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OCR Page 1 of 60Wall St. passes Y2K test without a glitch
By Michael Diamond
USA TODAY
AI
INDUSTRY'S 'TEST OF A TEST,' 3B
of how the government is cop-
cal trading day in the USA.
ing with the problem.
But experts were cautious.
The Y2K concern has cen-
The test was confined to one
Wall Street took the lead
glitches," said Arthur Thomas,
sive testing in the spring.
tered on computer programs
geographic area and excluded
Monday to try and control the
Merrill Lynch vice president
This is the first known com-
that used two digits for dates -
small securities firms and in-
Year 2000 computer bug,
and chairman of the Securities
prehensive effort to check the
launching a series of tests to
98 for 1998, for example. For
ternational markets.
Industry Association's Year
compliance of corporate
the year 2000, computers could
see if U.S. markets will run into
"Given the scope of the test,
2000 steering committee.
America for the so-called Y2K
read 00 to mean 1900 and
disaster in less than 18 months,
(the results are) not beyond be-
The test by 29 securities
bug. The results could be a
crash, leading to system shut-
when 1999 turns into 2000.
lief," said Steven Hock, CEO of
firms and 12 exchanges was
road map for other industries
downs and economic chaos.
Triaxys Research, which stud-
On the first day, at least, they
the first in a $2 million, two-
and government agencies.
The companies participating
were said to be bug-free.
ies the issue. "I'm a little skepti-
week dress rehearsal. It was a
Today, President Clinton
in the test account for half the
cal that there were no Year
"At this point, I haven't seen
precursor to more comprehen-
will give the first official report
billion shares traded on a typi-
2000-related glitches at all."
Clinton pushed to sue tobacco firms
By Wendy Koch
A
The officials say their first
dicaid and veterans' programs.
time proving its case in court.
USA TODAY
choice remains comprehen-
The Treasury Department
Unlike the states, Williams
sive legislation to curb teen
estimates the total annual cost
says, Washington has been
WASHINGTON - The Clin-
smoking. But such a bill, by
of treating tobacco-related ill-
warning Americans about to-
ton administration is being
Sen. John McCain, R-Ariz., was
nesses at $60 billion, of which
bacco's hazards since the first
urged to look again at suing the
killed last month in the Senate.
about $21 billion is borne by
surgeon general's report in
tobacco industry to recoup bil-
Sens. Ted Kennedy and John
the federal government.
1964 and even once encour-
lions of dollars in federal
Kerry, D-Mass., are encourag-
For more than a year, law-
aged smoking by giving free
health care costs.
ing administration officials to
makers, public health advo-
cigarettes to the military.
Two senior administration
pressure the industry with a
cates and state officials have
Today at a meeting in Du-
officials, who declined to be
lawsuit patterned after the
lobbied the Clinton administra-
rango, Colo., state attorneys
identified, confirmed that a
37 pending state lawsuits.
tion to take a legal sledgeham-
general are expected to discuss
federal lawsuit is being consid-
Kerry says the government
mer to the industry.
their recent talks with the in-
ered but cautioned that no de-
should try to recoup money
Industry spokesman Scott
dustry on an agreement that
cision will be made until Con-
spent treating smoking-related
Williams says the federal gov-
would settle their lawsuits with-
gress recesses for the year.
illnesses under Medicare, Me-
ernment would have a tough
out congressional approval.
USA TODAY
TUESDAY, JULY 14, 1998
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