List of Archived Posts

2009 Newsgroup Postings (04/05 - 04/25)

How did the monitor work under TOPS?
Architectural Diversity
CEO pay sinks - Wall Street Journal/Hay Group survey results just released
Cybersecurity hearing highlights inadequacy of PCI DSS
Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?
Operating Systems and I/O Driven Scheduling
IBM take-over of SUN
An interesting take on Verified by Visa Policy
Revolution Money raises $42m
Time zones
Happy 40th Birthday, Internet RFCs
Unfair taxes
School traditions
System/360 Announcement (7apr64)
SSL: Broken Even More
System/360 Announcement (7Apr64)
Cybersecurity hearing highlights inadequacy of PCI DSS
Opinion: The top 10 operating system stinkers
System/360 Announcement (7Apr64)
greenbar
What is the real basis for business mess we are facing today?
Opinion: The top 10 operating system stinkers
Does anyone know if there is a 'version' of CICS that IBM is planning to implement for AIX or something that does a similar function already?
Opinion: The top 10 operating system stinkers
Opinion: The top 10 operating system stinkers
Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?
greenbar
US banking Changes- TARP Proposl
Opinion: The top 10 operating system stinkers
What is the real basis for business mess we are facing today?
Cobol hits 50 and keeps counting
What is the real basis for business mess we are facing today?
Cobol hits 50 and keeps counting
greenbar
Cobol hits 50 and keeps counting
US banking Changes- TARP Proposl
PCI security rules may require reinforcements
System/360 Announcement (7Apr64)
On whom or what would you place the blame for the sub-prime crisis?
PIN Crackers Nab Holy Grail of Bank Card Security
Time zones
On whom or what would you place the blame for the sub-prime crisis?
More Data Breached In 2008 Than In Previous Four Years Combined
On whom or what would you place the blame for the sub-prime crisis?
Chip and PIN for ID cards: Not such a sharp idea?; Hackers PINing after your details
Artificial Intelligence to tackle rogue traders
Who moved my payment?
TARP Disbursements Through April 10th
Bankers as Partners In Crime Stopping
Is the current downturn cyclic or systemic?
what IBM 360/370/etc. model was their best seller?
On whom or what would you place the blame for the sub-prime crisis?
School traditions
What every taxpayer should know about what caused the current Financial Crisis
Lisp
Cobol hits 50 and keeps counting
What's your personal confidence level concerning financial market recovery?
Data masking/data disguise Primer 1) WHY
Opinion: The top 10 operating system stinkers
Backup and Restore Manager for z/VM
Cobol hits 50 and keeps counting
Halifax faces legal challenge on chip-and-pin security
How did the monitor work under TOPS?
The rise and fall of Sun Microsystems
Cobol hits 50 and keeps counting
Just posted third article about toxic assets in a series on the current financial crisis
How did the monitor work under TOPS?
Just posted third article about toxic assets in a series on the current financial crisis

How did the monitor work under TOPS?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: How did the monitor work under TOPS?
Newsgroups: alt.folklore.computers
Date: Sun, 05 Apr 2009 11:15:06 -0400
Chris Barts <chbarts+usenet@gmail.com> writes:
(Speaking of the 1130: I'm always amused when people say intepreted languages like, say, APL are impratically slow for real work. APL\1130 was obviously usable. LISP on the PDP-1 was obviously usable. FOCAL on the PDP-8 was usable as well. Now some punk tells me that running Python on a dual-core x86-64 is a horrendous waste of resources? Writing string manipulation code in C is a horrendous waste.)

one of the issues ... even in apl\360 ... was that the workspaces were still incredibly small ... typically 16k-32k bytes ... even on machines with 10-20 times that much real storage. this severely restricted the class of problems that could be addressed in apl (further, all code & data had to exist in that space ... apl didn't provide for any input/output ... other than the terminal).

in the port of apl\360 to cms\apl, workspaces was allowed to be as large as virtual address space ... and providing mechanism for invoking traditional operating system functions ... like file i/o. this significantly increased the class of problems that could be implemented with in cms\apl.

i've mentioned before this created early security issue for the science center. science center ran their cp67/cms as timesharing service ... including allowing students & other non-employees in the boston area to have access. however, some of the business planning people in armonk corporate hdqtrs ... started using the cambridge system for business modeling using cms\apl ... that involved the most precious of corporate data (detailed customer information) to be loaded on the cambridge system.

another issue was that the access to (cms) system facilities opened something of a rift in the apl community ... the implementation having violated the purity of apl. this wasn't resolved until apl "shared variables" were introduced (to replace the cms\apl implementation).

in this perioid, (cms\) apl started being used for lots of things that were later implemented in spreadsheet technology.

another big use of (cms\) apl was the internal HONE system ... lots of past posts
http://www.garlic.com/~lynn/subtopic.html#hone

(CP67) HONE had started out after the 23Jun69 unbundling announcement
http://www.garlic.com/~lynn/submain.html#unbundle

(which was reaction to various litigation; starting to charge for software and other things), as a SE training tool i.e. HONE (Hands-On Network Environment) ... for technical training/practice of new SEs. previously much of new SE training was sort of apprentice-like as part of a team on-site at the customer. With the unbundling announcement ... all time at the customer had to be charged for (and couldn't figure out mechanism to charge for apprentice activity).

Very quickly, HONE also started being used to deploy a lot of sales & marketing support applications ... mostly implemented in (CMS\)APL. It wasn't too long before the use of HONE for running other operating systems in virtual machine disappeared ... and HONE purely became an online timesharing system providing sales & marketing support (mostly cms\apl) application. HONE then migrated from cp67 to vm370 ... and HONE systems were cloned/replicated all over the world.

For much of the period, I provided highly modified CP67 ... and then VM370 systems .... to HONE (as well as to many other internal installations) ... which got me various world-wide trips as part of the initial (HONE) cloning period.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Architectural Diversity

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Architectural Diversity
Newsgroups: alt.folklore.computers,comp.arch
Date: Sun, 05 Apr 2009 13:57:31 -0400
Andrew Swallow <am.swallow@btinternet.com> writes:
Possibly why payroll survived on mainframes at big firms.

the other differentiation was that mainframe "batch", the responsible party usually wasn't present when it ran ... and over some 40+yrs, some amount of process grew up that handled various kinds of exceptions w/o requiring human intervention.

this approach created some amount of difficulty for the typical pc user ... who was used to exceptions being bumped up to human processing (as opposed to end user having to acquire huge amount of expertise regarding the wide variety of automated exception handling).

while the mainframe "batch" side ... with little end-user friendly characteristics ... it tended to be relied on to get critical operations performed everytime (one of the major financial transaction infrastructures has attributed 100% availability over extended number of yrs to 1) automated operator (little or no chance for human mistakes) and 2) IMS hot-standby

recently saw a bumper sticker take-off on one of the delivery company's logo "when it positively, absolutely has to be delivered overnight" ... except it was "when it positively, absolutely has to be destroyed overnight".

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

CEO pay sinks - Wall Street Journal/Hay Group survey results just released

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: CEO pay sinks - Wall Street Journal/Hay Group survey results just released
Date: Apr 05, 2009
Blog: Greater IBM Connection
re:
http://www.haygroup.com/ww/services/index.aspx?id=2589

there was article a year ago that the ratio of avg executive compensation to avg employee compensation had exploded to a ratio of 400:1 after having been 20:1 for a long time (and 10:1 in most of the rest of the world).

in the congressional Madoff hearings, the person trying to get SEC for a decade to do something about Madoff was not very complimentary towards the SEC.

ENRON has been put at the door of congress passing the Commodities Futures Modernization act (that exempted over-the-counter derivatives from regulation). In the wake of ENRON, congress passed Sarbanes-Oxley putting big part of responsibility on SEC ... but didn't do anything about the underlying problem ... resulting in AIG.

Possibly because GAO didn't think SEC was doing anything, it started doing a database of financial filings of public companies (problems increased something like 300% in period after SOX was passed)
http://www.gao.gov/special.pubs/gao-06-1079sp//index.html

from above:
The database consists of two files: (1) a file that lists 1,390 restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between July 1, 2002, and September 30, 2005, and (2) a file that lists 396 restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between October 1, 2005, and June 30, 2006.
... snip ...

executives fiddle financial statements in order to boost compensation ... later the filings may be restated, but the extra is not forfeited.

Last fall there was a study published of something like 270 companies that had significantly redone their executive compensation plan (after having problems) ... as part of eliminating the executive motivation to fiddle financial statements.

and another article

What happened to the global economy and what we can do about it Two Things That Have Nothing To Do with Each Other (2008 CEO compensation and total return):
http://baselinescenario.com/2009/04/05/two-things-that-have-nothing-to-do-with-each-other/

misc. past references mentioning the above:
http://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009b.html#12 Amid Economic Turbulence, Mainframes Counter IT Cost-Cutting Trend
http://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
http://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#48 The blame game is on : A blow to the Audit/Accounting Industry or a lesson learned ???
http://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
http://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
http://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
http://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
http://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009d.html#0 PNC Financial to pay CEO $3 million stock bonus
http://www.garlic.com/~lynn/2009d.html#3 Congress Set to Approve Pay Cap of $500,000
http://www.garlic.com/~lynn/2009d.html#37 NEW SEC (Enforcement) MANUAL, A welcome addition
http://www.garlic.com/~lynn/2009d.html#42 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#37 How do you see ethics playing a role in your organizations current or past?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cybersecurity hearing highlights inadequacy of PCI DSS

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Cybersecurity hearing highlights inadequacy of PCI DSS
Date: Apr 05, 2009
Blog: Financial Crime Risk, Fraud and Security
Cybersecurity hearing highlights inadequacy of PCI DSS
http://searchsecurity.techtarget.com/news/article/0,289142,sid14_gci1352448,00.html

from above:
The Payment Card Industry Data Security Standard (PCI DSS) is ineffective and major payment processing infrastructure improvements are needed to secure credit and debit card transactions, lawmakers said Tuesday
... snip ...

related article ....

