
had earlier run into the problem when she had been con'ed into
going to POK to be in charge of loosely-coupled architecture.
She created Peer-Coupled Shared Data architecture while there
... but it saw very little uptake (except for IMS hot-standby)
until SYSPLEX ... some past posts
https://www.garlic.com/~lynn/submain.html#shareddata
combination of little uptake and constant wars with the communication group over demands that she use SNA/VTAM for loosely-coupled operation contributed to her not remaining long in the position (there would be periodic temporary truces where it was allowed she could use anything she wanted within the datacenter ... but the communication group "owned" everything that crossed the datacenter walls).
also note in the late 80s, a senior disk engineer had gotten a talked
scheduled at the internal, worldwide, annual communication group
conference and opened with the statement that the communication group
was going to be responsible for the demise of the disk division. the
issue that the communication group was protecting their terminal
emulation install base ... and the disk division was starting to see
drop of sales as data was fleeing the datacenter to more distributed
computing friendly platforms. The disk division had come up with a
number of solutions for the problem ... but (again) the communication
group had strategic ownership for everything that cross the datacenter
walls (and would veto the solutions). misc. past posts mentioning
terminal emulation paradigm
https://www.garlic.com/~lynn/subnetwork.html#emulation
AMEX, Private Equity, IBM related Gerstner posts
https://www.garlic.com/~lynn/submisc.html#gerstner
this whole situation contributed to the significant dropoff of mainframe
use and the company going into the red in early 90s. Reference to a
Gerstner's resurrection of IBM ... as well as pointer to review of
Gerstner's book "who says elephants can't dance" (in IBM employee
forum):
https://www.garlic.com/~lynn/2012f.html#84
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 24 May, 2012 Subject: IBM bans Siri: Privacy risk, or corporate paranoia at its best? Blog: Google+re:
Nope, however from long ago and far away:
Date: 10/19/81 09:42:07
From: STL
To: distribution list
Hi,
From 2:30 to 4:30 PM in the STL Cafe today (Mon), Bill Donnelly
will give a presentation, discussing:
1) DASD Directions and Trends (3380, 3375, MSS, etc.)
2) Storage Products Programming Support
You are welcome to attend ...
... snip ... top of post, old email index
fixing data fleeing datacenter was more about how to make mainframe more friendly for distributed environment ... allowing access to mainframe resident data ... than the actual disk technology.
disclaimer: i was allowed to go across the street and play disk
engineer in bldgs. 14&15 ... some past posts
https://www.garlic.com/~lynn/subtopic.html#disk
bldg 14&15 still exist:
http://g.co/maps/zv3p6
... but lots of others have been plowed under.
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 24 May, 2012 Subject: Should IBM allow the use of Hercules as z system emulator? Blog: Mainframe Expertsre:
long winded thread here (NASA unplugs last mainframe):
http://lnkd.in/djmeWv
with max. 80processor z196 at @$28M and 50BIPS and IBM has base price for its E5-2600 blade @$1815 and 527BIPS
this has TurboHercules doing emulated 3.2BIPS on old 8way Nehalem
... aka about 10:1 on 30BIPs.
https://en.wikipedia.org/wiki/Hercules_%28emulator%29
In theory, that might result in E5-2600 @ 527BIPS doing emulated 57BIPS (more than 80processor z196 @50BIPS)
IBM recently announced E5-4600 blade ... with twice the processors of E5-2600 ... which potentially then is twice the BIPS ... potentially over 1100BIPS and emulated 110BIPS?
It use to be the first experience was at univ. and IBM had deep
educational discounts and large number of educational installations in
the 60s. That significantly changed after 23jun69 unbundling
announcement, various litigation, etc. In the 80s an attempt was made
to come back with IBM ACIS that started out with $300M for
universities (with more added later) ... however a lot of that started
going for non-mainframe stuff. Project Athena at MIT was joint/equal
by ACIS and DEC ... but was non-mainframe;
https://en.wikipedia.org/wiki/Project_Athena
CMU got $50M but also non-mainframe ... CMU mach ... a unix
work-a-like microkernel somewhat still survives as Apple operating
system ... by way of NeXT.
https://en.wikipedia.org/wiki/Mach_%28kernel%29
BITNET and EARN networking was substantially IBM funded ....
https://en.wikipedia.org/wiki/BITNET
and
https://en.wikipedia.org/wiki/European_Academic_Research_Network
old email about start of EARN:
https://www.garlic.com/~lynn/2001h.html#email840320
for other folklore bits & pieces
before there was ms/dos there was seattle computer,
https://en.wikipedia.org/wiki/MS-DOS
before seattle computer there was cp/m,
https://en.wikipedia.org/wiki/Seattle_Computer_Products
before there was cp/m there was cp67/cms
https://en.wikipedia.org/wiki/CP/M
kildall worked on cp67/cms at npg (gone 404, but lives on at the
wayback machine)
https://web.archive.org/web/20071011100440/http://www.khet.net/gmc/docs/museum/en_cpmName.html
npg
https://en.wikipedia.org/wiki/Naval_Postgraduate_School
cp67/cms
https://en.wikipedia.org/wiki/CP/CMS
note that the above mentions (MIT IBM 7094) CTSS is common ancestor to a number of things.
The Palo Alto group was working with both Berkeley (initially on port of BSD unix-work-alike to 370) and UCLA (port of LOCUS unix-work-alike to variety of platforms).
The Austin group was going to use ROMP for Displaywriter follow-on ... when that was canceled they retargeted it for the unix workstation market and got the company that had done the AT&T unix port to the PC for PC/IX, to do one to ROMP that became PC/RT and AIX. The Palo Alto group was then redirected to do their Berkeley BSD port to PC/RT (instead of 370) which was released as AOS. The Palo Alto group then did port of UCLA LOCUS to 370 and 386 which were released as AIX/370 & AIX/386.
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 25 May, 2012 Subject: Hard drives: A bit of progress Blog: IBM co/ex workers independent groupre:
Some of the disk vis-a-vis communication group ... also recently
played out in the ibm-main mailing list (originated on BITNET in the
80s):
https://www.garlic.com/~lynn/2012g.html#17
https://www.garlic.com/~lynn/2012g.html#19
https://www.garlic.com/~lynn/2012g.html#24
https://www.garlic.com/~lynn/2012g.html#34
another story about communication trying to preserve its terminal emulation paradigm and fight off the emerging client/server and distributed computing tsunami (and the customers just leaving and going to other platforms):
The workstation division for the PC/RT had PC/AT 16bit bus and for token-ring ... did custom PC/RT 4mbit token-ring card. Then for PC/RT follow-on, the RS/6000 had microchannel bus. The RS/6000 group was told they couldn't do their own cards ... but had to only use PS2 cards (lan, graphics, disk, etc) ... the resulting joke was that (except for few computational applications), the RS/6000 couldn't run any faster than PS2.
The PS2 microchannel 16mbit token-ring card was designed for 300 (or
more) machines all sharing common 16mbit doing terminal emulation. The
problem was RS/6000 was heavy client/server ... which each client
required more LAN bandwidth (than terminal emulation) ... and the
server required being able to do the aggregate bandwidth of all its
clients. It turns out that the PS2 16mbit token-ring card was so slow
... that the PC/RT 4mbit token-ring had higher per card throughput
than the PS2 16mbit token-ring card. Past posts mentioning 801, romp,
rios, risc, pc/rt, rs/600, power, power/pc, somerset, etc
https://www.garlic.com/~lynn/subtopic.html#801
This was at a time when we had come up with 3-layer network architecture ... originally for large gov. campus RFI ... but then was out pitching it to customer executives ... and we were taking lots of hits from the communication group. misc. past posts mentioning 3-layer architecture https://www.garlic.com/~lynn/subnetwork.html#3tier
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From: lynn@garlic.com (Lynn Wheeler) Date: 25 May, 2012 Subject: Should IBM allow the use of Hercules as z system emulator? Blog: Mainframe Expertsre:
very little Hercules .... TCP/IP is the basis of the modern internet, NSFNET backbone was the operational basis for the modern internet, and CIX was the business basis for the modern internet.
I was working with many of the parties that would be the NSFNET
backbone. My HSDT effort internally had T1 and faster links. Some past
HSDT posts
https://www.garlic.com/~lynn/subnetwork.html#hsdt
When the NSFNET backbone T1 RFP was released, internal politics
prevented bidding. The director of NSF tried to help by writing letter to company 3Apr1986, NSF Director to IBM Chief Scientist and IBM Senior VP and director of Research, copying IBM CEO) (he had comments that what I already
had running was at least five years ahead of all RFP responses)
... which just aggravated the internal politics. misc. past email
https://www.garlic.com/~lynn/lhwemail.html#nsfnet
The winning RFP response with RT & AOS ... didn't actually deploy T1 links ... the cards for the RT only ran 440kbits/sec. In order to semi-meet the letter of the RFP ... T1 trunks were used with telco multiplexors (multiple 440kbit links per T1 trunk). I would periodic ridicule that some of the T1 trunks might be at points multiplexed over telco T5 trunks ... allowing them to call it a T5 NSFNET backbone.
There was also a lot of misinformation floating around internally from the communication group that SNA/VTAM could be used for the NSFNET backbone. This was also at the time when the communication group was also floating misinformation in support of getting the internal network converted to SNA/VTAM.
... The argument for AIX/370 not running native was that while the C code and general process operation was straight forward port to 370 (palo alto internally already had it running on Series/1, some motorola 68000 machines and a dec machine or two), FE/CE field support required EREP support for all customers machines it would service and support ... and the resources/effort to add mainframe EREP to AIX/370 was several times larger than the straight porting effort. As a result, AIX/370 became a VM370 virtual machine operation ... and relied on VM370 for the EREP support ... which then led also to some number of AIX370/VM370 shortcuts to improve performance (enormously reduced resources than adding mainframe EREP to AIX370).
One of the reasons for choosing intel E5 chipline over the Intel I7 chipline for Hercules ... is that the E5s have significant amount of RAS added (some of it moved over from Itanium) ... even tho Intel I7 line has significant better price/performance MIPS than the E5 line.
However as mentioned in the NASA thread, IBM base price for E5-2600 blade is $1815 ... benchmarked at 527BIPs but could realize emulated 58BIPS (at 10:1 emulation ratio). That is approx. $31 per mainframe BIPS (the new E5-4600 blade is projected to have better price/performance). That compares to fully configured 80 processor z196 at $28M and 50BIPS ... or $560,000 per mainframe BIPS.
For other drift ... recent ibm-main mailing list thread with post about
internal politics over internal VM/SP running/supporting XA:
https://www.garlic.com/~lynn/2012g.html#34
Note that UCLA Locus (base for aix/386 & aix/370) had distributed filesystem, distributed processes and distributed process migration (sort of large superset of what SAA was suppose to achieve). In certain cases, a process could even migrate from aix/370 to aix/386 (with the 370 executable binary image being replaced with the corresponding 386 executable binary imaged).
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From: lynn@garlic.com (Lynn Wheeler) Date: 26 May, 2012 Subject: Van Jacobson Denies Averting 1980s Internet Meltdown Blog: IETF - The Internet Engineering Task Forcere:
Van Jacobson Denies Averting 1980s Internet Meltdown
http://www.wired.com/wiredenterprise/2012/05/van-jacobson/
SIGCOMM '88, Proceedings of the ACM Symposium on Communications
Architectures and Protocols, August 16-18, 1988, Stanford, CA,
USA. ACM, 1988; Van Jacobson: Congestion avoidance and
control. 314-329
http://dl.acm.org/citation.cfm?doid=52324.52356
Same year there was also a paper that slow-start was non-stable in large networks ... lots of intermediate nodes and an objective is to avoid burst of back-to-back packets. Windowing was originally developed to avoid overrunning pre-allocated buffers at the destination. slow-start was an attempt to adapt windowing paradigm to spread out interval between transmitting packets ... w/o needing to directly control the time interval (in the 80s, many of the platforms have very poor time services for implementing interval control). One of the non-stable scenarios was that in large networks, there was ACK-clumping ... returning ACKs could tend to aggregate at intermediate nodes and then arrive at the transmitting node in large clump. This results in opening multiple windows at one time, resulting in transmitting multiple back-to-back packets (exactly what slow-start was suppose to prevent).
We had earlier done rate-based pacing for HSDT and I had included
writeup on rate-based bacing for XTP (at the time, I was on the XTP
technical advisery board) ... aka xpress transport protocol
... reliable operation that had minimum 3-packet exchange (compared to
minimum 7-packet exchange for TCP and 5-packet exchange for
VMTP). misc. past posts mentioning XTP
https://www.garlic.com/~lynn/subnetwork.html#xtphsp
and misc. past posts mentioning
HSDT https://www.garlic.com/~lynn/subnetwork.html#hsdt
We had also been working with many of the entities that would be
involved in the NFSNET T1 Backbone (HSDT already had T1 and faster
speed links running, and claim that it was at least one of the reasons
that the NSFNET Backbone RFP specified T1). However, when the NSFNET
Backbone T1 RFP was released, internal politics prevented us from
bidding. The director of NSF tried to help by writing the company a letter 3Apr1986, NSF Director to IBM Chief Scientist and IBM Senior VP and director of Research, copying IBM CEO), but that just aggravated the internal
politics (as well as comments like what we already had running was at
least five years head of all RFP responses). some old email leading up
to NSFNET backbone
https://www.garlic.com/~lynn/lhwemail.html#nsfnet
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From: lynn@garlic.com (Lynn Wheeler) Date: 26 May, 2012 Subject: Should IBM allow the use of Hercules as z system emulator? Blog: Mainframe Expertsre:
A little more network drift over in the linkedin IETF group
http://lnkd.in/gtsCvz
also archived
https://www.garlic.com/~lynn/2012g.html#39
And some mainframe network drift ... the original mainframe TCP/IP
product was implemented in VS/Pascal (and had none of the buffer
length related exploits that have been epidemic in C-language
implementations). It did have some throughput issues getting about
44kbytes/sec throughput using nearly 3090 processor. I did the RFC1044
enhancements and in some tuning tests at Cray Research got 1mbyte/sec
sustained between Cray and 4341 (aka running at 4341 channel media
speed) ... using only modest amount of 4341 processor (possibly 500
times improvement in bytes moved per instruction executed). Some past
posts mentioning RFC1044
https://www.garlic.com/~lynn/subnetwork.html#1044
Part of the issue was that communication group SNA/VTAM didn't have any networking layer (to say nothing of internetworking). As a result, the only channel attached boxes were "bridges" (available for use by the product)... i.e. mainframe had to do all the gorp for LAN/MAC addressing ... in the case of TCP/IP ... the mainframe code had to do the IP<->MAC layer. RFC1044 specified support for real channel attached TCP/IP router boxes ... which allowed all the IP<->MAC layer effort being offloaded to the router box (instead of having to be done in mainframe code).
Later the mainframe TCP/IP code was ported to MVS by adding a layer of necessary VM370 function simulation to MVS.
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virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 26 May, 2012 Subject: VM Workshop 2012 Blog: z/VMre:
A little HSDT/internet x-over from (linkedin) IETF (internet standards):
http://lnkd.in/gtsCvz
and also archived here:
https://www.garlic.com/~lynn/2012g.html#39
along with some in network topic drift in mainframe Hercules discussion
http://lnkd.in/EyAnWW
and also archived here
https://www.garlic.com/~lynn/2012g.html#40
I started doing T1 (and faster) link support in 1980 with channel
extender support for local 3270 when STL was moving 300 people from
the IMS group to offsite/remote bldg (they had tested remote 3270 and
found the human factors horrible and totally unacceptable). This
evolved into what I called HSDT
https://www.garlic.com/~lynn/subnetwork.html#hsdt
The pressure for the communication group SNA/VTAM to support links faster than 56kbit was increasing ... but they didn't have any such product ... so they generated some amount of mis-information why customers didn't want/need it (before the mid-90s). One such internal report did a survey of 37x5 customers running "fat-pipe" support (i.e. multiple parallel 56kbit links treated as single logical unit), with two, three, four, five, six, etc. The survey showed more than six link fat pipes dropped to zero. What they didn't include was at the time, the tarrif for T1 link was about the same as five or six 56kbit links. Customers needing faster transmission just switch to T1 products from other vendors (quick/superficial survey turned up over 200 such customers).
