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Comment: |
There is no year 2000-compliant major money center bank on earth. So, who gets singled out for noncompliance? An obscure banking company in an obscure Georgia town. It sounds as though the regulators have a strategy: make a small bank an example, and maybe the others will get on the ball. The trouble is, this does nothing to get Japanese banks on the ball. Also, getting on the ball is not the same as being compliant, if you have, say, 200 million lines of code to correct -- or 90 million, the way the FED does.
The bank company is Putnam-Greene Financial Corp. of Eatonton, Georgia. The agencies taking action are the Federal Reserve and the FDIC.
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