Congress Presses Credit Card Companies on PCI Failures; House subcommittee hearing highlights rift between retailers, credit card firms over PCI
http://www.darkreading.com/security/government/showArticle.jhtml?articleID=216402346

from above:
Rep. Bennie Thompson, D-Miss., chair of the Homeland Security Committee, said he was concerned that credit card companies were trying to "shift risk" of fraud and the associated costs to the retailers rather than truly improving their "product and procedures."

"The payment card industry's effort to shift risk appears to have contributed to our current state of insecurity, and I am concerned that as long as the card industry is writing the standards, we will never see a more secure system," Thompson said.

... snip ...

another article

PCI security standard gets ripped at House hearing; Payment card industry's data security rules aren't working, critics say; Visa, PCI council continue to defend standard
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9130901&intsrc=news_ts_head

and one more

Visa, MasterCard In Security Hot Seat; Following massive breaches, Congress grills credit card companies.
http://www.forbes.com/2009/03/31/visa-mastercard-security-technology-security-visa.html?partner=alerts

some recent posts mentioning using various metaphors to characterize the existing paradigm's vulnerabilities (in contrast to x9.59 financial standard transaction protocol):
http://www.garlic.com/~lynn/2009.html#60 The 25 Most Dangerous Programming Errors
http://www.garlic.com/~lynn/2009b.html#13 US credit card payment house breaches by sniffing malware
http://www.garlic.com/~lynn/2009b.html#15 It's Me, and Here's My Proof: Why Identity and Authentication Must Remain Distinct
http://www.garlic.com/~lynn/2009b.html#62 Study: Data breaches continue to get more costly for businesses
http://www.garlic.com/~lynn/2009b.html#63 Study: Data breaches continue to get more costly for businesses
http://www.garlic.com/~lynn/2009d.html#6 Heartland Data Breach Update: Now More Than 150 Institutions Impacted
http://www.garlic.com/~lynn/2009d.html#69 PCI Compliance
http://www.garlic.com/~lynn/2009d.html#72 Why Are CC Numbers Still So Easy To Find?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?
Date: Apr 05, 2009
Blog: Organizational Development
from baselinescenario.com website

What happened to the global economy and what we can do about it; Two Things That Have Nothing To Do with Each Other (2008 CEO compensation and total return):
http://baselinescenario.com/2009/04/05/two-things-that-have-nothing-to-do-with-each-other/

then there is their article

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Operating Systems and I/O Driven Scheduling

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Operating Systems and I/O Driven Scheduling
Date: Apr 06, 2009
Blog: Computers and Software
I had done dynamic adaptive resource management as undergraduate back in the 60s ... this was when software was still free ... before the 23jun69 unbundling announcement that started charging for software (in large part response to gov. litigation). community started calling it "fair share" scheduling because the default resource policy was "fair share". Part of the work was "scheduling to the bottleneck" ... attempting to identify major system thruput bottleneck and biasing the resource decisions towards resource consumption of major bottlenecks (memory, cpu, i/o). this was shipped in some number of products.

note that 23jun69 unbundling announcement started out with just application software being charged for ... they were successfully able to make the case that operating system should still remain free. that remained the case for nearly a decade ... when there was a transition to also starting to charge for operating system software (one of my resource manager offerings was selected as guinea pig for separately priced operating system component).

It started out being fully pre-emptive ... for those in "active" set (i.e. possible subset of tasks allowed to compete for real storage simultaneously ... as measure to control page thrashing ... back when real storage was smaller than many caches are today) ... but as processor caches became prevalent ... then I started to place some amount of limitations even on that pre-emption ... attempting to gain some execution progress & limiting cache hit problems (somewhat the equivalent to the earlier page thrashing problem)

misc. past posts mentioning fair share
http://www.garlic.com/~lynn/subtopic.html#fairshare

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

IBM take-over of SUN

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: IBM take-over of SUN
Newsgroups: alt.folklore.computers
Date: Mon, 06 Apr 2009 09:32:29 -0400
lots of news articles for past two weeks about IBM negotiating to buy SUN ... and then appearing to fall apart over the weekend ... recent post on the subject (also mentions long-ago and far-away meeting at PASC where people that would go on to found SUN ... were trying to talk IBM into producing it as a product):
http://www.garlic.com/~lynn/2009e.html#7 IBM in Talks to Buy Sun

Hopefully the IBM acquisition of Sequent wouldn't predict what might happen to SUN (some conjecture that might have been associated with IBM's acquisition of Informix RDBMS ... since Sequent was major platform for Informix customers). misc. recent posts mentioning Sequent &/or Informix:
http://www.garlic.com/~lynn/2009.html#5 Is SUN going to become x86'ed ??
http://www.garlic.com/~lynn/2009.html#8 Is SUN going to become x86'ed ??
http://www.garlic.com/~lynn/2009b.html#39 "Larrabee" GPU design question
http://www.garlic.com/~lynn/2009c.html#12 Assembler Question
http://www.garlic.com/~lynn/2009c.html#21 IBM tried to kill VM?
http://www.garlic.com/~lynn/2009c.html#30 I need magic incantation for a power conditioner
http://www.garlic.com/~lynn/2009e.html#7 IBM in Talks to Buy Sun
http://www.garlic.com/~lynn/2009e.html#22 Payment downtime threatens online retailers
http://www.garlic.com/~lynn/2009e.html#27 Microminiaturized Modules
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#37 How do you see ethics playing a role in your organizations current or past?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

An interesting take on Verified by Visa Policy

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: An interesting take on Verified by Visa Policy
Date: Apr 06, 2009
Blog: Payment Systems Network
re:
http://www.garlic.com/~lynn/2009e.html#64 An interesting take on Verified by Visa Policy

after having done this thing, frequently now called "electronic commerce", we were also asked to participate in the x9a10 financial standard working group (in addition to the SET stuff which was going on concurrently). The x9a10 financial standard working group had been given the reguirement to preserve the integrity of the financial infrastructure for ALL retail payments (this was ALL, like in debit, credit, ACH, stored-value, POS, internet, attended, non-attended, etc ... aka ALL). part of this effort included doing detailed, end-to-end threat and vulnerabilities studies of the various environments & methods. the result was the x9.59 financial transaction standard
http://www.garlic.com/~lynn/x959.html#x959

part of the x9.59 financial transaction standard was being able to make it light-weight enuf that it could work within the power & time constraints of a contactless, transit turnstyle ... and still have the strength & integrity to be used for the highest value online banking, internet, and POS transactions.

some of the current environment is result of some problem deployments at the start of this decade/century; one was for POS and a different one for home/internet.

There was a good sized pilot POS chipcard/hardware-token deployment in the US, but it happened to have yes card vulnerability ... which might account for its disappearance with hardly a trace. this has reference to yes card vulnerability presentation at Cartes 2002
http://web.archive.org/web/20030417083810/http://www.smartcard.co.uk/resources/articles/cartes2002.html
misc. archived posts in various yes card threads
http://www.garlic.com/~lynn/subintegrity.html#yescard

About the same time, there was a home/internet chipcard/hardware-token deployment. This also has appeared to have disappeared w/o a trace. The issue here was the "free" give-away of the chipcard readers. In the mid-90s there were several presentations about justifying moving the dialup, proprietary online banking to the internet (in part) based on the significant customer support problems related to "serial-port" device. One of the big justifications for development of USB was the significant consumer support problems with "serial-port" devices. Hardly five years later, all that institutional knowledge appeared to have evaporated ... a load of "serial-port" cardreaders were picked up (possibly at firesale prices specifially because they were serial-port) for free give-away. The resulting disastrous consumer support problems resulted in rapdily spreading institutional rumor that smartcards weren't practical in the consumer market ... which not only brought to a halt that specific effort ... but numerous other home chipcard activities (even tho the actual problem wasn't with chipcards, but use of serial-port devices).

some of this is discussed in a kansas city fed paper from last fall:
http://www.kansascityfed.org/Publicat/ECONREV/PDF/3q08Sullivan.pdf

and these archived posts from related threads:
http://www.garlic.com/~lynn/2008p.html#7 Dealing with the neew MA ID protection law
http://www.garlic.com/~lynn/2008p.html#10 Strings story
http://www.garlic.com/~lynn/2008p.html#11 Can Smart Cards Reduce Payments Fraud and Identity Theft?
http://www.garlic.com/~lynn/2008p.html#20 Donald Knuth stops paying for errata
http://www.garlic.com/~lynn/2008p.html#21 Would you say high tech authentication gizmo's are a waste of time/money/effort?
http://www.garlic.com/~lynn/2008p.html#23 Your views on the increase in phishing crimes such as the recent problem French president Sarkozy faces
http://www.garlic.com/~lynn/2008p.html#38 How do group members think the US payments business will evolve over the next 3 years?
http://www.garlic.com/~lynn/2008p.html#55 Can Smart Cards Reduce Payments Fraud and Identity Theft?
http://www.garlic.com/~lynn/2008p.html#67 Web Security hasn't moved since 1995
http://www.garlic.com/~lynn/2008p.html#69 ATM PIN through phone or Internet. Is it secure? Is it allowed by PCI-DSS?, Visa, MC, etc.?
http://www.garlic.com/~lynn/2008p.html#72 Alternative credit card network
http://www.garlic.com/~lynn/2008p.html#74 2008 Data Breaches: 30 Million and Counting
http://www.garlic.com/~lynn/2008p.html#75 Alternative credit card network
http://www.garlic.com/~lynn/2008p.html#76 Multi-Factor Authentication - Moving Beyond Passwords for Security of Online Transactions
http://www.garlic.com/~lynn/2008p.html#83 Residual Risk Methodology for Single Factor Authentication
http://www.garlic.com/~lynn/2008q.html#3 GPG
http://www.garlic.com/~lynn/2008r.html#2 Payment Card + Digital Signature
http://www.garlic.com/~lynn/2009.html#69 Double authentification for internet payment
http://www.garlic.com/~lynn/2009d.html#41 Return of the Smart Card?
http://www.garlic.com/~lynn/2009e.html#75 The Future Shape of Payments Is Anything But Flat

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Revolution Money raises $42m

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Revolution Money raises $42m
Date: Apr 07, 2009
Blog: Payment Systems Network
Revolution Money raises $42m
http://www.finextra.com/fullstory.asp?id=19873

from above:
Revolution Money, an online interchange-free payments platform, has raised $42 million in funding from a group including a Goldman Sachs affiliate
... snip ...