This was when HSDT was having some custom hardware built on the other side of the pacific. Friday before I was to leave on a visit, the communication group announced an internal "high-speed" discussion group with the following definitions:
low-speed: <9.6kbits medium-speed: 19.2kbits high-speed : 56kbits very high-speed: 1.5mbitson Monday morning, in a conference room on the other side of the pacific was the following definitions
low-speed: <20mbits medium-speed: 100mbits high-speed: 200-300mbits very high-speed: >600mbitsrecent reference
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From: lynn@garlic.com (Lynn Wheeler) Date: 27 May, 2012 Subject: "25 Years of IBM's OS/2" Blog: IBM Historic Computingre:
some more related network recently in Hercules emulator discussion
over in (linkedin) Mainframe Experts
http://lnkd.in/EyAnWW
also archived here
https://www.garlic.com/~lynn/2012g.html#40
and in this (linkedin) z/VM discussion
http://lnkd.in/Emfz8Z
and archived here
https://www.garlic.com/~lynn/2012g.html#41
Other trivia ... old email from somebody in the OS2 group given my
name about scheduling
https://www.garlic.com/~lynn/2003f.html#email871124
and followup
https://www.garlic.com/~lynn/2007i.html#email871204 .
https://www.garlic.com/~lynn/2007i.html#email871204b
Boca was distributing material about how expensive clone PCs were
... as part of justifying the price on PS2s. I started posting single
unit prices from San Jose Sunday paper and other sources showing clone
PCs significantly cheaper than claimed by Boca ... old reference:
https://www.garlic.com/~lynn/2010c.html#email871115
also in this post
https://www.garlic.com/~lynn/2001n.html#79
has prices from 8/26/90 and 9/2/90 ... also has a pieces from article on "MAINFRAME R.I.P", from Forrester, June1990
following post
https://www.garlic.com/~lynn/2001n.html#80
has excerpts from 10Apr89 SJMN article on "chip wars"
and the post after that
https://www.garlic.com/~lynn/2001n.html#81
has several sample PC prices from April, June, and Dec of 1991
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From: lynn@garlic.com (Lynn Wheeler) Date: 27 May, 2012 Subject: High Availability on IBM System i Blog: IBM AlumniWe had started the RS/6000 HA/CMP project in the late 80s (while as/400 was still cisc chips; before they moved to power/pc chips). I had coined the terms disaster survivability and geographic survivability when I was out marketing HA/CMP (to differentiate from disaster/recovery) ... and I was also asked to write a section for the corporate continuous availability strategy document. However both Rochester (aka as/400) and POK (mainframe) complained (that they couldn't meet the requirements) and the section got pulled. some past posts on availability
We were also doing cluster scale-up as part of HA/CMP ... reference to
Jan92 cluster scale-up meeting in Ellison's conference room
https://www.garlic.com/~lynn/95.html#13
and old email referencing cluster scale-up activities
https://www.garlic.com/~lynn/lhwemail.html#medusa
however, possibly hrs after the last email mentioned in the above, the
cluster scale-up activity got transferred and we were told we couldn't
work on anything with more than four processors. also reference in
this post from a couple years ago "From The Annals of Release No
Software Before Its Time"
https://www.garlic.com/~lynn/2009p.html#43
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 27 May 2012 15:18:34David Dyer-Bennet <dd-b@dd-b.net> writes:
late 80s we had started ha/cmp product
https://www.garlic.com/~lynn/subtopic.html#hacmp
out marketing, I coined the terms "disaster suvivability" and
geographic survivability (to differentiate from disaster/recover). I
also got asked to write a section for the corporate continuous
availability strategy document, but both Rochester (as/400) and POK
(mainframes) complained (that they couldn't meet the requirements) the
the section got pulled.
https://www.garlic.com/~lynn/submain.html#available
We were also doing cluster scale-up as part of HA/CMP ... reference to
Jan92 cluster scale-up meeting in Ellison's conference room
https://www.garlic.com/~lynn/95.html#13
and old email referencing cluster scale-up activities
https://www.garlic.com/~lynn/lhwemail.html#medusa
however, possibly only hrs after the last email mentioned in the above,
the cluster scale-up activity got transferred and we were told we
couldn't work on anything with more than four processors. also reference
in this post from a couple years ago "From The Annals of Release No
Software Before Its Time"
https://www.garlic.com/~lynn/2009p.html#43
in any case, the transfer of cluster scale-up significantly contributed to decision to leave later in 1992.
the first stored-value/gift magstripe card was done in the mid-90s (a number of institutions would logo them) ... swipe at existing magstripe point-of-sale terminals and at the processing backends the transaction would get routed to a new dataprocessing system. This new system was a "high-availability" system from a different vendor (aka not our HA/CMP). There was major failure after the first couple months and we got brought into audit what went wrong (one of the consequences of the failure was that the account balance was "lost" and recovery resulted in all accounts being reset to their max possible value).
The start of the review process was meeting with the vendor ... and the VP of the business unit started out with a presentation that appeared to be almost word-for-word something I had written a couple years earlier (for HA/CMP). It turns out failure was a convoluted combination of events. There was a storage bus failure which got replaced ... but there was an oversite and the system configuration data wasn't updated with the information about the replaced component. As a result, only one half of the mirrored disks were being read/written (and their mirrors were being ignored). At some later time a (supposedly) mirrored disk failed ... but it turns out its replicated copy wasn't being updated (because of the missed step in updating the system configuration data) and therefor was several weeks stale.
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From: lynn@garlic.com (Lynn Wheeler) Date: 27 May, 2012 Subject: Fareed Zakaria Blog: FacebookFareed Zakaria
He just had an interview with Simpson & Bowles ... where they mentioned that the only thing they do is mathematics. Congress allowed the fiscal responsibility act to expire in 2002 and started going crazy destroying baseline balanced budget that would have retired all federal debt by 2010. Comptroller General (head of GAO) would included in speeches that nobody in congress was capable of (even) middle school arithmetic (for what they had started doing to the budget)
CBO report has congress last decade cutting tax revenues by $6T at the same time increasing spending by $6T (for $12T budget gap) compared to baseline (most of it after they allowed the fiscal responsibility act to expire in 2002)
recent posts referring to congress incapable of middle school
arithmetic
https://www.garlic.com/~lynn/2012.html#6 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012d.html#36 McCain calls for U.S.-led airstrikes in Syria
https://www.garlic.com/~lynn/2012f.html#61 Zakaria: by itself, Buffett rule is good
https://www.garlic.com/~lynn/2012f.html#68 'Gutting' Our Military
https://www.garlic.com/~lynn/2012f.html#81 The Pentagon's New Defense Clandestine Service
https://www.garlic.com/~lynn/2012g.html#6 Adult Supervision
other recent posts referring to $12T budget gap:
https://www.garlic.com/~lynn/2012c.html#50 They're Trying to Block Military Cuts
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#53 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#42 China's J-20 Stealth Fighter Is Already Doing A Whole Lot More Than Anyone Expected
https://www.garlic.com/~lynn/2012d.html#46 Is Washington So Bad at Strategy?
https://www.garlic.com/~lynn/2012d.html#53 "Scoring" The Romney Tax Plan: Trillions Of Dollars Of Deficits As Far As The Eye Can See
https://www.garlic.com/~lynn/2012d.html#60 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#25 We are on the brink of historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012e.html#40 Who Increased the Debt?
https://www.garlic.com/~lynn/2012e.html#58 Word Length
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
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From: lynn@garlic.com (Lynn Wheeler) Date: 27 May, 2012 Subject: Why America Is Slouching Towards Third World Status Blog: FacebookWhy America Is Slouching Towards Third World Status
washington news will periodically refer to congress as Kabuki Theater
... note 1603-1629:
https://en.wikipedia.org/wiki/Kabuki
... I've also seen reports which claim that congressmen is the profession with the highest percentage of convicted felons.
recent posts mentioning congress as Kabuki theater:
https://www.garlic.com/~lynn/2012d.html#16 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012d.html#36 McCain calls for U.S.-led airstrikes in Syria
https://www.garlic.com/~lynn/2012d.html#61 Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump
https://www.garlic.com/~lynn/2012e.html#58 Word Length
https://www.garlic.com/~lynn/2012e.html#88 Developing a Disruptive Mindset
https://www.garlic.com/~lynn/2012f.html#15 Born Fighting
https://www.garlic.com/~lynn/2012f.html#17 Let the IRS Do Your Taxes, Really
https://www.garlic.com/~lynn/2012f.html#25 Time to competency for new software language?
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: How Selecting Voters Randomly Can Lead to Better Elections Blog: FacebookHow Selecting Voters Randomly Can Lead to Better Elections
The equivalent about powerful interests with undo influence survives ... enormous lobbying results in congress being the most corrupt institution on earth. Starts with the loopholes in the 72,000 page tax code (that just size/complexity is enormous cost; claims eliminating all loopholes and cutting tax code to 400 pages could gain 5-6% in GDP) ... but extends to MICC and several other special interests. Alternative to use technology for random sampling ... use technology for making all aspects transparent and visible
Early in the days of the current congress, some hypocrisy showing in local interview, the majority leader bragged about putting some bright new members on the financial committee because it is those committee members that get the largest funds (from financial lobbyists) and its enormous contributions from lobbyists that help assure re-election.
misc. past posts mentioning taxcode
https://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
https://www.garlic.com/~lynn/2009e.html#83 Architectural Diversity
https://www.garlic.com/~lynn/2009h.html#20 China's yuan 'set to usurp US dollar' as world's reserve currency
https://www.garlic.com/~lynn/2009i.html#13 64 Cores -- IBM is showing a prototype already
https://www.garlic.com/~lynn/2010d.html#49 search engine history, was Happy DEC-10 Day
https://www.garlic.com/~lynn/2010k.html#58 History--automated payroll processing by other than a computer?
https://www.garlic.com/~lynn/2010o.html#59 They always think we don't understand
https://www.garlic.com/~lynn/2011i.html#20 Happy 100th Birthday, IBM!
https://www.garlic.com/~lynn/2011k.html#18 What Uncle Warren doesn't mention
https://www.garlic.com/~lynn/2011l.html#68 computer bootlaces
https://www.garlic.com/~lynn/2011n.html#80 A Close Look at the Perry Tax Plan
https://www.garlic.com/~lynn/2012e.html#8 America needs a 2-page tax code
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: Owl: China Swamps US Across the Board -- Made in China Computer Chips Have Back Doors, 45 Other "Ways & Means" Sucking Blood from US Blog: FacebookOwl: China Swamps US Across the Board -- Made in China Computer Chips Have Back Doors, 45 Other "Ways & Means" Sucking Blood from US
one of the "ways" from the article:
#10 According to ABC News, major road and bridge projects all over the
United States are being built by Chinese companies.
... snip ...
a quote from Volcker in "Confidence Men" pg.290:
Well, I said, 'The trouble with the United States recently is we
spent several decades not producing many civil engineers and producing
a huge number of financial engineers. And the result is s**tty bridges
and a s**tty financial system!'
... snip ...
past posts mentioning "Confidence Men":
https://www.garlic.com/~lynn/2012.html#17 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012.html#21 Zombie Banks
https://www.garlic.com/~lynn/2012.html#44 Who originated the phrase "user-friendly"?
https://www.garlic.com/~lynn/2012.html#47 Avoiding a lost decade
https://www.garlic.com/~lynn/2012.html#48 Fed's image tarnished by newly released documents
https://www.garlic.com/~lynn/2012.html#72 Chris Dodd's SOPA crusading
https://www.garlic.com/~lynn/2012b.html#43 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012c.html#2 Occupy the SEC (Securities & Exchange Commission)
https://www.garlic.com/~lynn/2012c.html#5 Too big not to fail
https://www.garlic.com/~lynn/2012c.html#19 Occupy the SEC Pitches An Extreme Makeover of Wall Street
https://www.garlic.com/~lynn/2012c.html#63 The Economist's Take on Financial Innovation
https://www.garlic.com/~lynn/2012f.html#13 The White House and Mortgage Fraud: So Far It's All Talk, No Action
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#67 Cartons of Punch Cards
https://www.garlic.com/~lynn/2012f.html#83 Why Can't Obama Bring Wall Street to Justice?
https://www.garlic.com/~lynn/2012g.html#9 JPM LOSES $2 BILLION USD!
https://www.garlic.com/~lynn/2012g.html#16 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#30 24/7/365 appropriateness was Re: IBMLink outages in 2012
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: Mainframes Warming Up to the Cloud Blog: MainframeZonere:
old email on the subject from 1985 ... mixing non-mainframe and mainframe clusters in the same cabinets:
https://www.garlic.com/~lynn/2007d.html#email850315
I was also doing this stuff with organizations leading up to NSFNET backbone (tcp/ip is the technology basis for the modern internet, NSFNET backbone was the operational basis for the modern internet, and CIX was the business basis for the modern internet) ... and had conflict with presentation to director of NSF and internal meeting on mixed processor clusters
other email from just before on trying to resolve the meeting
conflict
https://www.garlic.com/~lynn/2011b.html#email850312 .
https://www.garlic.com/~lynn/2011b.html#email850313 .
https://www.garlic.com/~lynn/2011b.html#email850314 .
older email (in the same post as above)
https://www.garlic.com/~lynn/2011b.html#email830916
it was 1jan1983 the great switchover from host/IMP protocol to internetworking protocol.
IBM sponsored BITNET (using similar technology to that used in the
internal network)
https://www.garlic.com/~lynn/subnetwork.html#bitnet
ARPANET was quiet restrictive in who got IMPs and allowed to connect ... one of the reasons that the internal network was larger than the arpanet/internet from just about the beginning until possibly late 85 or early 86.
CSNET was being sponsored as alternative to ARPANET for educational institutions that had difficulty getting permission for ARPANET connection.
One of the reason that internet passed the size of the internal
network was that the communication group was aggressively fighting to
preserve the terminal emulation paradigm and block client/server and
distributed computing ... while internet was starting to show up with
all kinds of peer-to-peer networking nodes.
https://www.garlic.com/~lynn/subnetwork.html#emulation
However, it turns out that the IBM 4300s starting in late 70s through
the early 80s were the leading edge for the distributed computing
tidal wave. old 4300 email from the period
https://www.garlic.com/~lynn/lhwemail.html#43xx
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 28 May 2012 13:06:34"Charlie Gibbs" <cgibbs@kltpzyxm.invalid> writes:
statistics on wardialing from the period found significant number of professional (doctor, dentist, lawyer) offices with PC-based business systems (which didn't bother to use any authentication mechanism at all).
past posts mentioning wardialing:
https://www.garlic.com/~lynn/2002b.html#38 "war-dialing" etymology?
https://www.garlic.com/~lynn/2002b.html#41 "war-dialing" etymology?
https://www.garlic.com/~lynn/2003g.html#56 OT What movies have taught us about Computers
https://www.garlic.com/~lynn/2003p.html#32 Mainframe Emulation Solutions
https://www.garlic.com/~lynn/2004p.html#40 Computers in movies
https://www.garlic.com/~lynn/2006f.html#7 The Pankian Metaphor
https://www.garlic.com/~lynn/2006m.html#38 Computers in the movies
https://www.garlic.com/~lynn/2007v.html#12 What do YOU call the # sign?
https://www.garlic.com/~lynn/2008m.html#73 Blinkylights
https://www.garlic.com/~lynn/2010n.html#76 Mainframe hacking?
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Telephones--private networks, Independent companies? Newsgroups: alt.folklore.computers Date: Mon, 28 May 2012 16:15:52Joe Pfeiffer <pfeiffer@cs.nmsu.edu> writes:
this recent post about vm workshop this summer (40th anniv of vm370)
https://www.garlic.com/~lynn/2012g.html#18
has old email from 1987 that also mentions the 1987 vm workshop
https://www.garlic.com/~lynn/2012g.html#email870220
and contains this email signature line:
.... Lynn Wheeler, K83/801, ALM-RES, 457-2680(408-927)/427-4536(408-997)
CSNET/ARPANET: Wheeler@IBM.COM
... snip ...
Research had moved up the hill to the new Almaden facility and I had an office there with 8-457-2680 or outside 408-927-2680, i also had a number of offices and labs in Los Gatos lab which was 8-427-4536 or outside 408-997-4536.
for other reference on VM370 40yr anniv, CP67 44yr anniv in IBM Historic
Computing
https://www.garlic.com/~lynn/2012g.html#25
I mentioned that last week, I also got asked to help with ATM history (automated teller machine) ... also "40th anniv". The magstripe standard (used by credit, debit & gift cards) had been managed out of the Los Gatos lab between the mid-60s and the mid-70s. Los Gatos lab had started work on ATM machines circa 1970 ... however by the time that I got offices in the lab, all the ATM work had moved elsewhere (although some of the people were still at the lab).