another item

Internet Pioneer Case Promotes RevolutionCard to Audience of Bankers
http://www.digitaltransactions.net/newsstory.cfm?newsid=2134

from above:
Case cited what he sees as the card's superior security against fraud compared to other credit cards and its potential popularity with consumers, who he said stand to reap instant, tangible rewards for usage. Unlike other credit cards, the RevolutionCard bears no identifying information or account numbers, and transactions are authenticated by a cardholder PIN.
... snip ...

slightly related x-over thread in this post in linkedin "First Data Networking"
http://www.garlic.com/~lynn/2009e.html#75

commenting on this American Banker article:
http://www.firstdata.com/pdf/AmericanBanker2.24.09.pdf

which also mentions RevolutionCard

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Time zones

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Time zones
Newsgroups: alt.folklore.computers,comp.arch
Date: Tue, 07 Apr 2009 09:29:44 -0400
jmfbahciv <jmfbahciv@aol> writes:
People hate changing times. I haven't heard anybody say they like changing hours. This energy savings bit is usually nonsense if you think about it. A large building has to be air conditioned 7x24 at an ambient temp. Having everybody go home an hour earlier doesn't "save" AC costs. The AC can't be turned off.

early days of the almaden research building ... was in period when there were a lot of pc/rts being installed in peoples' offices. at first there was suggestion that the pc/rts be turned off when people went home at night (the pc/rts were especially energy hungry devices). the problem they found was that the swings in energy/temperature (with pc/rts being powered off/on) that the bldgs air conditioning wasn't able to handle the significant changes and stabilize; eventually they just left the pc/rts on all the time.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Happy 40th Birthday, Internet RFCs

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Happy 40th Birthday, Internet RFCs
Newsgroups: alt.folklore.computers
Date: Tue, 07 Apr 2009 13:06:01 -0400
Happy 40th Birthday, Internet RFCs
http://tech.slashdot.org/article.pl?sid=09/04/07/168243

from from rfc index
http://www.garlic.com/~lynn/rfcietff.htm

select "Date" in RFCs listed by section

and go to the bottom of the page ...
1969/04 6 3 2 1 1969/03 4 1969/01 32 1968/02 31
...

clicking on the RFC number brings up that RFC summary in the lower frame. for whatever reason, RFC "31" is listed as Feb1968:
http://www.garlic.com/~lynn/rfcidx0.htm#31
31 Binary message forms in computer, Bobrow D., Sutherland W., 1968/02/01 (6pp) (.txt=10925)
...

while:
http://www.garlic.com/~lynn/rfcidx0.htm#1
1 Host software, Crocker S., 1969/04/07 (7pp) (.txt=21088)
...

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Unfair taxes

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Unfair taxes
Newsgroups: alt.folklore.computers,humanities.classics
Date: Tue, 07 Apr 2009 14:21:18 -0400
CBFalconer <cbfalconer@yahoo.com> writes:
Here in Maine, as I understand it, the 'casinos' are simply dens of one-armed bandits. As far as I can tell there is no gambling (i.e. Poker, Blackjack, Dice, Roulette, etc.). This gives the system the maximum effect in transferring wealth to the 'casino' operators and the tax collectors.

one of the first big indian casinos on the east coast was an early ha/cmp adopter
http://www.garlic.com/~lynn/subtopic.html#hacmp

operations by one of the big gaming corporations. original plan was week of testing before going live 7x24 ... but they decided to open for business after first 24hrs (lots of crossed fingers).

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

School traditions

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: School traditions
Newsgroups: alt.folklore.computers,humanities.classics
Date: Tue, 07 Apr 2009 14:29:25 -0400
Walter Bushell <proto@panix.com> writes:
Or nothing, or even negative as the car manufactures have shown. Casinos are one of the better ways of making money, :( or rather redirecting the flow to the owners. And if you can attract people from out of state, it's free money, on the first anallysis.

casinos frequently claim 95-98+% payout ... with personal taxes on (big) winnings.

gov. lotteries have claimed as little as 60-70% payout (of amount collected) AND that payout has personal taxes (in effect they can take 30-40% of the money coming in ... and then again as taxes on the money paid out).

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

System/360 Announcement (7apr64)

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: System/360 Announcement (7apr64)
Newsgroups: alt.folklore.computers
Date: Tue, 07 Apr 2009 15:45:13 -0400
System/360 Announcement
http://www-03.ibm.com/ibm/history/exhibits/mainframe/mainframe_PR360.html

I also recently got an inquiry regarding early virtual machines

... a few recent extracts from Melinda's history document
http://www.leeandmelindavarian.com/Melinda/
Creasy had decided to build CP-40 while riding on the MTA. 'I launched the effort between Xmas 1964 and year's end, after making the decision while on an MTA bus from Arlington to Cambridge. It was a Tuesday, I believe.' (R.J. Creasy, private communication, 1989.)

CP-40 would be far more modular than CTSS, in that it would be divided into two independent components. In the words of Bob Creasy: A key concept of the CP/CMS design was the bifurcation of computer resource management and user support. In effect, the integrated design was split into CP and CMS. CP solved the problem of multiple use by providing separate computing environments at the machine instruction level for each user. CMS then provided single user service unencumbered by the problems of sharing, allocation, and protection.

As the weeks went by and the real power of the virtual machine concept unfolded before them, their excitement grew. In discussing the decision to create exact replicas of real machines, Les Comeau has written, 'It seems now that the decision to provide a Control Program interface that duplicated the System/360 architecture interface was an obvious choice. Although it was, given our measurement objective, it wasn't, given our in-house interactive system objective.'

... snip ...

misc. past posts mentioning science center, 4th flr, 545 tech. sq
http://www.garlic.com/~lynn/subtopic.html#545tech

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

SSL: Broken Even More

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: SSL: Broken Even More
Date: Apr 07, 2009
Blog: Payment Systems Network
SSL: Broken Even More
http://www.zdnetasia.com/techguide/security/0,39044901,62052879,00.htm

from above:
Lately, security conferences have been bad news for SSL. At this year's Black Hat, independent security guru Moxie Marlinspike explained how he was able to completely bypass SSL security
... snip ...

The article from today shows an MITM attack on Internet Banking ... basically the MITM acts similar to a proxy ... passing all the user's (real) input to the (real) website ... and forwarding all the (real) website information back to the (real) user. misc. posts mentioning MITM-attacks
http://www.garlic.com/~lynn/subintegrity.html#mitm

In some ways a MITM-attack proxy is actually easier than attempting to phish using a fradulent website (it doesn't require the attacker to try and emulate all the webpages of the real internet banking site ... since it is actually using all the information directly from the real internet banking site).

some recent posts referring to such MITM attack (on internet banking):
http://www.garlic.com/~lynn/2009.html#35 Perfect MITM Attacks With No-Check SSL Certs
http://www.garlic.com/~lynn/2009c.html#60 SSLstrip hacking tool bypasses SSL to trick users, steal passwords
http://www.garlic.com/~lynn/2009e.html#64 An interesting take on Verified by Visa Policy

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

System/360 Announcement (7Apr64)

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: System/360 Announcement (7Apr64)
Date: Apr 08, 2009
Blog: Greater IBM Connection
re:
http://www.garlic.com/~lynn/2009f.html#13 System/360 Announcement (7Apr64)

I got to play with cp67 at the univ as undergraduate starting in Jan68. Because of some of the work I had done, a year later I was talked into teaching a 1week (40hr) class during spring break to the BCS technical staff (even tho the current Boeing website says BCS wasn't actually formed until the following year). Then I was hired as fulltime BCS employee for the summer '69. I got tour of 747 mock-up and some number of visits to Renton datacenter (which was being replicated up in Everett). For a long time, I thot the Renton datacenter (several hundred million in IBM mainframes, 20? some 360/65s) was the largest machine room I had ever seen (that summer, there was also a smp 360/67 transferred from Boeing Huntsville to Seattle).

Later in the early-80s I had the opportunity to sponsor John Boyd's briefings at IBM ... and John happened to mention having done some dataprocessing in SE asia circa 1970. It was much later that I read John's biography which mentioned he ran "spook base" (also mentioned that it was a $2.5B "windfall" for IBM ... which would have made "spook base" larger than renton datacenter).

misc. past posts mentioning John Boyd:
http://www.garlic.com/~lynn/subboyd.html#boyd

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cybersecurity hearing highlights inadequacy of PCI DSS

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Cybersecurity hearing highlights inadequacy of PCI DSS
Date: Apr 08, 2009
Blog: Financial Crime Risk, Fraud and Security
re:
http://www.garlic.com/~lynn/2009f.html#3 Cybersecurity hearing highlights inadequacy of PCI DSS

lots of material here ....