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Wardialing statistics( was: "Cartons of Punch Cards" ) Newsgroups: alt.folklore.computers Date: Mon, 28 May 2012 20:24:16Freddy1X <freddy1X@indyX.netx> writes:
it wasn't me, I was at presentation by somebody that had dialed every
number of every area code in the bay area ... supposedly something like
3% of the numbers (don't remember whether it was all numbers, or valid
numbers, or numbers that answered) had some sort of modem. past
reference
https://www.garlic.com/~lynn/2010n.html#76 Mainframe hacking?
this was decades ago ... one of the wide-open systems not requiring any authentication, was one of the bay area 911 systems ... sort of like current day (apparently) wide-open scada systems on the internet.
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: The secret's out for secure chip design Blog: Google+re:
The secret's out for secure chip design
http://www.zdnet.com/news/security-threats/2012/05/28/the-secrets-out-for-secure-chip-design-40155296/
from above:
The story that Cambridge researchers have identified a back door in a
military chip made in China is stirring up a lot of interest, verging
on the sensationalist. It's too soon to say whether that story is
true, but the Cambridge security group has a superb track record in
finding and disclosing this level of vulnerability, and it's been
accepted for a peer-reviewed conference. For now, it's safe to assume
that what they say they found, they found.
... snip ...
a decade ago I was asked to look at the problem and then gave a
slightly related presentation the Intel Developer Forum ... from long
ago and far way (gone 404 but lives on at the wayback machine):
https://web.archive.org/web/20011109072807/http://www.intel94.com/idf/spr2001/sessiondescription.asp?id=stp%2bs13
(if it gives you the welcome page, click on the "Impatient!" field)
the issue at the time was copy-chips being substituted for valid chips ... now it appears that they are buying directly from the copy-chip makers
My presentation was in Assurance panel in the TPCA track at IDF. Appropriate software in conjunction with TPM chip is suppose to preclude computer compromises. The guy running TPM chip effort was in the front row, so I kidded him that it was nice after 2yrs for the TPM chip to start looking more like chip I had designed. He quiped back that I didn't have a committee of 200 helping me design a chip
some more:
http://blog.erratasec.com/2012/05/bogus-story-no-chinese-backdoor-in.html
and original
http://www.cl.cam.ac.uk/~sps32/sec_news.html#Assurance
... as an aside, the chip I talked about in the TPCA track at IDF had no mechanisms for loading/changing anything
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: Open source and the National Security Agency, together again Blog: Google+re:
Open source and the National Security Agency, together again
http://www.zdnet.com/blog/open-source/open-source-and-the-national-security-agency-together-again/11079
reference to long ago and far away (gone 404 but lives on at the
wayback machine)
https://web.archive.org/web/20090117083033/http://www.nsa.gov/research/selinux/list-archive/0409/8362.shtml
I was undergraduate at the time and making lots of operating system changes and the vendor would periodic suggest stuff. I didn't know about these organizations at the time but in retrospect, some of the requests may have originated from them. cp67 was announced 44yrs ago, the follow-on, vm370 is 40yrs old this year.
Note: all software used to be "open source" ... it was gov. & other
litigation that led to the 23Jun1969 unbundling announcement and
starting to charge for software. misc. past posts mentioning unbundling
https://www.garlic.com/~lynn/submain.html#unbundle
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: U.S. Needs a National Safety Board for Financial Crashes Blog: Google+re:
U.S. Needs a National Safety Board for Financial Crashes
http://www.bloomberg.com/news/2012-05-27/u-s-needs-a-national-safety-board-for-financial-crashes.html
from above:
There are growing concerns that the regulatory bodies overseeing the
financial sector are incapable of understanding, preventing or even
properly investigating excessive risk taking that threatens to ruin
the economy.
... snip ...
from baseline over on facebook. note my analogy for sometime regarding
the regulatory agencies has been the 3-monkeys:
https://en.wikipedia.org/wiki/Three_wise_monkeys
A couple weeks ago, CBS 60mins had Lehman segment and auditors, SEC, and Federal Reserve all had people on-site at Lehman ... but apparently just sitting on the sidelines watching it all happen.
misc. past posts mentioning 3-monkeys:
https://www.garlic.com/~lynn/2012f.html#87 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#91 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#55 U.S. Needs a National Safety Board for Financial Crashes
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From: lynn@garlic.com (Lynn Wheeler) Date: 28 May, 2012 Subject: Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession? Blog: Financial Crime Risk, Fraud and SecurityU.S. Needs a National Safety Board for Financial Crashes
my analogy for sometime regarding the regulatory agencies has been the
3-monkeys:
https://en.wikipedia.org/wiki/Three_wise_monkeys
A couple weeks ago, CBS 60mins had Lehman segment and auditors, SEC, and Federal Reserve all had people on-site at Lehman ... but apparently just sitting on the sidelines watching it all happen.
Jan2009 I was asked to HTML'ize the Pecora hearings (30s congressional hearings into crash of '29; had been scanned the fall of 2008 at Boston Public Library) with extensive internal x-referencing and indexing along with URLs between what happened in '29 and what happened this time (some anticipation that the new congress would have the appetite to do something). After a couple months, I got a call that it wouldn't be needed after all (with implication that wallstreet was spreading huge amounts of money around capital hill).
"Confidence Men" has the Obama's economic "A-team" instrumental in getting him elected ... but they were going to hold accountable those responsible ... and the "B-team" was appointed instead (many that had participated in the economic mess).
and with regard to Dodd-Frank, "Confidence Men", pg430:
But they were fighting on too many fronts. Carl Levin of Michigan and
Jeff Merkley of Oregon had discovered that Dodd had discreetly gutted
the Volcker Rule, and the two set to work trying to counteract Dodd's
efforts.
... snip ...
past posts mentioning Pecora:
https://www.garlic.com/~lynn/2012b.html#5 The round wheels industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#56 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#95 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#39 Greek knife to Wall Street
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#69 Memory versus processor speed
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#28 REPEAL OF GLASS-STEAGALL DID NOT CAUSE THE FINANCIAL CRISIS - WHAT DO YOU THINK?
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From: lynn@garlic.com (Lynn Wheeler) Date: 29 May, 2012 Subject: VM Workshop 2012 Blog: z/VMre:
more T1 lore topic drift ...
I had also gotten involved with an outside organization to take a
NCP/VTAM emulator done on Series/1 and turn it out as an IBM product
(along with migrating to RIOS, risc chips being developed for
RS/6000). This is part of presentation that I made at fall 1986 SNA
architecture review board meeting in Raleigh
https://www.garlic.com/~lynn/99.html#67
Refererence to presentation made at COMMON/Series1 conference:
https://www.garlic.com/~lynn/99.html#70
Then what unfolded can only be described as truth is stranger than fiction ... how the communication group managed to shutdown the activity.
The Series/1 had spoofed 3725NCP channel interface to VTAM and simulated all traffic as cross-domain ... aka being owned by some other VTAM; the ruse allowed the implementation to then operate with full peer-to-peer network (tunneling VTAM traffic through a real network).
The communication group also had a great deal of mis-information as
part of justifying conversion of the internal network to SNA/VTAM
https://www.garlic.com/~lynn/2006x.html#email870302
https://www.garlic.com/~lynn/2011.html#email870306
that was going on in parallel with claims about being able to support
the NSFNET T1 backbone with SNA/VTAM
https://www.garlic.com/~lynn/2006w.html#email870109
old email referencing NSFNET
https://www.garlic.com/~lynn/lhwemail.html#nsfnet
past posts referencing NSFNET backbone
https://www.garlic.com/~lynn/subnetwork.html#nsfnet
also related to recent IETF comment about ACK-pacing ...
https://www.garlic.com/~lynn/2012g.html#39
the customer pressure on communication group for at least T1, kept
increasing ... and somewhat as stop-gap they came out with 3737 for
SNA/VTAM; it was a bunch of Motorola 68k processors and lots of buffer
memory with a small VTAM subset for spoofing host VTAM (somewhat
analogous to above mentioned Series/1 implementation, but just enough
to do immediate ACKs for point-to-point link). The immediate ACKS (as
if data had already arrived at remote end) ... was able to mask the
SNA/VTAM throughput bottleneck with getting full media transmission on
higher speed links (otherwise link spent much of its time idle while
SNA/VTAM waited for the remote-end ACKs). misc. old email discussing
3737:
https://www.garlic.com/~lynn/2011g.html#email880130 .
https://www.garlic.com/~lynn/2011g.html#email880606 .
https://www.garlic.com/~lynn/2011g.html#email881005
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Wed, 30 May 2012 08:41:57"Charles Richmond" <numerist@aquaporin4.com> writes:
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From: lynn@garlic.com (Lynn Wheeler) Date: 31 May, 2012 Subject: Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession? Blog: Financial Crime Risk, Fraud and Securityre:
#1 on times list of those responsible:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html
#2 on times list
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
#3 on times list:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
#4 on times list
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
Weill is well down the list even tho he was the force behind the
repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/
#2 on the list for actively de-regulation and opposing new regulations
#3 & #4 on the list for failing to enforce any regulations that existed. #3 even giving Weill exemption after take-over of Citi (in violation of Glass-Steagall) while Weill worked to get Glass-Steagall repealed.
#4 didn't do anything about Enron &/or Worldcom. Congress passed
Sarbanes-Oxley ... in theory to strengthen #4 ability to do something
(although if they already weren't doing anything, not doing anything
about SOX wouldn't make a lot of change). Possibly even GAO didn't
think that #4 was doing anything and started doing reports of public
company fraudulent financial filings ... even showing uptic after
Sarbanes-Oxley:
http://www.gao.gov/products/GAO-03-395R .
http://www.gao.gov/products/GAO-06-678 .
https://www.gao.gov/products/gao-06-1079sp
in theory SOX would have all the senior executives doing jail time.
more with respect to #2, deregulation, enron, worldcom, AIG:
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,
... snip ...
and more #3 responsible, Greenspan Slept as Off-Books Debt Escaped
Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&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.
... snip ...
Brooksley was fairly quickly replaced by Wendy Gramm as head of Commodity Futures Trading Commission, and then after her husband got the regulation exemption in Congress, Wendy resigns to join Enron's board.
More recent about GAO not thinking SEC doing much ... not just Sarbanes-Oxley
GAO calls on SEC to beef up Finra oversight; Report critical of
executive compensation, operations
http://www.investmentnews.com/article/20120531/FREE/120539980
past posts mentioning GAO & reports of public company fraudulent
filings
https://www.garlic.com/~lynn/2012.html#1 The war on terabytes
https://www.garlic.com/~lynn/2012.html#18 SEC v. Citigroup, How to Avoid (Greater) Disaster
https://www.garlic.com/~lynn/2012.html#26 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#53 Can America Lead the World's Fight Against Corruption?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#87 The Benefit and The Burden
https://www.garlic.com/~lynn/2012c.html#0 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#10 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#12 Gordon Gekko Says
https://www.garlic.com/~lynn/2012d.html#16 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012d.html#39 Fannie and Freddie must go - here's how
https://www.garlic.com/~lynn/2012e.html#30 Senators Who Voted Against Ending Big Oil Tax Breaks Received Millions From Big Oil
https://www.garlic.com/~lynn/2012e.html#57 speculation
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#84 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#87 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#91 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#6 Adult Supervision
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Singer Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Thu, 31 May 2012 17:48:05Patrick Scheible <kkt@zipcon.net> writes:
recent posts in (linkedin) Financial Crime Risk, Fraud and Security
discussion: Why Hasn't The Government Prosecuted Anyone For The 2008
Financial recession?
https://www.garlic.com/~lynn/2012g.html#56
https://www.garlic.com/~lynn/2012g.html#59
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From: lynn@garlic.com (Lynn Wheeler) Date: 1 June, 2012 Subject: Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession? Blog: Financial Crime Risk, Fraud and Securityre:
Jamie Dimon Will Testify But Don't Expect Much From Him
http://www.forbes.com/sites/halahtouryalai/2012/05/31/jamie-dimon-will-testify-but-dont-expect-much-from-him/
Why Is the FDIC Insuring Jamie Dimon's Mistakes?
http://www.thenation.com/article/168148/why-fdic-insuring-jamie-dimons-mistakes
recent post with reference about Dimon being protege of Sandy Weill
when they took over Commerical Credit (includes reference to it being
"loansharking business")
https://www.garlic.com/~lynn/2012g.html#9
SEC: Taking on Big Firms is 'Tempting,' But We Prefer Picking on Little Guys
http://www.rollingstone.com/politics/blogs/taibblog/sec-taking-on-big-firms-is-tempting-but-we-prefer-whaling-on-little-guys-20120530
In interview yesterday, Sheila Bair (former of head of FDIC) says that it is very easy to differentiate between hedging as "insurance" and hedging as gambling. Insurance is a business cost and doesn't show profit and/or losses. Gambling can show huge profits (kept by executives and shareholders) and huge losses (passed on to taxpayers, creating significant "moral hazard").
misc. past posts referencing "moral hazard":
https://www.garlic.com/~lynn/2008g.html#64 independent appraisers
https://www.garlic.com/~lynn/2008j.html#71 lack of information accuracy
https://www.garlic.com/~lynn/2008j.html#76 lack of information accuracy
https://www.garlic.com/~lynn/2008k.html#16 dollar coins
https://www.garlic.com/~lynn/2008l.html#51 Monetary affairs on free reign, but the horse has Boulton'd
https://www.garlic.com/~lynn/2008l.html#67 dollar coins
https://www.garlic.com/~lynn/2008m.html#83 Fraud due to stupid failure to test for negative
https://www.garlic.com/~lynn/2008m.html#86 WSJ finds someone to blame.... be skeptical, and tell the WSJ to grow up
https://www.garlic.com/~lynn/2008n.html#0 Blinkylights
https://www.garlic.com/~lynn/2008n.html#3 Blinkylights
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/2008o.html#37 The human plague
https://www.garlic.com/~lynn/2010q.html#66 Ernst & Young sued for fraud over Lehman
https://www.garlic.com/~lynn/2011.html#84 The Imaginot Line
https://www.garlic.com/~lynn/2011f.html#52 Are Americans serious about dealing with money laundering and the drug cartels?
https://www.garlic.com/~lynn/2011h.html#22 Is BitCoin a triple entry system?
https://www.garlic.com/~lynn/2011j.html#41 Advice from Richard P. Feynman
https://www.garlic.com/~lynn/2011l.html#40 The Next Convergence: The Future of Economic Growth in a Multispeed World
https://www.garlic.com/~lynn/2011m.html#18 computer bootlaces
https://www.garlic.com/~lynn/2011n.html#49 The men who crashed the world
https://www.garlic.com/~lynn/2011p.html#96 Republicans Propose Bill to Treat Mexican Drug Cartels as 'Terrorist Insurgency'
https://www.garlic.com/~lynn/2012b.html#35 Entropy and #SocialMedia
https://www.garlic.com/~lynn/2012c.html#32 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012g.html#28 REPEAL OF GLASS-STEAGALL DID NOT CAUSE THE FINANCIAL CRISIS - WHAT DO YOU THINK?
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Caches, was Wardialing statistics( Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 09:35:36 -0400"Charlie Gibbs" <cgibbs@kltpzyxm.invalid> writes:
misc. past posts mentioning replacement algorithms
https://www.garlic.com/~lynn/subtopic.html#wsclock
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From: lynn@garlic.com (Lynn Wheeler) Date: 1 June, 2012 Subject: SEC: Taking on Big Firms is 'Tempting,' But We Prefer Picking on Little Guys Blog: Google+re:
SEC: Taking on Big Firms is 'Tempting,' But We Prefer Picking on Little Guys
http://www.rollingstone.com/politics/blogs/taibblog/sec-taking-on-big-firms-is-tempting-but-we-prefer-whaling-on-little-guys-20120530
from above:
More notoriously, the SEC stood by and did nothing even after the FBI
publicly warned that the incidence of so-called liar's loans --
mortgage applications in which income levels and other information
were not verified -- was "epidemic" and could cause an "economic
crisis." The SEC could have walked into any major mortgage lender's
office anytime in the five years prior to the 2008 crash and in one
afternoon's worth of interviews learned that fraud in the mortgage
markets was out of control, but instead they allowed companies like
Countrywide and Long Beach to proliferate and pump the economy full of
millions of bad loans, nearly destroying the economy.