PCI Debate: How Do We Raise the Bar on Security? Congressional Leaders Call for Reform; Industry Experts Say Fraud is the Real Issue
http://www.bankinfosecurity.com/articles.php?art_id=1359

"Do the Payment Card Industry Data Standards Reduce Cybercrime?" Subcommittee on Emerging Threats, Cybersecurity, and Science and Technology
http://homelandsecurity.house.gov/hearings/index.asp?ID=185

High-Tech Heists a Risk for Banks
http://www.toptechnews.com/news/High-Tech-Heists-a-Risk-for-Banks/story.xhtml?story_id=0200028Q7J4O

from above:
Robberies affecting U.S. banking customers go far beyond U.S. borders. Data vulnerability is a concern, but the biggest threat to bank data may not be within banks themselves -- it may be exposure to hackers breaching credit and debit card processors. Hackers sometimes get through the armor of processors, creating massive data heists.
... snip ...

the above makes mention of both POS/card-present fraud as well as card-not-present (& internet) fraud. various recent items on parts of the subject:
http://www.garlic.com/~lynn/2008l.html#28 Verifying Verified By Visa - Registration breaks chain of trust
http://www.garlic.com/~lynn/2008l.html#29 Verifying Verified By Visa - Registration breaks chain of trust
http://www.garlic.com/~lynn/2008l.html#30 Verifying Verified By Visa - Registration breaks chain of trust
http://www.garlic.com/~lynn/2008l.html#31 Authentication in the e-tailer / payment gateway / customer triangle
http://www.garlic.com/~lynn/2008l.html#32 Authentication in the e-tailer / payment gateway / customer triangle
http://www.garlic.com/~lynn/2008l.html#33 Authentication in the e-tailer / payment gateway / customer triangle
http://www.garlic.com/~lynn/2008l.html#69 Verifying Verified By Visa - Registration breaks chain of trust
http://www.garlic.com/~lynn/2008s.html#1 PCI's Bob Russo: Data loss hurts brand more than a fine
http://www.garlic.com/~lynn/2009e.html#64 An interesting take on Verified by Visa Policy
http://www.garlic.com/~lynn/2009f.html#7 An interesting take on Verified by Visa Policy
http://www.garlic.com/~lynn/2009f.html#14 SSL: Broken Even More

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Opinion: The top 10 operating system stinkers

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Opinion: The top 10 operating system stinkers
Newsgroups: alt.folklore.computers
Date: Thu, 09 Apr 2009 08:50:44 -0400
Opinion: The top 10 operating system stinkers
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9131178
OS/360, (circa) 1964 ITS (Incompatible Timesharing System), late 1960s GNU Hurd, launched in 1983, still incomplete Windows 1.01, 1985 MS-DOS 4.0, 1988 SCO Open Desktop, 1989 JavaOS, 1996 Windows ME (Millennium Edition), 2000 Lindows/Linux XP Desktop, 2001/2006 Windows Vista, 2006

above also mentions previous article

Gone but not forgotten: 10 operating systems the world left behind
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9129459

past posts in above thread:
http://www.garlic.com/~lynn/2009e.html#29 Gone but not forgotten: 10 operating systems the world left behind
http://www.garlic.com/~lynn/2009e.html#32 Gone but not forgotten: 10 operating systems the world left behind
http://www.garlic.com/~lynn/2009e.html#34 Gone but not forgotten: 10 operating systems the world left behind
http://www.garlic.com/~lynn/2009e.html#39 Gone but not forgotten: 10 operating systems the world left behind
http://www.garlic.com/~lynn/2009e.html#55 Gone but not forgotten: 10 operating systems the world left behind

they don't mention (large) projects that never made it out the door. There was the whole Future System project ...
http://www.garlic.com/~lynn/submain.html#futuresys

and Apple's PINK and Sun's SPRING "object-oriented" system implementations ... misc. past posts mentioning PINK &/or SPRING:
http://www.garlic.com/~lynn/2000e.html#42 IBM's Workplace OS (Was: .. Pink)
http://www.garlic.com/~lynn/2000e.html#45 IBM's Workplace OS (Was: .. Pink)
http://www.garlic.com/~lynn/2000e.html#46 Where are they now : Taligent and Pink
http://www.garlic.com/~lynn/2000e.html#48 Where are they now : Taligent and Pink
http://www.garlic.com/~lynn/2001j.html#32 Whom Do Programmers Admire Now???
http://www.garlic.com/~lynn/2002m.html#60 The next big things that weren't
http://www.garlic.com/~lynn/2003d.html#45 IBM says AMD dead in 5yrs ... -- Microsoft Monopoly vs. IBM
http://www.garlic.com/~lynn/2003e.html#28 A Speculative question
http://www.garlic.com/~lynn/2003e.html#51 A Speculative question
http://www.garlic.com/~lynn/2004c.html#53 defination of terms: "Application Server" vs. "Transaction Server"
http://www.garlic.com/~lynn/2007g.html#69 The Perfect Computer - 36 bits?
http://www.garlic.com/~lynn/2007l.html#1 The top 10 dead (or dying) computer skills
http://www.garlic.com/~lynn/2008.html#46 Computer Science Education: Where Are the Software Engineers of Tomorrow?
http://www.garlic.com/~lynn/2008b.html#22 folklore indeed
http://www.garlic.com/~lynn/2008e.html#24 Berkeley researcher describes parallel path
http://www.garlic.com/~lynn/2008i.html#3 Microsoft versus Digital Equipment Corporation

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

System/360 Announcement (7Apr64)

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: System/360 Announcement (7Apr64)
Date: Apr 09, 2009
Blog: Greater IBM Connection
re:
http://www.garlic.com/~lynn/2009f.html#13 System/360 Announcement (7apr64)
http://www.garlic.com/~lynn/2009f.html#15 System/360 Announcement (7Apr64)

Science Center tried to get 360/50 to make the hardware modifications to support virtual memory ... but apparently so many were going to FAA ATC project ... that none were available and so they had to settle for a 360/40. They made hardware modifications to the 360/40 to support virtual memory and built (virtual machine) CP40 system using that 360/40. Later when standard virtual memory machine product (360/67) became available, theu replaced the (modified) 360/40 with 360/67 and morphed cp40/cms into cp67/cms.

The "official" operating system for the 360/67 was suppose to be TSS/360 ... so the availability of cp67 from the science center resulted in some discord between the product group and the science center.

An example of 360/67 customer is referenced here:
http://web.archive.org/web/20090117083033/http://www.nsa.gov/research/selinux/list-archive/0409/8362.shtml

I didn't learn about those customers until much later. However, as undergraduate, I would get some number of suggestions from IBM regarding (security & integrity related) enhancements ... which, in retrospect, likely originated from such customers

There were some number of big internal uptakes of cp67 (and later vm370) ... the obvious was operating system development use for testing in virtual machines. There also started to be big uptake of CMS interactive use internally ... basically personal computing befor the advent of personal computers. Most of the internal network was also mostly cp/cms based (larger than arpanet/internet from just about the beginning until possibly late '85 or early '86).

Another big uptake of CP/CMS was the dataprocessing (sales&marketing) division HONE system ... lots of past post
http://www.garlic.com/~lynn/subtopic.html#hone

Prior to 23Jun69 unbundling announcement ... misc. past posts
http://www.garlic.com/~lynn/submain.html#unbundle

... new SEs got a lot of their training effectively as "apprentices" as part of SE team onsite at customer accounts. After the unbundling announcement, all time at the customer had to be charged for (and nobody could figure out mechanism for apprentice charging). HONE (Hands-On Network Environment) initially was some number of cp67 systems for branch SEs to gain operating system experience (via cp67 virtual machines).

The science center had also ported apl\360 for cms\apl ... recent post discussing in some detail
http://www.garlic.com/~lynn/2009f.html#0 How did the monitor work under TOPS?

A growing number of sales&marketing applications were being implemented in cms\apl and deployed on HONE ... and very quickly those applications squeezed out the SE virtual operating system use. HONE migrated from cp67 to vm370 and HONE "clones" were setup all over the world. For instance, by the mid-70s, mainframe system orders had to be first validated/checked by HONE application.

One of my hobbies in the 70s & 80s was building highly modified cp67 (and later vm370) system product for internal datacenters ... including HONE. At some point in the 80s, an executive finally raised the question how could IBM have its world-wide sales & marketing be dependent on somebody doing it purely as a hobby.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

greenbar

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: greenbar
Newsgroups: alt.folklore.computers
Date: Thu, 09 Apr 2009 13:11:25 -0400
Larry__Weiss <lfw@airmail.net> writes:
Uncle Toby wrote:
>The problem with greenbar was the line spacing. It was fine at 66
>lines per page, but money-saving shops like ours routinely set their
>printers up to do 88.

I always had the larger font sizes on my prints, but I do remember seeing the more dense output and wondering how they got it to do that.


single font size ... since the type was physical metal slugs. there was just adjustment for 6lines/inch & 8lines/inch

for other drift ... the VMSHARE Archive webpages have a greenbar emulated background
http://vm.marist.edu/~vmshare/

which dates back Aug1976 when Tymshare (on of the virtual machine based commercial online timesharing service bureaus) offerring free online computer conferencing to SHARE (IBM customer user group) organizaton
http://www.share.org/

misc. past posts mentioning virtual machine based online timesharing
http://www.garlic.com/~lynn/submain.html#timeshare

Fairly early, I cut a deal with Tymshare to get monthly tape of all VMSHARE (and later added PCSHARE) files ... which I would make available on a number internal corporate systems.

some random 1403 URLs
http://www.columbia.edu/cu/computinghistory/1403.html
http://www.ibm1130.net/functional/Printers.html

and then there is this one
http://webpages.charter.net/thecomputercollection/ibm1410/ibm1410.htm

from above:
One bit of historical interest. The IBM 1410 was the system for which the acronym SPOOL was developed. The IBM 1410 SPOOL program (SPOOL stands for Simultaneous Peripheral Operation On Line) was used on 1410's that had replaced IBM 1401's which were often used for card-to-tape and tape-to-print operations, essentially acting as "front ends" for IBM's powerful 7000 series scientific computers of the day.
... snip ...

for other topic drift ... a couple past posts mentioning (student job) implementing "MPIO" on 360/30 ... that performed the 1401 front-end MPIO function (unit record<->tape) for univ. 709:
http://www.garlic.com/~lynn/2009.html#18 Magnetic tape storage
http://www.garlic.com/~lynn/2009.html#19 Magnetic tape storage
http://www.garlic.com/~lynn/2009b.html#71 IBM tried to kill VM?
http://www.garlic.com/~lynn/2009d.html#55 1401's in high schools?
http://www.garlic.com/~lynn/2009e.html#67 Architectural Diversity

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

What is the real basis for business mess we are facing today?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: What is the real basis for business mess we are facing today?
Date: Apr 10, 2009
Blog: Change Management
in the early 90s, there was an auto industry "C4" effort to completely remake themselves that I participated in. the responsible parties could articulate an understanding of all the issues and the required remedies.

a decade earlier in the early 80s, there was article (I believe in washington post) that stated the auto import quotas were designed as temporarily reducing competition to give the domestic auto industry time and profits to remake themselves ... instead they followed business as usual, squandering both the time & profits. the claim was as a result, the gov. should impose a 100% unearned profit tax on the industry.

so the situation has been going on for at least 30 yrs. I've had occasion to characterize the situation as majority of the individuals having vested interest in not taking corrective action, continually pushing the responsibility off to somebody else in the future. this just continues until some major disaster makes it unable for them to push it off any further.