... snip ...
recent reference:
https://www.garlic.com/~lynn/2012g.html#61 Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession?
recent references to liar loans:
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
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From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 12:41:12hancock4 writes:
some recent posts in a linkedin financial fraud discussion:
https://www.garlic.com/~lynn/2012g.html#56 Why Hasn't The Government
Prosecuted Anyone For The 2008 Financial recession?
https://www.garlic.com/~lynn/2012g.html#59 Why Hasn't The Government
Prosecuted Anyone For The 2008 Financial recession?
https://www.garlic.com/~lynn/2012g.html#61 Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession?
also this post
https://www.garlic.com/~lynn/2012g.html#63 SEC: Taking on Big Firms is Tempting,' But We Prefer Picking on Little Guys
referencing
SEC: Taking on Big Firms is 'Tempting,' But We Prefer Picking on Little Guys
http://www.rollingstone.com/politics/blogs/taibblog/sec-taking-on-big-firms-is-tempting-but-we-prefer-whaling-on-little-guys-20120530
including this from long list:
More notoriously, the SEC stood by and did nothing even after the FBI
publicly warned that the incidence of so-called "liar's loans" --
mortgage applications in which income levels and other information
were not verified -- was "epidemic" and could cause an "economic
crisis." The SEC could have walked into any major mortgage lender's
office anytime in the five years prior to the 2008 crash and in one
afternoon's worth of interviews learned that fraud in the mortgage
markets was out of control, but instead they allowed companies like
Countrywide and Long Beach to proliferate and pump the economy full of
millions of bad loans, nearly destroying the economy.
... snip ...
mentioned in some of the linkedin financial fraud groups and also previously here, in jan2009 I was asked to HTML'ize the Percora Hearings (30s congressional investigation into crash of '29, had been scanned fall of 2008 at Boston public library), with extensive internal x-links and indexes as well as URLs between what happened then and what happened this time (some belief that the new congress would have an appetite to do something). After a couple months, I got a called that it wouldn't be needed after all (references to huge amount of money that wallstreet was spreading around washington dc).
ohter recent posts mentioning pecora hearings:
https://www.garlic.com/~lynn/2012b.html#5 The round wheels industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#56 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012c.html#37 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#52 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#28 REPEAL OF GLASS-STEAGALL DID NOT CAUSE THE FINANCIAL CRISIS - WHAT DO YOU THINK?
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 12:51:43hancock4 writes:
for the fun of it ... there was recent discussion about whether getting
a MBA would benefit officers in the armed forces.
https://www.garlic.com/~lynn/2012b.html#88 Original Thinking Is Hard, Where Good Ideas Come From
https://www.garlic.com/~lynn/2012e.html#70 Disruptive Thinkers: Defining the Problem
https://www.garlic.com/~lynn/2012e.html#78 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012e.html#104 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012f.html#30 Before Disruption...Thinking
https://www.garlic.com/~lynn/2012f.html#44 Time to Think ... and to Listen
I included in one of the posts a posting from old ("Tandem Memo")
discussion from the early 80s mentioning MBAs were major factor in doing
in the US steel industry:
https://www.garlic.com/~lynn/2012e.html#email810511
from IBM Jargon
Tandem Memos - n. Something constructive but hard to control; a fresh of
breath air (sic). That's another Tandem Memos. A phrase to worry middle
management. It refers to the computer-based conference (widely
distributed in 1981) in which many technical personnel expressed
dissatisfaction with the tools available to them at that time, and also
constructively criticized the way products were [are] developed. The memos
are required reading for anyone with a serious interest in quality
products. If you have not seen the memos, try reading the November 1981
Datamation summary.
... snip ...
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 15:28:24hancock4 writes:
There was case where somebody put up billboard saying something about would the last person to leave Seattle please turn out the lights.
It was somewhat referred to when IBM went in the red in the early 80s and its mainframe business had a severe downturn. POK was center/mainstay of mainframe business and was having big downturn ... and somebody sent out a message about would the last person to leave POK, please turn out the lights. IBM Kingston ... a little north of POK appeared to have all of its IBM operations shutdown and the buildings emptied. The magnitude of the employee cuts had major impact on Hudson valley economy (significant percentage of total Hudson valley employment).
recent (linkedin IBM employee "Greater IBM") reference to turning out
the lights (analogy to the Seattle/Boeing billboard):
https://www.garlic.com/~lynn/2012.html#57 The Myth of Work-Life Balance
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 15:43:28hancock4 writes:
from 30s' congressional Pecora hearings:
BROKERS' LOANS AND INDUSTRIAL DEPRESSION
For the purpose of making it perfectly clear that the present
industrial depression was due to the inflation of credit on brokers'
loans, as obtained from the Bureau of Research of the Federal Reserve
Board, the figures show that the inflation of credit for speculative
purposes on stock exchanges were responsible directly for a rise in
the average of quotations of the stocks from sixty in 1922 to 225 in
1929 to 35 in 1932 and that the change in the value of such Stocks
listed on the New York Stock Exchange went through the same identical
changes in almost identical percentages.
... snip ...
In this recent (linkedin) financial crime post
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
... I draw the analogy with inactivity by the regulatory bodies the
last decade (not just SEC) with
https://en.wikipedia.org/wiki/Three_wise_monkeys
I repeat it this Google+ post
https://www.garlic.com/~lynn/2012g.html#55 U.S. Needs a National Safety Board for Financial Crashes
and again in this more recent linkedit financial crime post
https://www.garlic.com/~lynn/2012g.html#56 Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession?
this time, in theory SEC also had the power to prevent ENRON & WORLDCOM
... but didn't. Congress passes Sarbanes-Oxley giving SEC more powers
... however not doing anything is not doing anything regardless of the
amount of power. GAO possibly even thought so and started doing reports
of public company fraudulent financial filings ... even showing uptic
after SOX:
http://www.gao.gov/products/GAO-03-395R
http://www.gao.gov/products/GAO-06-678
https://www.gao.gov/products/gao-06-1079sp
in theory, all of the senior executives would be doing jail time under SOX
#1 on times list of those responsible:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html
#2 on times list
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
#3 on times list:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
#4 on times list
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
#3 & #4 are head of regulatory agencies not doing anything during the last decade
one might ask why bank robbers don't like the police (assuming the police are actually arresting the robbers and then they get prosecuted).
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 16:58:28hancock4 writes:
one of the things with deregulation in the S&L scandal was that nearly
anybody could buy and S&L on the cheap ... give themselves loans
... sometimes through fronts but also directly ... and then default
on the loans ... bascially looting the operations. past post
https://www.garlic.com/~lynn/2011i.html#21
references president asked the current S&L regulator to cease
enforcement, he refused and was then asked to resign ... so his
replacement could be appointed. Replacement is mentioned in "Two Tillion
Dollar Meltdown" (pg29)
https://www.amazon.com/Two-Trillion-Dollar-Meltdown-Rollers-ebook/dp/B0097DE7DM/
... also from book (pg30)
... it was possible for a single individual to take control of an S&L,
then organize and lend to multiple subsidiaries -- for land acquisition,
construction, building management, and the like -- and create his own
small real estate empire entirely with depositors' money.
... snip ...
and (pg54):
The relentless deregulation drive that started during the Reagan
administration steadily shifted lending activities to the purview of
nonregulated entities, until by 2006, only about a quarter of all
lending occurred in regulated sectors.
... snip ...
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 17:04:36Michael Black <et472@ncf.ca> writes:
Few recent posts mentioning being con'ed into going to Boeing Seattle
the summer of '69 to help setup what would become Boeing Computer
Services (I was first half-dozen or so employees of BCS)
https://www.garlic.com/~lynn/2012.html#42 Drones now account for one third of U.S. warplanes
https://www.garlic.com/~lynn/2012.html#51 5 meg hard drive
https://www.garlic.com/~lynn/2012.html#52 5 meg hard drive
https://www.garlic.com/~lynn/2012.html#61 Hybrid computing -- from mainframe to virtualization
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#25 Goldman Sachs P.R. Chief's Accidental Exit Interview
https://www.garlic.com/~lynn/2012d.html#18 Memory versus processor speed
https://www.garlic.com/~lynn/2012f.html#40 STSC Story
https://www.garlic.com/~lynn/2012g.html#0 Top IBM Salespeople Are Leaving In Droves, Say Those Who Have Quit
https://www.garlic.com/~lynn/2012g.html#3 Quitting Top IBM Salespeople Say They Are Leaving In Droves
misc. past posts mentioning grand coulee dam:
https://www.garlic.com/~lynn/2002n.html#43 VR vs. Portable Computing
https://www.garlic.com/~lynn/2003d.html#32 IBM says AMD dead in 5yrs ... -- Microsoft Monopoly vs. IBM
https://www.garlic.com/~lynn/2007o.html#14 Geothermal was: VLIW pre-history
https://www.garlic.com/~lynn/2008e.html#7 was: 1975 movie "Three Days of the Condor" tech stuff
https://www.garlic.com/~lynn/2008n.html#68 VMware Chief Says the OS Is History
https://www.garlic.com/~lynn/2010j.html#13 A "portable" hard disk
https://www.garlic.com/~lynn/2010j.html#66 A "portable" hard disk
https://www.garlic.com/~lynn/2011d.html#47 The first personal computer (PC)
https://www.garlic.com/~lynn/2011n.html#66 Soups
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 17:32:44hancock4 writes:
TARP appropriation was to buy toxic assets:
https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
however, they apparently didn't realize the magnitude of the problem ...
it would have required at least ten times the $700B appropriated.
https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
Just the four largest too-big-to-fail were carrying estimated $5.2T
"off-book" the end of 2008:
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akv_p6LBNIdw&refer=home
big issue was how they were allowed to even accumulate assets of
such magnitude:
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=aYJZOB_gZi0I
note the fall of 2008, several tens of billions of toxic assets had been sold at 22cents on the dolloar. If the four largest too-big-to-fail had been required to bring them both on to their books and value them, they would have all been declared bankrupt and liquidated.
In any case, as they realized the magnitude of the problem, the retargeted the TARP funds for other purposes and left it to Federal Reserve to handle the bail-out behind the scenes ... trillions of no-interest loans and buying enormous amount of toxic assets at 98cents on the dollar.
The story about AIG was that it was in process of negotiating paying of CDS at 50-to-60 cents on the dollar ... when the sec. of treasury stepped in and declared it illegal to pay less than 100cents on the dollar, forced AIG to take a bail-out to pay off CDS at 100cents on the and forced AIG to sign a document giving up all rights to sue those it was paying off CDS (the outgoing sec. of treasury had formally been CEO of the company that was to be the largest recipient of AIG payoffs).
I've mentioned before that in early 80s, there was call for 100% unearned profit tax on the US automobile industry ... the scenario was that foreign auto import quotas was to reduce competition and give the US companies enormous additional profits which they could then use to remake themselves ... but instead they were pocketing the profits and continued business as usual. Then circa 1990, the industry had C4 taskforce to look at completely remaking themselves ... they were planning on heavily leveraging IT technology and so representatives from IT/dataprocessing companies were asked to participate. During the meetings they could accurately described the foriegn competition and what they needed to do to respond. However, none of it seemed to happen, all of the stakeholders continuing business as usual. We are now more than 30yrs after the original foriegn auto import quotas and the industry failing to completely remake themselves.
misc. past posts mentioning AIG being forced to take gov. bailout,
forced to pay 100cents on the dollar, and forced to give up all rights
to sue those booking CDS with AIG:
https://www.garlic.com/~lynn/2011h.html#40 Delinquent Homeowners to Get Mortgage Aid from Government
https://www.garlic.com/~lynn/2011j.html#39 Advice from Richard P. Feynman
https://www.garlic.com/~lynn/2011j.html#45 S&P's History of Relentless Political Advocacy
https://www.garlic.com/~lynn/2011j.html#50 How Many Divisions Does Standard and Poors Have?
https://www.garlic.com/~lynn/2011k.html#4 Geithner, Bernanke have little in arsenal to fight new crisis
https://www.garlic.com/~lynn/2011m.html#2 computer bootlaces
https://www.garlic.com/~lynn/2011n.html#79 The men who crashed the world
https://www.garlic.com/~lynn/2011o.html#77 How Pursuit of Profits Kills Innovation and the U.S. Economy
https://www.garlic.com/~lynn/2012d.html#52 Goldman Exec Quits In A Scathing NYT Op-Ed About How The Firm Abuses Its Clients
https://www.garlic.com/~lynn/2012e.html#57 speculation
misc. past posts mentioning federal reserve role behind the scenes:
https://www.garlic.com/~lynn/2010p.html#17 What banking is. (Essential for predicting the end of finance as we know it.)
https://www.garlic.com/~lynn/2010p.html#23 They always think we don't understand
https://www.garlic.com/~lynn/2010p.html#46 TCM's Moguls documentary series
https://www.garlic.com/~lynn/2010q.html#58 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2010q.html#66 Ernst & Young sued for fraud over Lehman
https://www.garlic.com/~lynn/2011.html#48 What do you think about fraud prevention in the governments?
https://www.garlic.com/~lynn/2011b.html#45 Productivity And Bubbles
https://www.garlic.com/~lynn/2011j.html#3 Greed, Excess and America's Gaping Class Divide
https://www.garlic.com/~lynn/2011j.html#11 Innovation and iconoclasm
https://www.garlic.com/~lynn/2011j.html#39 Advice from Richard P. Feynman
https://www.garlic.com/~lynn/2011k.html#4 Geithner, Bernanke have little in arsenal to fight new crisis
https://www.garlic.com/~lynn/2011k.html#23 Wall Street Aristocracy Got $1.2 Trillion in Fed's Secret Loans
https://www.garlic.com/~lynn/2011l.html#73 computer bootlaces
https://www.garlic.com/~lynn/2011n.html#49 The men who crashed the world
https://www.garlic.com/~lynn/2011n.html#57 The Mortgage Crisis---Some Inside Views
https://www.garlic.com/~lynn/2011o.html#37 Civilization, doomed?
https://www.garlic.com/~lynn/2011o.html#74 The Wall Street Pentagon Papers: Biggest Scam In World History Exposed: Are The Federal Reserve's Crimes Too Big To Comprehend?
https://www.garlic.com/~lynn/2011o.html#93 The men who crashed the world
https://www.garlic.com/~lynn/2011p.html#3 The Obama Spending Non-surge
https://www.garlic.com/~lynn/2011p.html#7 FDR explains one dimension of our problem: bankers own the government
https://www.garlic.com/~lynn/2011p.html#30 21st Century Management approach?
https://www.garlic.com/~lynn/2011p.html#63 21st Century Management approach?
https://www.garlic.com/~lynn/2012c.html#32 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#46 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#55 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#45 Banks Repaid Fed Bailout With Other Fed Money: Government Report
misc. past posts mentioning call for 100% unearned profit tax and/or C4
taskforce meetings:
https://www.garlic.com/~lynn/2000f.html#41 Reason Japanese cars are assembled in the US (was Re: American bigotry)
https://www.garlic.com/~lynn/2004b.html#52 The SOB that helped IT jobs move to India is dead!
https://www.garlic.com/~lynn/2004h.html#22 Vintage computers are better than modern crap !
https://www.garlic.com/~lynn/2005s.html#2 Internet today -- what's left for hobbiests
https://www.garlic.com/~lynn/2006.html#23 auto industry
https://www.garlic.com/~lynn/2006g.html#14 The Pankian Metaphor
https://www.garlic.com/~lynn/2006g.html#17 The Pankian Metaphor
https://www.garlic.com/~lynn/2006g.html#20 The Pankian Metaphor
https://www.garlic.com/~lynn/2006m.html#49 The Pankian Metaphor (redux)
https://www.garlic.com/~lynn/2007j.html#33 IBM Unionization
https://www.garlic.com/~lynn/2007j.html#72 IBM Unionization
https://www.garlic.com/~lynn/2007j.html#88 IBM Unionization
https://www.garlic.com/~lynn/2007k.html#11 IBM Unionization
https://www.garlic.com/~lynn/2007k.html#24 IBM Unionization
https://www.garlic.com/~lynn/2008.html#28 As Expected, Ford Falls From 2nd Place in U.S. Sales
https://www.garlic.com/~lynn/2008.html#39 competitiveness
https://www.garlic.com/~lynn/2008.html#84 Toyota Sales for 2007 May Surpass GM
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#22 Is Pride going to decimate the auto Industry?
https://www.garlic.com/~lynn/2008r.html#63 Have you told your Congressman how to VOTE on the auto bailout?