effectively there is nearly a whole generation or two spending their lifetimes plundering the future. the recent US comptroller general that stepped down (appointed in the 90s for 15yr term) would rant about congress similarly plundering the future ... with characterization that nobody in congress for at least 50yrs has been capable of simple middle school arithmetic (with respect to appropriations, unfunded mandates, etc).

misc. past posts mentioning auto industry "C4"
http://www.garlic.com/~lynn/2000f.html#43 Reason Japanese cars are assembled in the US (was Re: American bigotry)
http://www.garlic.com/~lynn/2004c.html#51 [OT] Lockheed puts F-16 manuals online
http://www.garlic.com/~lynn/2006m.html#49 The Pankian Metaphor (redux)
http://www.garlic.com/~lynn/2008f.html#50 Toyota's Value Innovation: The Art of Tension
http://www.garlic.com/~lynn/2008h.html#65 Is a military model of leadership adequate to any company, as far as it based most on authority and discipline?
http://www.garlic.com/~lynn/2008k.html#50 update on old (GM) competitiveness thread
http://www.garlic.com/~lynn/2008k.html#58 Mulally motors on at Ford
http://www.garlic.com/~lynn/2008m.html#21 Fraud due to stupid failure to test for negative
http://www.garlic.com/~lynn/2008m.html#52 Are family businesses unfair competition?

more general ... there is this x-over from another:
http://www.linkedin.com/answers/management/organizational-development/MGM_ODV/451968-18284492
http://www.garlic.com/~lynn/2009f.html#4 Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?

from baselinescenario.com website

What happened to the global economy and what we can do about it; Two Things That Have Nothing To Do with Each Other (2008 CEO compensation and total return):
http://baselinescenario.com/2009/04/05/two-things-that-have-nothing-to-do-with-each-other/

then there is their article

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

there is business school article from year ago that estimated approx 1000 execs are responsible for 80% of the current mess and it would go a long way to fixing the problem if the gov. could figure out how they could loose their jobs:
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Opinion: The top 10 operating system stinkers

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Opinion: The top 10 operating system stinkers
Newsgroups: alt.folklore.computers
Date: Fri, 10 Apr 2009 09:54:37 -0400
Chris Barts <chbarts+usenet@gmail.com> writes:
Future Systems wound up geminating the AS/400 and successors. Many companies would kill for a failure like that.

a lot of future system was one level store ... one could claim that the (failed) tss/360 effort could as easily have accounted for s/38 ... w/o needing the substantial additional investment of future system (there have been articles written that if any other computer company had spent as much on product that was never announced/shipped ... they wouldn't have been able to survive).
http://www.garlic.com/~lynn/submain.html#futuresys

i had done my own one-level store implementation in the period (which was deployed in my internal distributions but never shipped to customers) ... although most of what I drew from (failed) tss/360 one-level store was mostly related to what not to do.

i would somewhat ridicule future system by drawing parallels with a cult film that had been playing down in central sq. for over a decade. at the time, my wife reported to the head of the (future system) "interconnect" section ... and her observation was that much of the rest of the future system definition lacked any substance (even after the enormous amount of money spent ... it would have been impossible to have actually created a running system from the specification). even "spook base" $2.5B windfall for IBM wouldn't have been enough to cover the cost. recent mention of "spook base"
http://www.garlic.com/~lynn/2009f.html#15 System/360 Announcement (7Apr64)

the s/38 follow-on, as/400 ... as well as the 4341 follow-on ... were part of much larger effort that was going to replace the large numbers of different corporate microprocessors with common 801/risc (Iliad chips). This floundered for a number of reasons and the projects reverted to cisc. Few would claim that later success of 801/risc drew much from the earlier, failed Iliad efforts (although after that failure, some number of 801/risc chip engineers left the company and showed up on risc efforts at other vendors). misc. past posts mentioning 801, iliad, risc, romp, rios, etc
http://www.garlic.com/~lynn/subtopic.html#801

ROMP was a much smaller effort that was suppose to be used in the displaywriter followon. when that project was canceled, the group looked around for some other market to sell the machine into ... and decided on the unix workstation market (rebranding the machine as PC/RT). they got the company that had done the (AT&T) unix port for PC/IX to do a similar port for what was shipped as AIX on the PC/RT.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Does anyone know if there is a 'version' of CICS that IBM is planning to implement for AIX or something that does a similar function already?

Refed: **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Does anyone know if there is a 'version' of CICS that IBM is planning to implement for AIX or something that does a similar function already?
Date: Apr 10, 2009
Blog: Greater IBM Connection
AT&T came out with (unix) transaction monitor called TUXEDO ... that was spun off (eventually to BEA ... which was more recently bought by Oracle).
http://en.wikipedia.org/wiki/Tuxedo_%28software%29

This was back in the days when AT&T and SUN were aligning as the "official" UNIX organization ... and other vendors wanting to be in the UNIX market formed OSF as competing organization (putting together implementation that wasn't tainted by AT&T code)
http://en.wikipedia.org/wiki/Open_Software_Foundation

Before that, IBM had provided significant funding to both Project Athena at MIT and Andrew stuff at CMU. CMU did Andrew File System, MACH (unit look-alike), and Camelot (unix transaction processing). Several of these were included in parts of OSF.

The CMU group was spun-off as independent corporation (with significant investment) as Transarc and then bought outright by IBM (I've made semi-facetious comments about IBM having paid three times for the work).
http://en.wikipedia.org/wiki/Transarc

above mentions camelot becames Encina ("basis for IBM's UNIX-based CICS products; including IBM's TXSeries and later WebSphere").

(1999) transarc web page from way-back machine
http://web.archive.org/web/19990203093626/www.transarc.com/Corporate/index.html

above is after purchase by IBM listing Transarc as wholly owned subsidiary and discusses the CICS offerings.

for other topic drift ... when I was undergraudate in the 60s, the univ. library got a ONR grant to do online catalog ... and the project was also selected for beta-test of the original CICS product (it had been developed originally at a customer site ... and was in the process of being picked up and released as product). I got tasked to support & debug the deployment ... I remember having to shoot some "open" related bugs in CICS (which resulted from library using different BDAM options, not used in the original implementation). misc. past posts mentioning BDAM &/or CICS
http://www.garlic.com/~lynn/submain.html#bdam

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Opinion: The top 10 operating system stinkers

Refed: **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Opinion: The top 10 operating system stinkers
Newsgroups: alt.folklore.computers
Date: Fri, 10 Apr 2009 11:24:12 -0400
Chris Barts <chbarts+usenet@gmail.com> writes:
Future Systems wound up geminating the AS/400 and successors. Many companies would kill for a failure like that.

re:
http://www.garlic.com/~lynn/2009f.html#17 Opinion: The top 10 operating system stinkers
http://www.garlic.com/~lynn/2009f.html#21 Opinion: The top 10 operating system stinkers

other downside of Future System was that the distraction (based on assumption FS was totally going to replace 360/370) resulting in the 360/370 software & hardware product pipeline to dry-up ... which, in turn is considered what allowed the 370 clone processors to gain foothold in the market.

also the morris/fergus book claims that the failure of the effort resulted in corporate culture significantly changing
http://www.garlic.com/~lynn/2001f.html#33 IBM's "VM for the PC" c.1984??

quote from somebody's previous post out of morris/fergus book:
... and perhaps most damaging, the old culture under Watson Snr and Jr of free and vigorous debate was replaced with sycophancy and make no waves under Opel and Akers. It's claimed that thereafter, IBM lived in the shadow of defeat (by the FS failure),
... snip ...

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Opinion: The top 10 operating system stinkers

Refed: **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Opinion: The top 10 operating system stinkers
Newsgroups: alt.folklore.computers
Date: Fri, 10 Apr 2009 14:09:23 -0400
Chris Barts <chbarts+usenet@gmail.com> writes:
Bad compared to what, exactly? As I'm reading Wikipedia, in '64 CP-40 barely existed and was certainly not a viable alternative. DOS/360 wasn't even released until '66.

re:
http://www.garlic.com/~lynn/2009f.html#17 Opinion: The top 10 operating system stinkers
http://www.garlic.com/~lynn/2009f.html#21 Opinion: The top 10 operating system stinkers
http://www.garlic.com/~lynn/2009f.html#23 Opinion: The top 10 operating system stinkers

i think that the reference is that early os/360 releases were more akin to prototype or test code ... also spawning brook's "mythical man-month" ... url reference from the original article:
http://www.amazon.com/reader/0201835959#reader

part of the issue was that small real storage and little caching ... and heavy dependency on random disk accesses ... made it unwieldy (disk random access was faster than tape random access ... but much slower than tape sequential access) ... recent post discussing some of the issues and that it wasn't until a combination of HASP&WATFOR ... that the univ. student programming job workload had higher thruput on os/360 (360/67 running in 360/65 mode) than thruput on 709 ... recent post ...
http://www.garlic.com/~lynn/2009e.html#18 Microminiaturized Modules

semi-related recent thread regarding CKD dasd and associated trade-offs:
http://www.garlic.com/~lynn/2009e.html#41 "A foolish consistancy" or "3390 cyl/track architecture"
http://www.garlic.com/~lynn/2009e.html#61 "A foolish consistancy" or "3390 cyl/track architecture"

a lot of os/360 unwieldy processing and overhead eventually was compensated for by "subsystems" ... many of which were developed in customer shops ... HASP, WATFOR, IMS, CICS, APL\360 etc ... basically "monitors" that would startup ... acquire a large batch of resources ... and then manage/sub-allocate those resources for extended period of time (I've made reference to some number of "development groups" were actually maintenance groups that had been assigned to support products that had originally been developed in customer shops).

recent post mentioning CICS:
http://www.garlic.com/~lynn/2009f.html#22 Does anyone know if there is a 'version' of CICS that IBM is planning to implement for AIX or something that does a similar function already?

an archeological reference in the above mentions univ. library had an ONR grant to do online catalog and then was also selected to be betatest for original CICS product. I think that the ONR grant also paid for the univ 2321/datacell ... recent 2321 reference:
http://www.garlic.com/~lynn/2009c.html#35 Why do IBMers think disks are 'Direct Access'?

misc. past posts mentioning cics &/or bdam:
http://www.garlic.com/~lynn/submain.html#bdam

misc. past posts mentioning hasp
http://www.garlic.com/~lynn/submain.html#hasp

semi-related thread:
http://www.garlic.com/~lynn/2009f.html#13 System/360 Announcement (7apr64)
http://www.garlic.com/~lynn/2009f.html#15 System/360 Announcement (7Apr64)
http://www.garlic.com/~lynn/2009f.html#18 System/360 Announcement (7Apr64)

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?