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#57 Garbage in, garbage out trampled by Moore's law
https://www.garlic.com/~lynn/2009f.html#20 What is the real basis for business mess we are facing today?
https://www.garlic.com/~lynn/2009i.html#2 China-US Insights on the Future of the Auto Industry
https://www.garlic.com/~lynn/2009i.html#3 IBM interprets Lean development's Kaizen with new MCIF product
https://www.garlic.com/~lynn/2009i.html#31 Why are z/OS people reluctant to use z/OS UNIX?
https://www.garlic.com/~lynn/2010f.html#70 Handling multicore CPUs; what the competition is thinking
https://www.garlic.com/~lynn/2010h.html#8 Far and near pointers on the 80286 and later
https://www.garlic.com/~lynn/2010i.html#75 Favourite computer history books?
https://www.garlic.com/~lynn/2010k.html#0 Idiotic programming style edicts
https://www.garlic.com/~lynn/2010o.html#22 60 Minutes News Report:Unemployed for over 99 weeks!
https://www.garlic.com/~lynn/2010o.html#59 They always think we don't understand
https://www.garlic.com/~lynn/2010p.html#23 They always think we don't understand
https://www.garlic.com/~lynn/2011e.html#21 End of an era
https://www.garlic.com/~lynn/2011e.html#90 PDCA vs. OODA
https://www.garlic.com/~lynn/2011f.html#2 Car models and corporate culture: It's all lies
https://www.garlic.com/~lynn/2011i.html#35 Having left IBM, seem to be reminded that IBM is not the same IBM I had joined
https://www.garlic.com/~lynn/2011j.html#34 Boyd's Reading List Revisited
https://www.garlic.com/~lynn/2011l.html#35 The Next Convergence: The Future of Economic Growth in a Multispeed World
https://www.garlic.com/~lynn/2011l.html#73 computer bootlaces
https://www.garlic.com/~lynn/2011n.html#65 Soups
https://www.garlic.com/~lynn/2011n.html#81 A Close Look at the Perry Tax Plan
https://www.garlic.com/~lynn/2011n.html#86 PDCA vs. OODA
https://www.garlic.com/~lynn/2011p.html#52 Has anyone successfully migrated off mainframes?
https://www.garlic.com/~lynn/2012.html#22 Who originated the phrase "user-friendly"?
https://www.garlic.com/~lynn/2012.html#25 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#31 Who originated the phrase "user-friendly"?
https://www.garlic.com/~lynn/2012c.html#26 Why Can't America Catch UP?
https://www.garlic.com/~lynn/2012c.html#32 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#40 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012c.html#62 Why Is Finance So Big?
https://www.garlic.com/~lynn/2012d.html#54 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012e.html#78 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012f.html#77 Vampire Squid
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Fri, 01 Jun 2012 20:34:06Walter Bushell <proto@panix.com> writes:
reference to Brokers' Loans fueled the speculation/bubble/crash '29
stock market:
https://www.garlic.com/~lynn/2012g.html#67 Monopoly/ Cartons of Punch Cards
S&L crisis, lack of regulation allowed S&Ls to be acquired and then
used as personal piggy-bank
https://www.garlic.com/~lynn/2012g.html#68 Monopoly/ Cartons of Punch Cards
above also mentions that relentless deregulation at least back to early
80s ... had by 2006 only a quarter of all lending occurred in regulated
sectors ... or at least traditionally regulated loan orginators
... whether or not they were actively being regulated ... the rest were
new forms of loan originators ... like the #1 from times list of those
responsible ... some recent refs to the list
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#28 REPEAL OF GLASS-STEAGALL DID NOT CAUSE THE FINANCIAL CRISIS - WHAT DO YOU THINK?
https://www.garlic.com/~lynn/2012g.html#59 Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession?
nominal regulated depository institutions used deposits as source of funds for loans. in congressional hearings into the pivotal role that rating agencies played in the mess ... testimony was that the last decade it was possible for CDO sellers to pay for triple-A ratings ... even when both the CDO sellers and the rating agencies knew they weren't worth triple-A.
securitized mortgages had been used during S&L crisis to obfuscate
fraudlent mortgages. In the late 90s, we were asked to look at improving
the integrity of the supporting documents in securitized mortgages. some
old post from 1999:
https://www.garlic.com/~lynn/aepay3.htm#riskm
however, with new breed of loan originators being able to use CDOs as source of funds ... and paying for triple-A ratings (w/o regard to quality) resulted in they no longer had to care about loan quality and/or borrower's qualifications ... and they could start doing no-down, no-documentation, 1% interest payment only ARMs (liars' loans) ... aka triple-A trumps documentation ... and no supporting documentation means that there is no longer any issue about supporting documentation integrity (during the rating agency congressional hearings, one of the news commentators commented that they would likely avoid federal prosecution because of being able to blackmail the gov. with rating downgrade).
Speculators could get 2000% ROI in parts of the country with 20-30% inflation with 1% interest payment ARMs (planning on flipping before rates adjust). Critical role was long originators being able to pay for triple-A rating (w/o regard to actual quality), turning the real-estate market into the equivalent of the 20's stock market.
$27T then was done during the bubble:
Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
https://www.bloomberg.com/news/articles/2008-10-27/evil-wall-street-exports-boomed-with-fools-born-to-buy-debt
recent posts mentioning $27T done during the bubble:
https://www.garlic.com/~lynn/2012.html#32 Wall Street Bonuses May Reach Lowest Level in 3 Years
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#65 Why Wall Street Should Stop Whining
https://www.garlic.com/~lynn/2012b.html#95 Bank of America Fined $1 Billion for Mortgage Fraud
https://www.garlic.com/~lynn/2012c.html#30 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#46 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#32 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#42 China's J-20 Stealth Fighter Is Already Doing A Whole Lot More Than Anyone Expected
https://www.garlic.com/~lynn/2012e.html#23 Are mothers naturally better at OODA because they always have the Win in mind?
https://www.garlic.com/~lynn/2012e.html#40 Who Increased the Debt?
https://www.garlic.com/~lynn/2012e.html#58 Word Length
https://www.garlic.com/~lynn/2012f.html#31 Rome speaks to us. Their example can inspire us to avoid their fate
https://www.garlic.com/~lynn/2012f.html#63 One maths formula and the financial crash
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#69 Freefall: America, Free Markets, and the Sinking of the World Economy
https://www.garlic.com/~lynn/2012f.html#75 Fed Report: Mortgage Mess NOT an Inside Job
https://www.garlic.com/~lynn/2012f.html#80 The Failure of Central Planning
https://www.garlic.com/~lynn/2012f.html#87 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012g.html#6 Adult Supervision
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sat, 02 Jun 2012 09:15:39hancock4 writes:
Poughkeepsie was high-end mainframe & Endicott was low-end/mid-range mainframe
in the late 70s and early 80s, 4300 machines saw huge upswing in the
low&midrange market ... revenue starting to rival that of POK. It was
selling into same market as DEC VAX which also saw big upswing ... old
post w/decade of VAX numbers sliced&diced by year, model, US, non-US
https://www.garlic.com/~lynn/2002f.html#0
as can be seen by the mid-80s, the low&mid range market was starting to
move to workstations & large PCs. 4300 saw similar numbers is the small
unit number orders. The big difference between 4300 & vax was the
several hundred unit numbers by large corporations for 4300 ... sort of
the leading edge of the distributed computing tsunami. However by
mid-80s, 4300 were also starting to see the effect of the move of
low&mid range to workstations and large PCs; the 4361/4381 (follow-ons to
the 4331/4341) never saw the big sales (of their predecessors). misc.
old 4300 email
https://www.garlic.com/~lynn/lhwemail.html#43xx
some of the big datacenters were bursting at the seams and putting 4300 machines out in departments alleviated some of the pressure on the datacenters. Internally, departmental conference rooms became scarce commodity as they were taken over for departmental 4300 machines.
Inside the datacenter, POK saw some pressure from 4300. cluster of 4341 was higher processing power, lower cost, smaller footprint, less electricity/power ... than 3033. At one point, head of POK had internal allocation of critical 4341 manufacturing component, cut in half (internal politics).
With disappearing low/mid range in late 80s, Endicott business started to drop off considerably ... I'm not even sure what is left in Endicott now.
Also, in the late 80s, a senior disk engineer got a talk scheduled at
annual, world-wide, internal communication group conference and opened
with the statement that the communication group was going to be
responsible for the demise of the disk division. The issue was that
communication group had strategic ownership & stranglehold on everything
that crossed the datacenter ... and they were working hard to preserve
their terminal emulation install base and fight off client/server and
distributed computing. The disk division was seeing drop in disk sales
as data was fleeing the datacenter to more distributed computing
friendly platforms. The disk division had come up with a number of
solutions to address the problem ... but they were constantly being
vetoed by the communication group. misc. past posts
https://www.garlic.com/~lynn/subnetwork.html#emulation
AMEX, Private Equity, IBM related Gerstner posts
https://www.garlic.com/~lynn/submisc.html#gerstner
Note that in the mid-80s senior management was predicting sales would be doubling from $60B to $120B mostly on mainframe sales and started massive internal building program to double mainframe manufacturing capacity ... at a time when things were starting to go in the opposite direction. There was also big upswing in the executive fasttrack program (apparently looking to also double number of executives) ... that had detrimental effect as large numbers of inexperienced people were rapidly rotated through various business unit executive positions.
A few years, and the company goes into the red in the early 90s ... leading to the scenario where somebody distributes a note about would the last person to leave POK, please turn out the lights.
A number of recent posts on Watsons earlier reign and/or Gerstner's
"resurrection" of IBM
https://www.garlic.com/~lynn/2012.html#45 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#57 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#92 Has anyone successfully migrated off mainframes?
https://www.garlic.com/~lynn/2012.html#100 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012.html#103 Google works on Internet standards with TCP proposals, SPDY standardization
https://www.garlic.com/~lynn/2012.html#104 Can a business be democratic? Tom Watson Sr. thought so
https://www.garlic.com/~lynn/2012b.html#12 Sun Tzu, Boyd, strategy and extensions of same
https://www.garlic.com/~lynn/2012b.html#41 Are rotating register files still a bad idea?
https://www.garlic.com/~lynn/2012b.html#59 Original Thinking Is Hard, Where Good Ideas Come From
https://www.garlic.com/~lynn/2012b.html#74 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#76 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012d.html#21 Inventor of e-mail honored by Smithsonian
https://www.garlic.com/~lynn/2012d.html#23 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012d.html#35 Layer 8: NASA unplugs last mainframe
https://www.garlic.com/~lynn/2012e.html#38 A bit of IBM System 360 nostalgia
https://www.garlic.com/~lynn/2012e.html#77 Just for a laugh... How to spot an old IBMer
https://www.garlic.com/~lynn/2012e.html#104 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012e.html#105 Burroughs B5000, B5500, B6500 videos
https://www.garlic.com/~lynn/2012f.html#3 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012f.html#11 Word Length
https://www.garlic.com/~lynn/2012f.html#23 Time to competency for new software language?
https://www.garlic.com/~lynn/2012f.html#78 What are you experiences with Amdahl Computers and Plug-Compatibles?
https://www.garlic.com/~lynn/2012f.html#84 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012f.html#92 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012g.html#4 Hard drives: A bit of progress
https://www.garlic.com/~lynn/2012g.html#34 Co-existance of z/OS and z/VM on same DASD farm
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sat, 02 Jun 2012 10:32:51re:
part of the recent MBA finger-pointing discussion was focus on wringing every possible dollar out of current infrastructure ... which skimmed from things like maintenance, infrastructure operation, R&D (long termthings with no immediate payback). Such activity would have also gone hand-in-hand with pure greed (possibly even leveraging MBAs as front for their agendas).
a contributing factor raised in
https://www.amazon.com/Quiet-Power-Introverts-Talking-ebook/dp/B004J4WNL2
was that last century America saw the rise of the "cult of personality" at the expense of character.
I had first sponsored Boyd's briefings at IBM in the early 80s. One of his points was that at entry to WW2, the US military had to field a large number with little or no experience. As a result they created a rigid, top-down command&control infrastructure to leverage the few available exerpienced individuals. He commented that by the early 80s, that paradigm was starting to adversely affect corporate america as former WW2 military members were climbing the corporate ladders (and emulating the WW2 military rigid, top-down command&control infrastructure ... assuming that only those at the very top knew what they were doing ... and everybody else had little or no skills, experience, and/or compentence).
Concentrating all the control at the very top, "cult of personality" (at expense of character) and greed ... combine to drastically reduce effectiveness of an organization and its ability to adapt.
A more recent example is claims that the ratio of avg executive
compensation to general worker compensation had exploded to 400:1
after having been 20:1 for a long time and 10:1 in most of the
rest of the world. Age of Greed
https://www.amazon.com/Age-Greed-Triumph-Finance-ebook/dp/B004DEPF6I/
claims that the ratio spiked over 500:1 during the economic mess
misc. past posts mentioning "Age of Greed":
https://www.garlic.com/~lynn/2012.html#3 We are on the brink of a
historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#31 Who originated the phrase "user-friendly"?
https://www.garlic.com/~lynn/2012.html#37 Romney's Opponents Intensify Attacks as Voting Nears
https://www.garlic.com/~lynn/2012.html#40 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#45 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#47 Avoiding a lost decade
https://www.garlic.com/~lynn/2012.html#48 Fed's image tarnished by newly released documents
https://www.garlic.com/~lynn/2012.html#57 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#62 Railroaded
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012.html#72 Chris Dodd's SOPA crusading
https://www.garlic.com/~lynn/2012.html#77 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#79 Bain: A consulting firm too hot to handle? (Fortune, 1987)
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012.html#92 Has anyone successfully migrated off mainframes?
https://www.garlic.com/~lynn/2012.html#95 Can anyone offer some insight
https://www.garlic.com/~lynn/2012b.html#12 Sun Tzu, Boyd, strategy and extensions of same
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#29 The speeds of thought, complexities of problems
https://www.garlic.com/~lynn/2012b.html#43 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#74 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#90 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#99 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#2 Occupy the SEC (Securities & Exchange Commission)
https://www.garlic.com/~lynn/2012c.html#5 Too big not to fail
https://www.garlic.com/~lynn/2012c.html#19 Occupy the SEC Pitches An Extreme Makeover of Wall Street
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#62 Why Is Finance So Big?
https://www.garlic.com/~lynn/2012d.html#13 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#14 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#48 IBM cuts more than 1,000 U.S. workers
https://www.garlic.com/~lynn/2012d.html#71 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#91 The Fractal Organization: Creating sustainable organizations with the Viable System Model
https://www.garlic.com/~lynn/2012f.html#35 Inequality and Investment Bubbles: A Clearer Link Is Established
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#86 The Dangers of High-Frequency Trading; Wall Street's Speed Freaks
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#16 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#22 Psychology Of Fraud: Why Good People Do Bad Things
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 2 june, 2012 Subject: Why So Many Formerly Successful Companies Are Failing Blog: FacebookWhy So Many Formerly Successful Companies Are Failing
There was something about successful companies were not failing from doing the wrong thing ... but continuing to do the "once" right thing when environment has changed ... aka not adapting to changing environment. This may have been aided and abetted by rise of MBA focused on wringing every dollar out of existing operations.