Refed: **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?
Date: Apr 10, 2009
Blog: Equity Markets
re:
http://www.garlic.com/~lynn/2009e.html#86

new article from today:

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014

from above:
But neither competitors nor Congress liked open-bank assistance, wondering why the institutions getting it shouldn't just be allowed to fail. So a 1991 banking law called FDICIA, and a subsequent amendment to a related law, essentially barred the FDIC from granting such assistance -- except in instances of systemic risk.
... snip ...

but FDIC has had to do it anyway for five Citigroup banks ... to the tune of $306 billion.

A Captive FDIC; Has another regulator caved in to the banking industry?
http://www.forbes.com/2009/04/14/sheila-bair-banks-insurance-opinions-columnists-fdic.html

from above:
For many years, including the recent boom years of ever-increasing profits and risks, the banks paid nothing into the insurance fund. And then came the crisis.
... snip ...

Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I

Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/

from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that Citi has more than $1.2 trillion dollars in off-balance sheet assets. These off-balance sheet entities are similar in structure to Enron's SPVs (special purpose vehicles)
... snip ...

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

greenbar

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: greenbar
Newsgroups: alt.folklore.computers
Date: Fri, 10 Apr 2009 17:26:54 -0400
Gene Wirchenko <genew@ocis.net> writes:
Did they also use the paper that was not as high*? Simon Fraser University used it. I thought it was weird at first, but then came to prefer it as it was easier to handle.

remember having greenbar (wide) "short" pages ... that had 66lines per page when printer was set to 8lines/inch setting.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

US banking Changes- TARP Proposl

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: US banking Changes- TARP Proposl
Date: Apr 10, 2009
Blog: Financial Regulation
US banking Changes- TARP Proposl
http://www.guardian.co.uk/business/2009/apr/05/useconomy-regulators

from baselinescenario.com website

What happened to the global economy and what we can do about it; Two Things That Have Nothing To Do with Each Other (2008 CEO compensation and total return):
http://baselinescenario.com/2009/04/05/two-things-that-have-nothing-to-do-with-each-other/

then there is their article

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

there is business school article from year ago that estimated approx 1000 execs are responsible for 80% of the current mess and it would go a long way to fixing the problem if the gov. could figure out how they could loose their jobs:
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)

somewhat related ....

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I
Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home

and ...

The Biggest Cause of the Financial Crisis
http://www.fool.com/investing/general/2009/04/13/the-biggest-cause-of-the-financial-crisis.aspx

I've been doing some amount of work "cleaning" the OCR of scan of the Glass-Steagall hearings ... from the 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 ...

there is a correspondence between the speculation in the real-estate market leveraging (ARM) loans from non-depository institutions and the speculation in the '20s stock market using brokers' loans.

PBS program describes citigroup playing significant role in repeal of Glass-Steagall:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/

some related past posts:
http://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009.html#79 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009.html#85 Banks' Demise: Why have the Governments hired the foxes to mend the chicken runs?
http://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
http://www.garlic.com/~lynn/2009b.html#11 Amid Economic Turbulence, Mainframes Counter IT Cost-Cutting Trend
http://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
http://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
http://www.garlic.com/~lynn/2009c.html#11 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#28 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
http://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
http://www.garlic.com/~lynn/2009d.html#3 Congress Set to Approve Pay Cap of $500,000
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009e.html#59 Tesco to open 30 "bank branches" this year
http://www.garlic.com/~lynn/2009e.html#86 Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?
http://www.garlic.com/~lynn/2009f.html#2 CEO pay sinks - Wall Street Journal/Hay Group survey results just released
http://www.garlic.com/~lynn/2009f.html#4 Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?
http://www.garlic.com/~lynn/2009f.html#20 What is the real basis for business mess we are facing today?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Opinion: The top 10 operating system stinkers

Refed: **, - **, - **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Opinion: The top 10 operating system stinkers
Newsgroups: alt.folklore.computers
Date: Sat, 11 Apr 2009 08:57:26 -0400
Chris Barts <chbarts+usenet@gmail.com> writes:
It's a microkernel OS initially based on Mach and now (since 2006) apparently. based on Coyotos. (I say apparently because there's no agreement about what microkernel they're actually using now. They jumped from Mach to L4 for a while, then to L4.sec, and now their effort seems to be based on Coyotos, but since they've never had a stable release there's no firm commitment. That's a big reason nobody takes them seriously.)


http://www.gnu.org/software/hurd/hurd.html
http://en.wikipedia.org/wiki/GNU_Hurd


re:
http://www.garlic.com/~lynn/2009f.html#17 Opinion: The top 10 operating system stinkers
http://www.garlic.com/~lynn/2009f.html#21 Opinion: The top 10 operating system stinkers
http://www.garlic.com/~lynn/2009f.html#23 Opinion: The top 10 operating system stinkers
http://www.garlic.com/~lynn/2009f.html#24 Opinion: The top 10 operating system stinkers

I've watched coyotos ... since coyotos claims linage back to EROS and Keykos (capability based systems). Keykos was spin-off of GNOSIS developed at Tymshare ... as a (370) alternative to vm370 for commercial timsharing service.

when tymshare was bought by M/D ... I was brought in to evaluate GNOSIS as part of the spin-off process (I still have old GNOSIS manual).

from recent post
http://www.garlic.com/~lynn/2009b.html#4 Possibility of malicious CPUs

some Keykos info
http://www.cap-lore.com/CapTheory/KK/

EROS used a lot of Keykos in the implementation
http://www.eros-os.org/

continued as CapRos
http://www.capros.org/

and Coyotos
http://coyotos.org/

from above:
Coyotos is being developed on AMD-64 and Pentium platforms. A port is also underway to recent Coldfire processors. Once we have a baseline kernel working, we would welcome help getting it running on PowerPC and ARM processors as well.
... snip ...

misc. past posts mentioning commercial timesharing service bureaus
http://www.garlic.com/~lynn/submain.html#timeshare

misc. (other) past posts mentioning gnosis, keykos, eros, coyotos, etc:
http://www.garlic.com/~lynn/2000f.html#69 TSS ancient history, was X86 ultimate CISC? designs)
http://www.garlic.com/~lynn/2000g.html#22 No more innovation? Get serious
http://www.garlic.com/~lynn/2001b.html#73 7090 vs. 7094 etc.
http://www.garlic.com/~lynn/2001g.html#33 Did AT&T offer Unix to Digital Equipment in the 70s?
http://www.garlic.com/~lynn/2001g.html#35 Did AT&T offer Unix to Digital Equipment in the 70s?
http://www.garlic.com/~lynn/2001n.html#10 TSS/360
http://www.garlic.com/~lynn/2002f.html#59 Blade architectures
http://www.garlic.com/~lynn/2002g.html#0 Blade architectures
http://www.garlic.com/~lynn/2002g.html#4 markup vs wysiwyg (was: Re: learning how to use a computer)
http://www.garlic.com/~lynn/2002h.html#43 IBM doing anything for 50th Anniv?
http://www.garlic.com/~lynn/2002i.html#63 Hercules and System/390 - do we need it?
http://www.garlic.com/~lynn/2002j.html#75 30th b'day
http://www.garlic.com/~lynn/2003g.html#18 Multiple layers of virtual address translation
http://www.garlic.com/~lynn/2003h.html#41 Segments, capabilities, buffer overrun attacks
http://www.garlic.com/~lynn/2003i.html#15 two pi, four phase, 370 clone
http://www.garlic.com/~lynn/2003j.html#20 A Dark Day
http://www.garlic.com/~lynn/2003k.html#50 Slashdot: O'Reilly On The Importance Of The Mainframe Heritage
http://www.garlic.com/~lynn/2003l.html#19 Secure OS Thoughts
http://www.garlic.com/~lynn/2003l.html#22 Secure OS Thoughts
http://www.garlic.com/~lynn/2003l.html#26 Secure OS Thoughts
http://www.garlic.com/~lynn/2003m.html#24 Intel iAPX 432
http://www.garlic.com/~lynn/2003m.html#54 Thoughts on Utility Computing?
http://www.garlic.com/~lynn/2004c.html#4 OS Partitioning and security
http://www.garlic.com/~lynn/2004e.html#27 NSF interest in Multics security
http://www.garlic.com/~lynn/2004m.html#29 Shipwrecks
http://www.garlic.com/~lynn/2004m.html#49 EAL5
http://www.garlic.com/~lynn/2004n.html#41 Multi-processor timing issue
http://www.garlic.com/~lynn/2004o.html#33 Integer types for 128-bit addressing
http://www.garlic.com/~lynn/2005.html#7 How do you say "gnus"?
http://www.garlic.com/~lynn/2005b.html#6 [Lit.] Buffer overruns
http://www.garlic.com/~lynn/2005b.html#7 [Lit.] Buffer overruns
http://www.garlic.com/~lynn/2005b.html#12 [Lit.] Buffer overruns
http://www.garlic.com/~lynn/2005c.html#67 intel's Vanderpool and virtualization in general
http://www.garlic.com/~lynn/2005d.html#43 Secure design
http://www.garlic.com/~lynn/2005d.html#50 Secure design
http://www.garlic.com/~lynn/2005h.html#13 Today's mainframe--anything to new?
http://www.garlic.com/~lynn/2005k.html#30 Public disclosure of discovered vulnerabilities
http://www.garlic.com/~lynn/2005s.html#12 Flat Query
http://www.garlic.com/~lynn/2006k.html#37 PDP-1
http://www.garlic.com/~lynn/2006m.html#34 PDP-1
http://www.garlic.com/~lynn/2006p.html#13 What part of z/OS is the OS?
http://www.garlic.com/~lynn/2006s.html#7 Very slow booting and running and brain-dead OS's?
http://www.garlic.com/~lynn/2006w.html#42 vmshare
http://www.garlic.com/~lynn/2006y.html#11 Multiple mappings
http://www.garlic.com/~lynn/2006y.html#16 "The Elements of Programming Style"
http://www.garlic.com/~lynn/2007k.html#26 user level TCP implementation
http://www.garlic.com/~lynn/2007o.html#25 LAX IT failure: leaps of faith don't work
http://www.garlic.com/~lynn/2007s.html#17 Oddly good news week: Google announces a Caps library for Javascript
http://www.garlic.com/~lynn/2008b.html#24 folklore indeed
http://www.garlic.com/~lynn/2008b.html#50 How does ATTACH pass address of ECB to child?
http://www.garlic.com/~lynn/2008e.html#12 Kernels
http://www.garlic.com/~lynn/2008g.html#7 was: 1975 movie "Three Days of the Condor" tech stuff
http://www.garlic.com/~lynn/2008g.html#23 Doug Engelbart's "Mother of All Demos"
http://www.garlic.com/~lynn/2008h.html#14 Two views of Microkernels (Re: Kernels
http://www.garlic.com/~lynn/2008s.html#3 New machine code

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

What is the real basis for business mess we are facing today?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: What is the real basis for business mess we are facing today?
Date: Apr 11, 2009
Blog: Change Management
re:
http://www.garlic.com/~lynn/2009f.html#20 What is the real basis for business mess we are facing today?