Recent posts about Gerstner's "resurrection of IBM" ... changing from
product focused company to a service focused company ... recent
revenue was 83% software & services and 17% was everything else:
https://www.garlic.com/~lynn/2012d.html#54 ,
https://www.garlic.com/~lynn/2012g.html#34 ,
https://www.garlic.com/~lynn/2012g.html#72
and there is recent thread about failure of the US steal industry:
https://www.garlic.com/~lynn/2012g.html#73
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 09:59:27"Charles Richmond" <numerist@aquaporin4.com> writes:
during the same period there has been significant decline & ranking of
public school academic scores ... so the dumbing down wasn't just of
those attending college ... but across everybody in the public school
system (the midwest state univ system said that they had to dumb down
freshman entering courses three times since the 60s; again not just
because they were taking broader spectrum of students ... but that *ALL*
public school students had dumbed down). A few past posts mentioning
"dumbed down":
https://www.garlic.com/~lynn/2006t.html#21 Are there more stupid people in IT than there used to be?
https://www.garlic.com/~lynn/2007j.html#45 IBM Unionization
https://www.garlic.com/~lynn/2007o.html#33 EZPass: Yes, Big Brother IS Watching You!
https://www.garlic.com/~lynn/2011l.html#20 Selectric Typewriter--50th Anniversary
https://www.garlic.com/~lynn/2011p.html#125 UC-Berkeley and other public Ivies' in fiscal peril
there was recent news items that increase in student tuition at US univ (several times that of inflation) over the past couple decades correlates with increase in the Federal student loan program ... implying the univ. were soaking the students for every penny they could get (however, increase in student tuition also corresponds to decreased state funding ... would need aggregate funding per student both tuition and other sources ... and how much was purely trying to soak the students for every penny).
Along with this there seems to have been increase in recruiting foreign (non-resident) students ... since they could charge significantly more. There is also they are getting foreign students with much higher academic credentials ... when we did some technical recruiting in the 90s ... all the 4.0 students at cal. univ were foreign. Also there was comment that over 50% all advanced technical degrees (science, engineering, mathematics) at colleges and univ. in state of cal. went to foreign students. This has come up in some of my comments jobs going to foreign students ... that the internet bubble in silicon valley wouldn't have been possible w/o all those foreign advance degree graduates (since the number of native born were insufficient).
There was report from the 1990 census that 50% of US 18yr olds were
functionally illiterate ... some past posts:
https://www.garlic.com/~lynn/2002k.html#45 How will current AI/robot stories play when AIs are real?
https://www.garlic.com/~lynn/2003i.html#28 Offshore IT
https://www.garlic.com/~lynn/2003i.html#45 Offshore IT
https://www.garlic.com/~lynn/2003i.html#55 Offshore IT
https://www.garlic.com/~lynn/2003p.html#33 [IBM-MAIN] NY Times editorial on white collar jobs going
https://www.garlic.com/~lynn/2004b.html#42 The SOB that helped IT jobs move to India is dead!
https://www.garlic.com/~lynn/2004d.html#18 The SOB that helped IT jobs move to India is dead!
https://www.garlic.com/~lynn/2004h.html#18 Low Bar for High School Students Threatens Tech Sector
https://www.garlic.com/~lynn/2005e.html#48 Mozilla v Firefox
https://www.garlic.com/~lynn/2005g.html#43 Academic priorities
https://www.garlic.com/~lynn/2006g.html#20 The Pankian Metaphor
https://www.garlic.com/~lynn/2006l.html#63 DEC's Hudson fab
https://www.garlic.com/~lynn/2007g.html#7 U.S. Cedes Top Spot in Global IT Competitiveness
https://www.garlic.com/~lynn/2007i.html#24 John W. Backus, 82, Fortran developer, dies
https://www.garlic.com/~lynn/2007i.html#79 John W. Backus, 82, Fortran developer, dies
https://www.garlic.com/~lynn/2007j.html#31 IBM Unionization
https://www.garlic.com/~lynn/2007j.html#51 IBM Unionization
https://www.garlic.com/~lynn/2007j.html#80 IBM Unionization
https://www.garlic.com/~lynn/2007j.html#85 IBM Unionization
https://www.garlic.com/~lynn/2007k.html#10 IBM Unionization
https://www.garlic.com/~lynn/2007k.html#30 IBM Unionization
https://www.garlic.com/~lynn/2007k.html#34 IBM Unionization
https://www.garlic.com/~lynn/2007k.html#42 IBM Unionization
https://www.garlic.com/~lynn/2007n.html#68 Poll: oldest computer thing you still use
https://www.garlic.com/~lynn/2007o.html#21 U.S. Cedes Top Spot in Global IT Competitiveness
https://www.garlic.com/~lynn/2007o.html#22 U.S. Cedes Top Spot in Global IT Competitiveness
https://www.garlic.com/~lynn/2007v.html#29 folklore indeed
https://www.garlic.com/~lynn/2008.html#39 competitiveness
https://www.garlic.com/~lynn/2008k.html#5 Republican accomplishments and Hoover
https://www.garlic.com/~lynn/2008q.html#55 Can outsourcing be stopped?
https://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
https://www.garlic.com/~lynn/2009s.html#43 Larrabee delayed: anyone know what's happening?
https://www.garlic.com/~lynn/2010.html#38 Happy DEC-10 Day
https://www.garlic.com/~lynn/2010o.html#66 They always think we don't understand
https://www.garlic.com/~lynn/2011.html#80 Chinese and Indian Entrepreneurs Are Eating America's Lunch
https://www.garlic.com/~lynn/2011k.html#48 50th anniversary of BASIC, COBOL?
https://www.garlic.com/~lynn/2011l.html#36 The Next Convergence: The Future of Economic Growth in a Multispeed World
https://www.garlic.com/~lynn/2011n.html#18 Great Brian Arthur article on the Second Economy
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 10:20:52"Charles Richmond" <numerist@aquaporin4.com> writes:
on railroaded book
https://www.amazon.com/Railroaded-Transcontinentals-Making-America-ebook/dp/B0051GST1U
and get significant sense of the above book just from the kindle "sample"
article about the book here:
http://phys.org/news/2012-01-railroad-hyperbole-echoes-dot-com-frenzy.html
big secret to accumulating great wealth from railroad was getting the governments to put up as much money as possible, skimming it off and then walking away.
along the way there was enormous bribery and corruption of legislatures at both the federal and state levels.
Mortgage backed securities CDOs ... and being able to pay the rating
agencies for triple-A (even when both the sellers and rating agencies
knew they weren't worth triple-A) allowed mortgages to be unloaded with
regard to loan quality and/or borrower's qualification. There
were $27T of these securitized loan CDOs done during the bubble
Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
https://www.bloomberg.com/news/articles/2008-10-27/evil-wall-street-exports-boomed-with-fools-born-to-buy-debt
and from:
https://www.amazon.com/Two-Trillion-Dollar-Meltdown-Rollers-ebook/dp/B0097DE7DM/
pg54:
The relentless deregulation drive that started during the Reagan
administration steadily shifted lending activities to the purview of
nonregulated entities, until by 2006, only about a quarter of all
lending occurred in regulated sectors.
... snip ...
there was both an issue of lack of enforcement at traditional sources of mortgages, regulated depository institutions that used deposits as source of funds ... and move to using triple-A rated CDOs as source of funding (so almost any street corner operation could be doing mortgages).
and SEC still had authority over fraudulent activity ... and failed to do anything (even if they didn't have other kinds regulatory oversight):
SEC: Taking on Big Firms is 'Tempting,' But We Prefer Picking on Little Guys
http://www.rollingstone.com/politics/blogs/taibblog/sec-taking-on-big-firms-is-tempting-but-we-prefer-whaling-on-little-guys-20120530
from above:
More notoriously, the SEC stood by and did nothing even after the FBI
publicly warned that the incidence of so-called "liar's loans" --
mortgage applications in which income levels and other information
were not verified -- was "epidemic" and could cause an "economic
crisis." The SEC could have walked into any major mortgage lender's
office anytime in the five years prior to the 2008 crash and in one
afternoon's worth of interviews learned that fraud in the mortgage
markets was out of control, but instead they allowed companies like
Countrywide and Long Beach to proliferate and pump the economy full of
millions of bad loans, nearly destroying the economy.
... snip ...
Securitized mortgages had been used in the S&L crisis to obfuscate fraudulent mortgages ... but w/o the triple-A rating they had very little market. The triple-A rating opened up things to large institutional investors (that were restricted to dealing in triple-A, like large retirement funds) as nearly unlimited source of funds.
#1 on times list of those responsible:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html
#2 on times list
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
#3 on times list:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
#4 on times list
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 10:28:15jmfbahciv <See.above@aol.com> writes:
old wharton business school article ... gone behind paywall but lives
free at wayback machine (if you get the wayback welcome screen, clickon
the "Impatient!" field at lower middle right)
https://web.archive.org/web/20080606084328/http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933
estimated that 1000 were responsible for 80% of the mess and it would go long ways to correcting the situation if the gov. could figure out how to eliminate them.
#1 on times list of those responsible:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html
#2 on times list
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
#3 on times list:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
#4 on times list
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
how about not just the BofD but also the BofD financial audit committee
#2 on the list for actively de-regulation and opposing new regulations
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,
... snip ...
and more #3 responsible, Greenspan Slept as Off-Books Debt Escaped
Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&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.
... snip ...
Brooksley was fairly quickly replaced by Wendy Gramm as head of Commodity Futures Trading Commission, and then after her husband got the regulation exemption in Congress, Wendy resigns to join Enron's board.
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 11:30:47jmfbahciv <See.above@aol.com> writes:
also #4 on times list of those responsible ... for lack of enforcing
regulation:
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877323,00.html
besides more recent reference here
https://www.garlic.com/~lynn/2012g.html#76 Monopoly/ Cartons of Punch Cards
SEC had authority to do something about ENRON & WORLDCOM ... but it didn't. Congress then strengthen authority with Sarbanes-Oxley (although it isn't clear whether Congress actually believed SEC would do anything, i.e. if it wasn't doing anything with its current authority, then it would be highly unlikely that it would do anything with additional authority).
looks like even GAO didn't think SEC was doing anything and started
doing reports of public company fraudulent financial filings ... even
showing uptic after SOX:
http://www.gao.gov/products/GAO-03-395R
http://www.gao.gov/products/GAO-06-678
https://www.gao.gov/products/gao-06-1079sp
in theory, under SOX ... all the executives as well as BofD, would be doing jail time
more recent:
GAO calls on SEC to beef up Finra oversight; Report critical of
executive compensation, operations
http://www.investmentnews.com/article/20120531/FREE/120539980
it also came up in the congressional hearings into the Madoff ponzi scheme with the testimony by the person that had tried unsuccessfully for a decade to get SEC to do something about Madoff (when Madoff finally turned himself in, SEC was forced to do something).
misc. other recent posts mentioning (even) GAO critical of SEC lack of
enforcement:
https://www.garlic.com/~lynn/2012.html#1 The war on terabytes
https://www.garlic.com/~lynn/2012.html#18 SEC v. Citigroup, How to Avoid (Greater) Disaster
https://www.garlic.com/~lynn/2012.html#26 What's your favorite quote on
"accountability"?
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#53 Can America Lead the World's Fight Against Corruption?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#87 The Benefit and The Burden
https://www.garlic.com/~lynn/2012c.html#0 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012c.html#31 US real-estate has lost $7T in value
https://www.garlic.com/~lynn/2012c.html#45 Fannie, Freddie Charge Taxpayers For Legal Bills
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#10 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#12 Gordon Gekko Says
https://www.garlic.com/~lynn/2012d.html#16 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012d.html#39 Fannie and Freddie must go - here's how
https://www.garlic.com/~lynn/2012e.html#30 Senators Who Voted Against Ending Big Oil Tax Breaks Received Millions From Big Oil
https://www.garlic.com/~lynn/2012e.html#57 speculation
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#84 How do you feel about the fact that India has more employees than US?
https://www.garlic.com/~lynn/2012g.html#6 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#59 Why Hasn't The Government Prosecuted Anyone For The 2008 Financial recession?
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 12:13:31jmfbahciv <See.above@aol.com> writes:
item from last year when senator was slammed for releasing oil
activity/transaction data showing speculators causing wild, irrational
price swings
http://www.reuters.com/article/2011/08/19/us-cftc-dataleak-idUSTRE77I4NR20110819
... remember it was the head of the CFTC that proposed regulating CDS (which would have helped damped down the financial mess) ... they were almost immediately replaced and bill passed to prevent CFTC from doing anything.
another CFTC oil speculation
http://www.thenation.com/article/159078/will-congress-crack-down-oil-speculators
past posts mentioning oil speculation:
https://www.garlic.com/~lynn/2010p.html#57 TCM's Moguls documentary series
https://www.garlic.com/~lynn/2010q.html#55 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2011.html#53 What do you think about fraud prevention in the governments?
https://www.garlic.com/~lynn/2011f.html#90 CFTC Limits on Commodity Speculation May Wait Until Early 2012
https://www.garlic.com/~lynn/2011g.html#3 CFTC Limits on Commodity Speculation May Wait Until Early 2012
https://www.garlic.com/~lynn/2011g.html#17 Hey all you Old Geeks (and younger ones too), with gas heading towards $6.00/gal, remote support, satellite offices and home office will become more cost effective
https://www.garlic.com/~lynn/2011k.html#76 FIA shocked and outraged after Senator leaks oil trading data
https://www.garlic.com/~lynn/2011l.html#21 HOLLOW STATES and a CRISIS OF CAPITALISM
https://www.garlic.com/~lynn/2011m.html#18 computer bootlaces
https://www.garlic.com/~lynn/2011n.html#80 A Close Look at the Perry Tax Plan
https://www.garlic.com/~lynn/2011o.html#47 Civilization, doomed?
https://www.garlic.com/~lynn/2011o.html#61 Civilization, doomed?
https://www.garlic.com/~lynn/2011o.html#64 Civilization, doomed?
https://www.garlic.com/~lynn/2012d.html#61 Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump
https://www.garlic.com/~lynn/2012e.html#57 speculation
https://www.garlic.com/~lynn/2012e.html#69 speculation
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 16:13:20hancock4 writes:
pg.271
Standard economic theory (the neoclassical model discussed earlier in
this chapter) has had little to say about innovation, even though most
of the increases in U.S. standards of living in the past hundred years
have come from technical progress. As I noted earlier, just as
"information" was outside the old models, so too was innovation.
... snip ...
much of the robber baron's period ... as well as the last decade ... wasn't creation of wealth ... but the concentration of wealth
America Is Broken, What Now?
http://globalguerrillas.typepad.com/globalguerrillas/2011/10/journal-why-the-us-middle-class-is-broken.html
taken from this graphic
http://www.nytimes.com/imagepages/2011/09/04/opinion/04reich-graphic.html
part of this article:
http://www.nytimes.com/2011/09/04/opinion/sunday/jobs-will-follow-a-strengthening-of-the-middle-class.html
and
Inequality and Investment Bubbles: A Clearer Link Is Established
http://www.sciencedaily.com/releases/2012/04/120419153917.htm
misc. recent posts mentioning above:
https://www.garlic.com/~lynn/2012.html#1 The war on terabytes
https://www.garlic.com/~lynn/2012.html#3 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#45 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012d.html#48 IBM cuts more than 1,000 U.S. workers
https://www.garlic.com/~lynn/2012e.html#70 Disruptive Thinkers: Defining the Problem
https://www.garlic.com/~lynn/2012f.html#35 Inequality and Investment Bubbles: A Clearer Link Is Established
https://www.garlic.com/~lynn/2012f.html#77 Vampire Squid
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Sun, 03 Jun 2012 16:49:48hancock4 writes:
(possibly fallacious) excuse for explosion of the ratio of executive to worker compensation to 400:1 is the Boyd scenario where US military excuse at entry to WW2 was that only very few top generals knew what they were doing and everybody else was with experience of skills ... which then requires rigid, top-down, command and control structure infrastructure (to leverage the few available skills) ... then his observation that the paradidgm was starting to contaminate US corporate culture by the early 80s (with former ww2 military officers climbing corporate executive ladder).
other explanation is simply concentration of wealth from this post
https://www.garlic.com/~lynn/2012g.html#80 Monopoly/ Cartons of Punch Cards
however there is also this about lack of SEC enforcement of any
kind
https://www.garlic.com/~lynn/2012g.html#78 Monopoly/ Cartons of Punch Cards
with this:
GAO calls on SEC to beef up Finra oversight; Report critical of
executive compensation, operations
http://www.investmentnews.com/article/20120531/FREE/120539980
misc. past posts mentioning the 400:1 executive/worker compensation
ratio explosion:
https://www.garlic.com/~lynn/2008i.html#73 Should The CEO Have the Lowest Pay In Senior Management?
https://www.garlic.com/~lynn/2008j.html#24 To: Graymouse -- Ireland and the EU, What in the H... is all this about?
https://www.garlic.com/~lynn/2008j.html#76 lack of information accuracy
https://www.garlic.com/~lynn/2008k.html#71 Cormpany sponsored insurance
https://www.garlic.com/~lynn/2008m.html#25 Taxes
https://www.garlic.com/~lynn/2008m.html#33 Taxes
https://www.garlic.com/~lynn/2008m.html#53 Are family businesses unfair competition?
https://www.garlic.com/~lynn/2008m.html#93 What do you think are the top characteristics of a good/effective leader in an organization? Do you feel these characteristics are learned or innate to an individual?
https://www.garlic.com/~lynn/2008n.html#2 Blinkylights
https://www.garlic.com/~lynn/2008n.html#58 Traditional Approach Won't Take Businesses Far Places
https://www.garlic.com/~lynn/2008q.html#14 realtors (and GM, too!)
https://www.garlic.com/~lynn/2008q.html#17 realtors (and GM, too!)
https://www.garlic.com/~lynn/2008r.html#61 The vanishing CEO bonus
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#41 Executive pay: time for a trim?
https://www.garlic.com/~lynn/2008s.html#44 Executive pay: time for a trim?
https://www.garlic.com/~lynn/2009.html#50 Greed Is
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/2009d.html#3 Congress Set to Approve Pay Cap of $500,000
https://www.garlic.com/~lynn/2009e.html#73 Most 'leaders' do not 'lead' and the majority of 'managers' do not 'manage'. Why is this?
https://www.garlic.com/~lynn/2009f.html#2 CEO pay sinks - Wall Street Journal/Hay Group survey results just released
https://www.garlic.com/~lynn/2009g.html#44 What TARP means for the future of executive pay
https://www.garlic.com/~lynn/2009o.html#37 Young Developers Get Old Mainframers' Jobs
https://www.garlic.com/~lynn/2009p.html#48 Opinions on the 'Unix Haters' Handbook
https://www.garlic.com/~lynn/2010d.html#8 search engine history, was Happy DEC-10 Day
https://www.garlic.com/~lynn/2010e.html#39 Agile Workforce
https://www.garlic.com/~lynn/2010f.html#33 The 2010 Census
https://www.garlic.com/~lynn/2010m.html#62 Dodd-Frank Act Makes CEO-Worker Pay Gap Subject to Disclosure
https://www.garlic.com/~lynn/2010m.html#67 Idiotic programming style edicts
https://www.garlic.com/~lynn/2010o.html#22 60 Minutes News Report:Unemployed for over 99 weeks!
https://www.garlic.com/~lynn/2010o.html#59 They always think we don't understand
https://www.garlic.com/~lynn/2010o.html#66 They always think we don't understand
https://www.garlic.com/~lynn/2010o.html#71 They always think we don't understand
https://www.garlic.com/~lynn/2010p.html#10 OODA in highly stochastic environments
https://www.garlic.com/~lynn/2011.html#80 Chinese and Indian Entrepreneurs Are Eating America's Lunch
https://www.garlic.com/~lynn/2011b.html#53 Productivity And Bubbles
https://www.garlic.com/~lynn/2011g.html#13 The Seven Habits of Pointy-Haired Bosses
https://www.garlic.com/~lynn/2011j.html#69 Who was the Greatest IBM President and CEO of the last century?
https://www.garlic.com/~lynn/2011l.html#28 computer bootlaces
https://www.garlic.com/~lynn/2011p.html#147 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#25 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#26 What's your favorite quote on "accountability"?
https://www.garlic.com/~lynn/2012b.html#12 Sun Tzu, Boyd, strategy and extensions of same
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#26 Strategy subsumes culture
https://www.garlic.com/~lynn/2012b.html#31 PC industry is heading for more change
https://www.garlic.com/~lynn/2012b.html#43 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012b.html#90 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012d.html#16 IBM cuts more than 1,000 U.S. Workers
https://www.garlic.com/~lynn/2012e.html#91 The Fractal Organization: Creating sustainable organizations with the Viable System Model
https://www.garlic.com/~lynn/2012f.html#77 Vampire Squid
--
virtualization experience starting Jan1968, online at home since Mar1970
From: lynn@garlic.com (Lynn Wheeler) Date: 3 June, 2012 Subject: How do you feel about the fact that today India has more IBM employees than US? Blog: IBMersref:
Review of Gerstner's "Who says elephants can't dance"
http://www.tdaxp.com/archive/2012/02/10/review-of-who-says-elephants-cant-dance-by-louis-gerstner.html
and Gerstner's "resurrection" of IBM. In my response, I point out Gerstner coming from wallstreet financial industry ... being groomed to take-over as CEO of AMEX.
KKR wins bidding war with AMEX for RJR
https://en.wikipedia.org/wiki/Shearson
Reverse IPO/leverage buyouts are frequently structured that all the debt for the reverse IPO are put on the companies books ... while the people performing the operation take enormous fees & commissions. Company is then expected to service the debit from their operations. Company later does new IPO ... still carrying the original debt. Similar to real-estate speculators ... except subsequent IPO doesn't pay off the original debt (as would happen when speculator flips a house and pays off the original mortgage) ... but stays with the company.
In any case, RJR has trouble servicing the resulting debt (even before
new IPO) and KKR hires away Gerstner (from AMEX) to turn around RJR.
https://en.wikipedia.org/wiki/RJR_Nabisco
then IBM's boards hires Gerstner to resurrect IBM
https://en.wikipedia.org/wiki/Louis_V._Gerstner,_Jr.
from above:
In his memoir, Gerstner described the turnaround as difficult and
often wrenching for an IBM culture that had become insular and
balkanized
... snip ...
During the middle-80s top executives were predicting revenue would double from $60B to $120B mostly on mainframe sales. There was massive internal building program to double mainframe manufacturing capacity ... even when that portion of the market was heading in the other direction. In the early 90s, the company goes into the red ... resulting in the board having to replace existing executive with Gerstner to "resurrect" IBM. Gerstner refocuses the company from hardware products to services. Recent revenue is something like 83% services&software ... with everything else 17% ... including all hardware. Hardware sales is about evenly divided between intel/86, power/risc, and mainframe ... at approx. $5B each (far cry from the $120B in 1990 dollars or over $200B in today's dollars). In any case, the downhill slide to going into the red and requiring resurrection had been in progress for some time.
"Strategic Intuition" does a comparison of Microsoft, Apple, Google
and Gerstner's resurrection of IBM:
https://www.amazon.com/Strategic-Intuition-Creative-Achievement-Publishing-ebook/dp/B0097D773O/
Disclaimer ... i did stint as chief scientist at First Data
... slightly garbled here:
https://web.archive.org/web/20190524015712/http://www.ibmsystemsmag.com/mainframe/stoprun/Stop-Run/Making-History/
... which was a 1992 spin-off/IPO from AMEX (of much of the card
processing dataprocessing ... was largest IPO up until that time). The
CEO of AMEX (at the time of First Data's IPO) was still on First
Data's board when I was there.
https://en.wikipedia.org/wiki/First_Data
and then first data is taken private, from above:
On April 2, 2007 it was announced that Kohlberg Kravis Roberts (KKR)
had entered an agreement to acquire First Data in one of the largest
leveraged buy-outs in history, and on October 1, 2007 KKR officially
took over the First Data Corporation. Ric Duques retired, and Michael
Capellas, previously the CEO of MCI, Inc., the president of
Hewlett-Packard Company, and also the chairman/CEO of the Compaq
Computer Corporation was appointed CEO.
... snip ...
Gerstner goes on to be chairman of The Carlyle Group (2003-2008),
another large private equity firm.
https://en.wikipedia.org/wiki/Carlyle_Group
For additional trivia & topic drift... Sandy Weill was via'ing with
Gerstner for next CEO of AMEX (heir apparent) ...
http://www.counterpunch.org/2012/05/15/why-jamie-dimons-2-billion-gambling-loss-will-not-speed-financial-reform/
the above includes this reference:
Back in 1986, Dimon was the bright young protege of "Sandy" Weill,
when he was forced out of American Express in a coup de requin. Master
and servant made their way to Baltimore, Maryland, where Weill
acquired a storefront moneylending firm called Commercial Credit.
... snip ...
above also characterizes Commercial Credit as loan sharking business.
Sandy Weill goes on to take-over of Citi ... in violation of
Glass-Steagall; Greenspan gives Weill an exemption while he lobbies
congress to repeal Glass-Steagall (GLBA legislation in 1999)
https://en.wikipedia.org/wiki/Sanford_I._Weill
Weill is on times list of those responsible for financial mess:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877329,00.html
lobbying repeal of Glass-Steagall also discussed here:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/
Dimon goes on to be head of JPMorgan/Chase.
https://en.wikipedia.org/wiki/Jamie_Dimon
gerstner posts
https://www.garlic.com/~lynn/submisc.html#gerstner
private equity posts
https://www.garlic.com/~lynn/submisc.html#private.equity
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 09:37:12jmfbahciv <See.above@aol.com> writes:
one of the ways of "gaming" the system is insider trading ... either using information and/or generating information.
this reference claims that wallstreet insiders have little to fear from
SEC for such activity (doing deals and then generating rumors driving
market in desired direction)
http://nypost.com/2007/03/20/cramer-reveals-a-bit-too-much/
frequently related to illegal naked short selling (leveraging insider infomation and/or making deals and then generating information that drives the market in the desired direction)
Accidentally Released - and Incredibly Embarrassing - Documents Show
How Goldman et al Engaged in 'Naked Short Selling'
http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515
Short-selling litigation; An enlightening mistake
http://www.economist.com/node/21555472
Goldman, Merrill E-Mails Show Naked Shorting, Filing Says
http://www.bloomberg.com/news/2012-05-15/goldman-merrill-e-mails-show-naked-shorting-filing-says.html
congress has specifically exempted themselves from such laws ("holes" specifically created for members of congress) ... some recent reports about members of congress who have become rich from insider trading (trading on wallstreet based on secret testimony before congress ... all perfectly permissable under the letter of the law exempting members of congress).
there are also recent reports that too-big-to-fail ... have their fingers into such a large number of different things ... that it is almost impossible for one part of the operation to not have ("insider") information from another part of the operation
misc. past posts
https://www.garlic.com/~lynn/2007f.html#39 Silly beginner questions
https://www.garlic.com/~lynn/2007r.html#27 Default Search Engines are dangerous, Especially Google <- Domain Name Stealers
https://www.garlic.com/~lynn/2008k.html#1 dollar coins
https://www.garlic.com/~lynn/2008k.html#25 IBM's 2Q2008 Earnings
https://www.garlic.com/~lynn/2008n.html#23 Michigan industry
https://www.garlic.com/~lynn/2008n.html#25 Blinkylights
https://www.garlic.com/~lynn/2008n.html#26 Blinkylights
https://www.garlic.com/~lynn/2008n.html#28 Blinkylights
https://www.garlic.com/~lynn/2008n.html#31 Blinkylights
https://www.garlic.com/~lynn/2008n.html#101 Blinkylights
https://www.garlic.com/~lynn/2008o.html#0 Blinkylights
https://www.garlic.com/~lynn/2008o.html#1 illegal naked short selling
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
https://www.garlic.com/~lynn/2009c.html#67 How to defeat new telemarketing tactic
https://www.garlic.com/~lynn/2009d.html#75 Whistleblowing and reporting fraud
https://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
https://www.garlic.com/~lynn/2009f.html#45 Artificial Intelligence to tackle rogue traders
https://www.garlic.com/~lynn/2009o.html#73 IBM Hardware Boss Charged With Insider Trading
https://www.garlic.com/~lynn/2009p.html#8 WSJ.com - IBM Puts Executive on Leave
https://www.garlic.com/~lynn/2009s.html#47 Audits VII: the future of the Audit is in your hands
https://www.garlic.com/~lynn/2010c.html#33 Happy DEC-10 Day
https://www.garlic.com/~lynn/2010h.html#41 Profiling of fraudsters
https://www.garlic.com/~lynn/2010m.html#62 Dodd-Frank Act Makes CEO-Worker Pay Gap Subject to Disclosure
https://www.garlic.com/~lynn/2010p.html#43 WikiLeaks' Wall Street Bombshell
https://www.garlic.com/~lynn/2010p.html#48 WikiLeaks' Wall Street Bombshell
https://www.garlic.com/~lynn/2010p.html#63 TCM's Moguls documentary series
https://www.garlic.com/~lynn/2010q.html#36 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2010q.html#44 Programmer Charged with thieft (maybe off topic)
https://www.garlic.com/~lynn/2011d.html#26 The first personal computer (PC)
https://www.garlic.com/~lynn/2011e.html#39 Back to architecture: Analyzing NYSE data
https://www.garlic.com/~lynn/2011f.html#35 At least two decades back, some gurus predicted that mainframes would disappear
https://www.garlic.com/~lynn/2011f.html#52 Are Americans serious about dealing with money laundering and the drug cartels?
https://www.garlic.com/~lynn/2011j.html#11 Innovation and iconoclasm
https://www.garlic.com/~lynn/2011j.html#38 Advice from Richard P. Feynman
https://www.garlic.com/~lynn/2011k.html#60 50th anniversary of BASIC, COBOL?
https://www.garlic.com/~lynn/2011l.html#21 HOLLOW STATES and a CRISIS OF CAPITALISM
https://www.garlic.com/~lynn/2011o.html#39 Civilization, doomed?
https://www.garlic.com/~lynn/2011p.html#30 21st Century Management approach?
https://www.garlic.com/~lynn/2012.html#5 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#44 What's the most interesting thing you do in your non-work life?
https://www.garlic.com/~lynn/2012c.html#13 Study links ultrafast machine trading with risk of crash
https://www.garlic.com/~lynn/2012e.html#41 Why Are the Fed and SEC Keeping Wall Street's Secrets?
https://www.garlic.com/~lynn/2012g.html#10 Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al Engaged in Naked Short Selling'
https://www.garlic.com/~lynn/2012g.html#12 JPM LOSES $2 BILLION USD!
https://www.garlic.com/~lynn/2012g.html#14 Psychology Of Fraud: Why Good People Do Bad Things
--
virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 10:00:01Peter Flass <Peter_Flass@Yahoo.com> writes:
the Boyd scenario from ww2 was only the few at the very top knew what they were doing (everybody else had no idea) ... requiring a rigid, top-down, command&control structure to direct all the large hordes that had no idea what they were doing. his scenario was that thinking was starting to contaiminate corporate america.
that philosiphy then theoretically ties size of organization to top executive compensation justifying the 400:1 compensation.
the downside is in changing/fluctuating environment ... you may need lots of skills on the spot to adapt to local circumstances. Boyd would use as an example Guderian's verbal orders only during the blitzkrieg ... Guderian was further inciting officiers on the spot (eliminating any worry about after action review, 2nd guessing circumstances). He would also highlight that the German army was 3percent officers while US Army was 11percent officers ... growing to 20percent; large officer core was required to enforce the rigid, top-down command and control structure.
recent posts mentioning Guderian's verbal orders only:
https://www.garlic.com/~lynn/2012.html#45 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012b.html#26 Strategy subsumes culture
https://www.garlic.com/~lynn/2012c.html#51 How would you succinctly desribe maneuver warfare?
https://www.garlic.com/~lynn/2012f.html#2 Did they apply Boyd's concepts?
a little more than a decade ago, I reviewed a periodic financial industry publication that gave avg. of large regional banks to avg. of the large national banks for thousands of measures. It turns out that the regional banks were slightly more profitable than the national banks ... implying that the large national banks were already too large (even before repeal of Glass-Steagall kicked in creating too-big-to-fail). An implication was that justification for too-big-to-fail was purely for exploiting the paradigm of top executives compensation proportional to organinational size ... and not justified on any other reason.
Age of Greed: The Triumph of Finance and the Decline of America, 1970
to the Present
https://www.amazon.com/Age-Greed-Triumph-Finance-ebook/dp/B004DEPF6I/
"Age of Greed" talks about major wallstreet players strongly pushing for decades that the gov. should not limit their risky behavior, but were the first in line for bailout every time things collapsed (not being held responsible or accountable for their behavior).
"Zombie Banks"
https://www.amazon.com/Zombie-Banks-Crippling-Bloomberg-ebook/dp/B0060IWMNY
make references to major wallstreet players claiming not knowing what
was going on during the financial mess, bubble, meltdown.