There is also pervasive atmosphere of deregulation, lax regulation, lax enforcement ... example was congressional hearings testimony by the person that had been trying for a decade to get SEC to do something about Madoff. Another example is repeal of Glass-Steagall and the commodity futures modernization act (implicated in both ENRON & AIG):

25 People to Blame for the Financial Crisis; Phil Gramm
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html

from above:
He played a leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street. He also inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives like credit-default swaps from regulation by the Commodity Futures Trading Commission. Credit-default swaps took down AIG, which has cost the U.S. $150 billion thus far.
... snip ...

In the session that repealed Glass-Steagall, the financial industry contributed $250M to Congress, and in the recent session that passed TARP, they contributed $2B. More recent was comment that financial industry contributed a total of $5B during the period.

Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html

from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and Mr. Gramm's wife, Wendy, served on the Enron board, which she joined after stepping down as chairwoman of the Commodity Futures Trading Commission.
... snip ...

Phil Gramm's Enron Favor
http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/

from above:
A few days after she got the ball rolling on the exemption, Wendy Gramm resigned from the commission. Enron soon appointed her to its board of directors, where she served on the audit committee, which oversees the inner financial workings of the corporation. For this, the company paid her between $915,000 and $1.85 million in stocks and dividends, as much as $50,000 in annual salary, and $176,000 in attendance fees, according to a report by Public Citizen, a group that has relentlessly tracked Enron, which in turn has called the report unfair.
... snip ...

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 ...

one of the articles from the period mentioned that House passed the bill ... and even before the copy of the bill was distributed in the Senate, the Senate passed it unanimously. Also Born (as chairman) must have been fairly quickly replaced by Gramm's wife (before she resigned the position to join Enron).

In the wake of ENRON, congress passed Sarbanes-Oxley, but did little about the underlying problem. SOX put a lot of responsibility on SEC. Possibly because GAO also thot SEC wasn't doing much, they started database of problem filings of public companies (which should have been dealt with by SEC under SOX ... but actually appeared to increase by over 3times compared to the 90s)
http://www.gao.gov/special.pubs/gao-06-1079sp//index.html

from above:
The database consists of two files: (1) a file that lists 1,390 restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between July 1, 2002, and September 30, 2005, and (2) a file that lists 396 restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between October 1, 2005, and June 30, 2006.
... snip ...

recent posts mentioning "25 People to Blame" article:
http://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
http://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#10 Who will Survive AIG or Derivative Counterparty Risk?
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009e.html#0 What is swap in the financial market?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#35 Architectural Diversity

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cobol hits 50 and keeps counting

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Cobol hits 50 and keeps counting
Newsgroups: alt.folklore.computers
Date: Sat, 11 Apr 2009 13:02:29 -0400
Cobol hits 50 and keeps counting; It is 50 years old this year, but Cobol is still a key player in behind-the-scenes business software
http://www.guardian.co.uk/technology/2009/apr/09/cobol-internet-programming

the picture they have looks to be like the operator is changing the IPL device address ... three rotary dials that was used to specify the device ipl/boot address ... then hits the "IPL" button.

"00C" was typical card reader address ... to do a boot/ipl from cardreader.

"180" was typical tape drive address ... to do a boot/ipl from tape

"190" was typical disk drive address ... to do a boot/ipl from disk.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

What is the real basis for business mess we are facing today?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: What is the real basis for business mess we are facing today?
Date: Apr 11, 2009
Blog: Change Management
re:
http://www.garlic.com/~lynn/2009f.html#20 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#29 What is the real basis for business mess we are facing today?

A combination of repeal of Glass-Steagall, lax regulation, lax enforcement and some other factors contributed to current credit mess

Unregulated loan originators were using securitization market as source of funds ... with disastrous results for a lot of borrowers

The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html

from above:
Watsa's only sin was in being a little too early with his prediction that the era of credit expansion would end badly. This is what he said in Fairfax's 2003 annual report: "It seems to us that securitization eliminates the incentive for the originator of [a] loan to be credit sensitive. Prior to securitization, the dealer would be very concerned about who was given credit to buy an automobile. With securitization, the dealer (almost) does not care."
... snip ...

speculators found the no-down, no-documentation, 1% interest only payment ARMs (outside any FED "prime" rate) were very attractive since the carrying cost were much lower than real-estate inflation in many parts of the country (and planning on flipping before the rates adjusted)

congressional hearings last fall highlighted that loan originators were paying rating agencies for triple-A ratings on toxic CDOs (securitized loans), even tho both the loan originators and rating agencies knew that they weren't worth triple-A ratings.

the triple-A ratings significantly increased the number of institutions that would deal in toxic CDOs ... as well as enormously increasing the funds available to these unregulated loan orginators

earlier, regulated financial institutions would be making loans using deposits as source of funds. in the securitization scenario, regulated financial institutions were providing a significant amount of the funds for the unregulated loan originators (in circuitous manner) with their (unregulated) investment banking arms (curtesy of repeal of Glass-Steagall) buying up the triple-A rated toxic CDOs and carry them off-balance.

Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home

from above:
So investors betting for quick solutions to the financial crisis could be disappointed. The tangled web that banks wove over the years will take a long time to undo.

At the end of 2008, for example, off-balance-sheet assets at just the four biggest U.S. banks -- Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. -- were about $5.2 trillion, according to their 2008 annual filings.

... snip ...

this PBS program describes citigroup playing significant role in repeal of Glass-Steagall:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/

this is decade-old (Jan99), long-winded post describing some number of the current problems
http://www.garlic.com/~lynn/aepay3.htm#riskm

also mentions Citibank in 1989 did analysis that ARM mortgages could take down the institution ... resulting in them unloading the ARM portfolio and getting out of the business.

Roll forward to the current period ... and large percentage of the (off-balance) triple-A rated toxic CDOs are composed of ARM mortgages (effectively an ARM portfolio). Apparently, all the institutional knowledge of problems/issues with ARM mortgages evaporated between 1989 and this decade ...

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014

from above:
But neither competitors nor Congress liked open-bank assistance, wondering why the institutions getting it shouldn't just be allowed to fail. So a 1991 banking law called FDICIA, and a subsequent amendment to a related law, essentially barred the FDIC from granting such assistance -- except in instances of systemic risk.
... snip ...

but FDIC has had to do it anyway for five Citigroup banks ... to the tune of $306 billion.

The 1989 case where citibank realizes that ARM mortgages could take down the institution (and almost did) ... is an indication that standard bank loan originators had experience in assesing loan values.

I've periodically claimed that securitization, (triple-A rated) toxic CDOs, CDSs, etc have an analogy with the Emperor's new clothes parable. Once the facade has been punctured ... then it can have a tendency to rapidly evaporate.

The securitization/toxic CDOs/CDS cloaking allowed underlying values to be significantly inflated ... more analogous to the new clothes parable. Futhermore, the people responsible had no exerperience dealing with the underlying values, didn't care about the underlying values, and/or were significantly motivated to greatly inflate the underlying values.

The obfuscation provided by securitization, along with many buying the instruments, having little or no experience in the underlying loans, allowed significant value inflation and significant profits to be declared, as well as enormous commissions and bonuses to be taken.

The other securitization analogy (besides Emperor's new clothes parable) is that the obfuscation allowed subverting the "observe" in Boyd's OODA-loop (observe, orient, decide & act) ... especially selling to large number of people that have little experience with loan management.

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=a0jln3.CSS6c

from above:
"Securitization was based on the premise that a fool was born every minute," Joseph Stiglitz, a professor of economics at Columbia University in New York, told a congressional committee on Oct. 21. "Globalization meant that there was a global landscape on which they could search for those fools -- and they found them everywhere."
... snip ...

some of the countermeasures to prevent exposing Emperor's new clothes

Messenger, shot; Accounting rules are under attack. Standard-setters should defend them. Politicians and banks should back off
http://www.economist.com/opinion/displayStory.cfm?story_id=13446745&source=hptextfeature

from above:
IN PUBLIC, bankers have been blaming themselves for their troubles. Behind the scenes, they have been taking aim at someone else: the accounting standard-setters. Their rules, moan the banks, have forced them to report enormous losses, and it's just not fair.
... snip ...

misc. past posts drawing analogy with Emperor's new clothes parable
http://www.garlic.com/~lynn/2008j.html#40 dollar coins
http://www.garlic.com/~lynn/2008j.html#60 dollar coins
http://www.garlic.com/~lynn/2008j.html#69 lack of information accuracy
http://www.garlic.com/~lynn/2008k.html#10 Why do Banks lend poorly in the sub-prime market? Because they are not in Banking!
http://www.garlic.com/~lynn/2008k.html#16 dollar coins
http://www.garlic.com/~lynn/2008k.html#27 dollar coins
http://www.garlic.com/~lynn/2008l.html#42 dollar coins
http://www.garlic.com/~lynn/2008m.html#12 Fraud due to stupid failure to test for negative
http://www.garlic.com/~lynn/2008o.html#35 The human plague
http://www.garlic.com/~lynn/2008q.html#58 Obama, ACORN, subprimes (Re: Spiders)
http://www.garlic.com/~lynn/2009b.html#8 Do emperors from the banks have new clothes?
http://www.garlic.com/~lynn/2009b.html#65 What can agencies such as the SEC do to insure us that something like Madoff's Ponzi scheme will never happen again?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cobol hits 50 and keeps counting

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Cobol hits 50 and keeps counting
Newsgroups: alt.folklore.computers
Date: Sun, 12 Apr 2009 08:26:39 -0400
hancock4 writes:
I remember the devices had stickers on them with the device address (which was in hex). The stickers were in the distinctive IBM typeface used in those days in their manuals for titles. The 2314 disk drive had changeable addresses by pulling out the address cylinder.

standard 8-drive 2314 had nine drives and only eight addressable plugs. it was possible to load 2314 disk on the nineth drive and get it up and spinning before swapping plugs.