"Going Rogue: Share Traders More Reckless Than Psychopaths, Study Shows"
http://www.spiegel.de/international/zeitgeist/going-rogue-share-traders-more-reckless-than-psychopaths-study-shows-a-788462.html
also
http://www.businessinsider.com/study-stock-traders-are-worse-than-psychopaths-2011-9
Earlier reports from 2008 claimed large percentage of wallstreet players were sociopaths, showing no remorse for their activities. Numerous other reports make reference to wallstreet needing enormous amounts of adult supervision. Very much like "Judge Judy" when she asks when can you tell a teenager is lying.
"Age of Greed" has executive compensation being tied to stock price and rising stock market can provide for enormous executive compensation even when the individuals are mediocre or incompetent. The enormous corruption isn't particularly new having been repeated several times over the country's centuries.
misc. recent posts mentioning "Age of Greed"
https://www.garlic.com/~lynn/2012.html#3 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012.html#30 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#31 Who originated the phrase "user-friendly"?
https://www.garlic.com/~lynn/2012.html#37 Romney's Opponents Intensify Attacks as Voting Nears
https://www.garlic.com/~lynn/2012.html#40 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#45 You may ask yourself, well, how did I get here?
https://www.garlic.com/~lynn/2012.html#47 Avoiding a lost decade
https://www.garlic.com/~lynn/2012.html#48 Fed's image tarnished by newly released documents
https://www.garlic.com/~lynn/2012.html#57 The Myth of Work-Life Balance
https://www.garlic.com/~lynn/2012.html#62 Railroaded
https://www.garlic.com/~lynn/2012.html#70 Regulatory Agency logo
https://www.garlic.com/~lynn/2012.html#72 Chris Dodd's SOPA crusading
https://www.garlic.com/~lynn/2012.html#77 Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
https://www.garlic.com/~lynn/2012.html#79 Bain: A consulting firm too hot to handle? (Fortune, 1987)
https://www.garlic.com/~lynn/2012.html#87 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012.html#92 Has anyone successfully migrated off mainframes?
https://www.garlic.com/~lynn/2012.html#95 Can anyone offer some insight
https://www.garlic.com/~lynn/2012b.html#12 Sun Tzu, Boyd, strategy and extensions of same
https://www.garlic.com/~lynn/2012b.html#19 "Buffett Tax" and truth in numbers
https://www.garlic.com/~lynn/2012b.html#29 The speeds of thought, complexities of problems
https://www.garlic.com/~lynn/2012b.html#43 Where are all the old tech workers?
https://www.garlic.com/~lynn/2012b.html#54 The New Age Bounty Hunger -- Showdown at the SEC Corral
https://www.garlic.com/~lynn/2012b.html#74 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#90 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#99 New theory of moral behavior may explain recent ethical lapses in banking industry
https://www.garlic.com/~lynn/2012c.html#2 Occupy the SEC (Securities & Exchange Commission)
https://www.garlic.com/~lynn/2012c.html#5 Too big not to fail
https://www.garlic.com/~lynn/2012c.html#19 Occupy the SEC Pitches An Extreme Makeover of Wall Street
https://www.garlic.com/~lynn/2012c.html#54 PC industry is heading for more change
https://www.garlic.com/~lynn/2012c.html#62 Why Is Finance So Big?
https://www.garlic.com/~lynn/2012d.html#13 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#14 PC industry is heading for more change
https://www.garlic.com/~lynn/2012d.html#48 IBM cuts more than 1,000 U.S. workers
https://www.garlic.com/~lynn/2012d.html#71 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#91 The Fractal Organization: Creating sustainable organizations with the Viable System Model
https://www.garlic.com/~lynn/2012f.html#35 Inequality and Investment Bubbles: A Clearer Link Is Established
https://www.garlic.com/~lynn/2012f.html#66 Predator GE: We Bring Bad Things to Life
https://www.garlic.com/~lynn/2012f.html#74 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012f.html#86 The Dangers of High-Frequency Trading; Wall Street's Speed Freaks
https://www.garlic.com/~lynn/2012g.html#7 Adult Supervision
https://www.garlic.com/~lynn/2012g.html#16 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#20 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#22 Psychology Of Fraud: Why Good People Do Bad Things
https://www.garlic.com/~lynn/2012g.html#73 Monopoly/ Cartons of Punch Cards
https://www.garlic.com/~lynn/2012g.html#80 Monopoly/ Cartons of Punch Cards
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 10:18:19Peter Flass <Peter_Flass@Yahoo.com> writes:
this is playing out in F35 jet ... effort specifically organized into small number of pieces parceled out into large number of congressional districts ... guaranteeing safe from congressional concelation. This adds significant layer of technical complication to the effort having to coordinate large number of physically separate activity ... which also significantly complicates the integration of the disparate parts from all over. It makes more sense when there are commodity parts that haven't changed for a long time, thoroughly spec'ed and tested ... but it is recipe for disaster when every piece is brand new R&D and then magically expected to all come together perfectly.
in the case of shuttle ... somebody did a parody after the shuttle disaster (with the booster rockets). competitive proposal was single piece booster rocket built near the launch site and booster rocket built in specific congressional district. When Columbus was soliciting Queen Isabel's support ... one of the members of her court convinced her that the ships should be built in the pyrenees ... where the trees grew (rather than building ships in harbor and having to bring the trees down to the harbor). Then for transport to the shore (from the mountains), the ships would be sawed into three pieces, tansported, and then pieced back together (aka in order to transport booster rockets from the site where they were built to the launch site, they had to be built in smaller pieces and then finished assembly at launch).
misc. past posts mentioning shuttle disaster:
https://www.garlic.com/~lynn/2004k.html#62 Xah Lee's Unixism
https://www.garlic.com/~lynn/2011b.html#79 NASA proves once again that, for it, the impossible is not even difficult
https://www.garlic.com/~lynn/2012b.html#0 Happy Challenger Day
misc. past posts mentioning F35:
https://www.garlic.com/~lynn/2009.html#83 F111 related discussion x-over from Facebook
https://www.garlic.com/~lynn/2009.html#86 F111 related discussion x-over from Facebook
https://www.garlic.com/~lynn/2011h.html#43 Happy 100th Birthday, IBM!
https://www.garlic.com/~lynn/2011i.html#79 Innovation and iconoclasm
https://www.garlic.com/~lynn/2011k.html#42 Senator urges DoD: Do better job defending F-35
https://www.garlic.com/~lynn/2011k.html#49 50th anniversary of BASIC, COBOL?
https://www.garlic.com/~lynn/2011l.html#63 UAV vis-a-vis F35
https://www.garlic.com/~lynn/2011m.html#4 UAV vis-a-vis F35
https://www.garlic.com/~lynn/2011n.html#20 UAV vis-a-vis F35
https://www.garlic.com/~lynn/2011o.html#10 UAV vis-a-vis F35
https://www.garlic.com/~lynn/2011p.html#73 A question for the readership
https://www.garlic.com/~lynn/2012.html#42 Drones now account for one third of U.S. warplanes
https://www.garlic.com/~lynn/2012b.html#0 Happy Challenger Day
https://www.garlic.com/~lynn/2012b.html#13 We are on the brink of a historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012b.html#15 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#75 The Winds of Reform
https://www.garlic.com/~lynn/2012c.html#56 Update on the F35 Debate
https://www.garlic.com/~lynn/2012d.html#60 Memory versus processor speed
https://www.garlic.com/~lynn/2012d.html#73 Execution Velocity
https://www.garlic.com/~lynn/2012e.html#25 We are on the brink of historic decision [referring to defence cuts]
https://www.garlic.com/~lynn/2012e.html#72 Sunday Book Review: Mind of War
https://www.garlic.com/~lynn/2012f.html#25 Time to competency for new software language?
https://www.garlic.com/~lynn/2012f.html#68 'Gutting' Our Military
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 10:21:38jmfbahciv <See.above@aol.com> writes:
there are claims since this tens of trillion dollar mess wasn't cleaned up ... just covered up by some superficial actions ... that current mess has yet to play out.
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 10:33:29hancock4 writes:
part of Boyd scenario is that individual at top of large organization is so far removed ... that they loose feel for what is going on ... just assuming that things continue business as usually and can't recognize when things are changing.
this is related long winded post from yesterday in linkedin IBM group
https://www.garlic.com/~lynn/2012g.html#82 How do you feel about the fact that today India has more IBM employees than US?
Review of Gerstner's "Who says elephants can't dance"
http://www.tdaxp.com/archive/2012/02/10/review-of-who-says-elephants-cant-dance-by-louis-gerstner.html
and Gerstner's "resurrection" of IBM. In my response, I point out Gerstner coming from wallstreet financial industry ... being groomed to take-over as CEO of AMEX.
KKR wins bidding war with AMEX for RJR
https://en.wikipedia.org/wiki/Shearson
Reverse IPO/leverage buyouts are frequently structured that all the debt for the reverse IPO are put on the companies books ... while the people performing the operation take enormous fees & commissions. Company is then expected to service the debit from their operations. Company later does new IPO ... still carrying the original debt. Similar to real-estate speculators ... except subsequent IPO doesn't pay off the original debt (as would happen when speculator flips a house and pays off the original mortgage) ... but stays with the company.
In any case, RJR has trouble servicing the resulting debt (even before
new IPO) and KKR hires away Gerstner (from AMEX) to turn around RJR.
https://en.wikipedia.org/wiki/RJR_Nabisco
then IBM's boards hires Gerstner to resurrect IBM
https://en.wikipedia.org/wiki/Louis_V._Gerstner,_Jr.
from above:
In his memoir, Gerstner described the turnaround as difficult and
often wrenching for an IBM culture that had become insular and
balkanized
... snip ...
During the middle-80s top executives were predicting revenue would double from $60B to $120B mostly on mainframe sales. There was massive internal building program to double mainframe manufacturing capacity ... even when that portion of the market was heading in the other direction. In the early 90s, the company goes into the red ... resulting in the board having to replace existing executive with Gerstner to "resurrect" IBM. Gerstner refocuses the company from hardware products to services. Recent revenue is something like 83% services&software ... with everything else 17% ... including all hardware. Hardware sales is about evenly divided between intel/86, power/risc, and mainframe ... at approx. $5B each (far cry from the $120B in 1990 dollars or over $200B in today's dollars). In any case, the downhill slide to going into the red and requiring resurrection had been in progress for some time.
"Strategic Intuition" does a comparison of Microsoft, Apple, Google
and Gerstner's resurrection of IBM:
https://www.amazon.com/Strategic-Intuition-Creative-Achievement-Publishing-ebook/dp/B0097D773O/
Disclaimer ... i did stint as chief scientist at First Data
... slightly garbled here:
https://web.archive.org/web/20190524015712/http://www.ibmsystemsmag.com/mainframe/stoprun/Stop-Run/Making-History/
... which was a 1992 spin-off/IPO from AMEX (of much of the card
processing dataprocessing ... was largest IPO up until that time). The
CEO of AMEX (at the time of First Data's IPO) was still on First
Data's board when I was there.
https://en.wikipedia.org/wiki/First_Data
and then first data is taken private, from above:
On April 2, 2007 it was announced that Kohlberg Kravis Roberts (KKR)
had entered an agreement to acquire First Data in one of the largest
leveraged buy-outs in history, and on October 1, 2007 KKR officially
took over the First Data Corporation. Ric Duques retired, and Michael
Capellas, previously the CEO of MCI, Inc., the president of
Hewlett-Packard Company, and also the chairman/CEO of the Compaq
Computer Corporation was appointed CEO.
... snip ...
Gerstner goes on to be chairman of The Carlyle Group (2003-2008), another large private equity firm.
For additional trivia & topic drift... Sandy Weill was via'ing with
Gerstner for CEO of AMEX ...
http://www.counterpunch.org/2012/05/15/why-jamie-dimons-2-billion-gambling-loss-will-not-speed-financial-reform/
the above includes this reference:
Back in 1986, Dimon was the bright young protege of "Sandy" Weill,
when he was forced out of American Express in a coup de requin. Master
and servant made their way to Baltimore, Maryland, where Weill
acquired a storefront moneylending firm called Commercial Credit.
... snip ...
above also characterizes Commercial Credit as loan sharking business.
Sandy Weill goes on to take-over of Citi ... in violation of
Glass-Steagall; Greenspan gives Weill an exemption while he lobbies
congress to repeal Glass-Steagall (GLBA legislation in 1999)
https://en.wikipedia.org/wiki/Sanford_I._Weill
Weill is on times list of those responsible for financial mess:
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877329,00.html
lobbying repeal of Glass-Steagall also discussed here:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/
Dimon goes on to be head of JPMorgan/Chase.
https://en.wikipedia.org/wiki/Jamie_Dimon
gerstner posts
https://www.garlic.com/~lynn/submisc.html#gerstner
private equity posts
https://www.garlic.com/~lynn/submisc.html#private.equity
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: Re: Monopoly/ Cartons of Punch Cards Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 10:42:32re:
another part from the 80s that I've periodically repeated was senior disk engineer got talk scheduled at annual, world-wide, internal communication group conference and opened the talk with the statement that the communication group was going to be responsible for the demise of the disk division. The issue was that the communication group had stranglehold on mainframe datacenters (corporate strategic responsibility for everything that crossed the datacenter walls), they were trying to protect their terminal emulation install base and aggressively opposing all forms of client/server and distributed computing. The disk division was starting to see drop in disk sales as data was fleeing the data center to more distributed computing friendly platforms (and top corporate executives were fairly oblivious to what was happening). The disk division had developed several products to address the situation, but they were constantly vetoed by the communication group (that owned responsibility for everything that crossed the datacenter walls).
misc. past posts mentioning terminal emulation
https://www.garlic.com/~lynn/subnetwork.html#emulation
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virtualization experience starting Jan1968, online at home since Mar1970
From: Anne & Lynn Wheeler <lynn@garlic.com> Subject: FAA air traffic facility consolidation effort already late Newsgroups: alt.folklore.computers Date: Mon, 04 Jun 2012 12:04:03FAA air traffic facility consolidation effort already late
past posts mentioning trouble FAA air traffic modernization
programs ... and/or other federal dataprocessing modernization
https://www.garlic.com/~lynn/99.html#177 S/360 history
https://www.garlic.com/~lynn/2002b.html#6 Microcode?
https://www.garlic.com/~lynn/2004e.html#44 Infiniband - practicalities for small clusters
https://www.garlic.com/~lynn/2005.html#37 [OT?] FBI Virtual Case File is even possible?
https://www.garlic.com/~lynn/2005s.html#21 MVCIN instruction
https://www.garlic.com/~lynn/2007o.html#43 Flying Was: Fission products
recent posts mentioning spreading Success of Failure culture in
federal projects (beltway bandits and large system integrators realizing
that they can make more money from a series of failures that getting it
right the first time):
https://www.garlic.com/~lynn/2012b.html#14 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#15 The PC industry is heading for collapse
https://www.garlic.com/~lynn/2012b.html#39 PC industry is heading for more change
https://www.garlic.com/~lynn/2012b.html#42 Strategy subsumes culture
https://www.garlic.com/~lynn/2012b.html#76 IBM Doing Some Restructuring?
https://www.garlic.com/~lynn/2012b.html#80 U.S. Cybersecurity Debate Risks Leaving Critical Infrastructure in the Dark
https://www.garlic.com/~lynn/2012b.html#86 Spontaneous conduction
https://www.garlic.com/~lynn/2012d.html#36 McCain calls for U.S.-led airstrikes in Syria
https://www.garlic.com/~lynn/2012d.html#42 China's J-20 Stealth Fighter Is Already Doing A Whole Lot More Than Anyone Expected
https://www.garlic.com/~lynn/2012d.html#44 Faster, Better, Cheaper: Why Not Pick All Three?
https://www.garlic.com/~lynn/2012d.html#57 Study Confirms The Government Produces The Buggiest Software
https://www.garlic.com/~lynn/2012d.html#60 Memory versus processor speed
https://www.garlic.com/~lynn/2012e.html#20 Are mothers naturally better at OODA because they always have the Win in mind?
https://www.garlic.com/~lynn/2012e.html#70 Disruptive Thinkers: Defining the Problem
https://www.garlic.com/~lynn/2012e.html#71 Disruptive Thinkers: Defining the Problem
https://www.garlic.com/~lynn/2012e.html#104 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012f.html#44 Time to Think ... and to Listen
https://www.garlic.com/~lynn/2012f.html#82 Defense budget casualties light on civilian side
https://www.garlic.com/~lynn/2012f.html#88 Defense acquisitions are broken and no one cares
--
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