2314 picture:
http://www-03.ibm.com/ibm/history/exhibits/storage/storage_2314.html

better picture here with 2314 drawer opened ... as well as other close-up pictures of 2314 disk. the page has comments about the address plug ... but no closeup
http://www.staff.ncl.ac.uk/roger.broughton/museum/DASD/200426.htm

2314 details from bitsaver
http://www.bitsavers.org/pdf/ibm/dasd/A26-3599-4_2314_Sep69.pdf

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

greenbar

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: greenbar
Newsgroups: alt.folklore.computers
Date: Sun, 12 Apr 2009 08:41:55 -0400
re:
http://www.garlic.com/~lynn/2009f.html#19 greenbar
http://www.garlic.com/~lynn/2009f.html#26 greenbar

this is old reference to some agencies that started using cp67 in the 60s
http://web.archive.org/web/20090117083033/http://www.nsa.gov/research/selinux/list-archive/0409/8362.shtml

i didn't hear about them until much later ... but as undergraduate in the 60s, i was active in making lots of changes/enhancements to cp67 ... even periodic getting suggestions from the vendor about possible changes. in retrospect, the nature of some of the suggestions may have originated from such agencies.

about a decade ago, we were in town and had an occasion to visit somebody at one of the agencies (we were involved in financial standards which would have participation from gov. agencies). this required providing information ahead of time so we were on visitor list. we arrived at the gate and the guard behind the desk is checking a visitor list on fanfold paper ... and the top page is printed the vm separator page.

a current vm reference to printer separator page:
http://www.vm.ibm.com/pubs/cp43032/SEPPAG1.HTML

random past posts mentioning "separator" pages
http://www.garlic.com/~lynn/2001g.html#5 New IBM history book out
http://www.garlic.com/~lynn/2005f.html#48 1403 printers
http://www.garlic.com/~lynn/2005f.html#51 1403 printers
http://www.garlic.com/~lynn/2005r.html#29 Job seperators
http://www.garlic.com/~lynn/2008h.html#8a Using Military Philosophy to Drive High Value Sales
http://www.garlic.com/~lynn/2008o.html#68 Blinkenlights
http://www.garlic.com/~lynn/2008o.html#69 Blinkenlights
http://www.garlic.com/~lynn/2008p.html#71 Password Rules
http://www.garlic.com/~lynn/2009e.html#73 Most 'leaders' do not 'lead' and the majority of 'managers' do not 'manage'. Why is this?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cobol hits 50 and keeps counting

Refed: **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Cobol hits 50 and keeps counting
Newsgroups: alt.folklore.computers
Date: Sun, 12 Apr 2009 22:34:08 -0400
"Joe Morris" <j.c.morris@verizon.net> writes:
Data for every S/360 I/O device (I'm ignoring "Direct Read/Direct Write" since they were more rare than an honest politician) were exchanged between memory and a "control unit" (sometimes integrated with the device, more often a separate box controlling multiple devices). The data movement was specified by a Channel Control Word (CCW) which included not only the memory address and data length, but also a one-byte "channel command" which specified the direction of the data flow plus various device-dependent controls. In the case of a printer this channel command specified (a) whether the output included any printable characters and (b) what carriage operation (if any) was to be performed after any printing was complete.

my html of gcard ios3270 ... and printer control channel command "op-codes"
http://www.garlic.com/~lynn/gcard.html#24

there was an issue that standard ansi/fortran used a leading character to indicate carriage control operation before the following data to be printed. ansi/fortran
http://www.garlic.com/~lynn/gcard.html#9

the printer channel command op-code was: 1) first write data and then perform carriage control (after the write operation) or 2) separate channel commands ... one that only wrote data and one that only did carraige control operation.

simulation of the fortran convention defaulted to two separate channel commands ... the first that did the carriage control operation only followed by separate channel command that did the data write (only).

there was some processes developed that attempted to optimize a printer channel program ... collecting a whole page worth of print channel commands into single channel program ... and merging stand-alone carriage control only channel command with any immediately preceeding write-only channel command (ideally halving the number of channel commands in a printer channel program).

fortran output might a "skip to channel 1" character ... (i.e. position at top of the next page) followed by the data to be printed on the first line.

standard printer channel command was either was only a "skip to channel 1" (and no write) or a write followed by "skip to channel 1". to do the fortran scenario defaulted to a channel command that only did the "skip to channel 1" followed by a channel command that only did the write.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

US banking Changes- TARP Proposl

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: US banking Changes- TARP Proposl
Date: Apr 13, 2009
Blog: Financial Regulation
US watchdog calls for bank executives to be sacked
http://www.guardian.co.uk/business/2009/apr/05/useconomy-regulators

from baselinescenario.com website

What happened to the global economy and what we can do about it; Two Things That Have Nothing To Do with Each Other (2008 CEO compensation and total return):
http://baselinescenario.com/2009/04/05/two-things-that-have-nothing-to-do-with-each-other/

then there is their article

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

there is business school article from year ago that estimated approx 1000 execs are responsible for 80% of the current mess and it would go a long way to fixing the problem if the gov. could figure out how they could loose their jobs:
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)

somewhat related ....

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I
Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home

related posts
http://www.garlic.com/~lynn/2009f.html#20
http://www.garlic.com/~lynn/2009f.html#29
http://www.garlic.com/~lynn/2009f.html#31

I've periodically claimed that securitization, (triple-A rated) toxic CDOs, CDSs, etc have an analogy with the Emperor's new clothes parable. Once the facade has been punctured ... then it can have a tendency to rapidly evaporate.

The securitization/toxic CDOs/CDS cloaking allowed underlying values to be significantly inflated ... more analogous to the new clothes parable. Futhermore, the people responsible had no exerperience dealing with the underlying values, didn't care about the underlying values, and/or were significantly motivated to greatly inflate the underlying values.

The obfuscation provided by securitization, along with many buying the instruments, having little or no experience in the underlying loans, allowed significant value inflation and significant profits to be declared, as well as enormous commissions and bonuses to be taken.

The other securitization analogy (besides Emperor's new clothes parable) is that the obfuscation allowed subverting the "observe" in Boyd's OODA-loop (observe, orient, decide & act) ... especially selling to large number of people that have little experience with loan management.

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c

from above:
"Securitization was based on the premise that a fool was born every minute," Joseph Stiglitz, a professor of economics at Columbia University in New York, told a congressional committee on Oct. 21. "Globalization meant that there was a global landscape on which they could search for those fools -- and they found them everywhere."
... snip ...

some of the countermeasures to prevent exposing Emperor's new clothes

Messenger, shot; Accounting rules are under attack. Standard-setters should defend them. Politicians and banks should back off
http://www.economist.com/opinion/displayStory.cfm?story_id=13446745&source=hptextfeature

from above:
IN PUBLIC, bankers have been blaming themselves for their troubles. Behind the scenes, they have been taking aim at someone else: the accounting standard-setters. Their rules, moan the banks, have forced them to report enormous losses, and it's just not fair.
... snip ...

Accounting for Special Purpose Entities Revised: FASB Interpretation 46(R)
http://www.nysscpa.org/cpajournal/2004/704/essentials/p30.htm
Bankers try to keep bad assets off books
http://www.azstarnet.com/business/266220
FASB's new QSPE rule implementation delayed
http://marketpipeline.blogspot.com/2008/07/fasbs-new-qspe-rule-implementation.html
FASB Renews Attempts to Amend QSPE Rules
http://www.complianceweek.com/article/5144/fasb-renews-attempts-to-amend-qspe-rules

from above:
That abuse became apparent when regulators provided guidance allowing banks to work out troubled loans held in off-balance-sheet structures without sacrificing off-balance-sheet accounting; that permission was the smoke signal indicating financial institutions were more involved in the assets than the accounting literature would intend to qualify for off-balance-sheet treatment.
... snip ...

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

PCI security rules may require reinforcements

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: PCI security rules may require reinforcements
Date: Apr 13, 2009
Blog: Financial Crime Risk, Fraud and Security
PCI security rules may require reinforcements; Critics carp that the standard isn't protecting credit and debit card data
http://www.networkworld.com/news/2009/041309-pci-security-rules-may-require.html

from above:
Created by Visa and other credit card companies, the PCI rules will have been in effect for four years as of June 30. But with breaches of card data continuing and questions about the standard's effectiveness on the rise, PCI DSS is showing signs of coming apart at the seams.
... snip ...

recent PCI thread/news:
http://www.garlic.com/~lynn/2009d.html#69 PCI Compliance
http://www.garlic.com/~lynn/2009f.html#3 Cybersecurity hearing highlights inadequacy of PCI DSS
http://www.garlic.com/~lynn/2009f.html#16 Cybersecurity hearing highlights inadequacy of PCI DSS

We had been called in to consult with 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.

Somewhat as a result, in the mid-90s, we were asked to participate in the x9a10 financial standard working group that had been given the requirement to preserve the integrity of the financial infrastructure for all retail payments. This required doing detailed, end-to-end threat & vulnerability studies of various mechanisms used in retail payments (POS, attended, unattended, internet, debit, credit, gift card, stored value, ACH, etc, i.e. ALL). The result was the x9.59 financial transaction standard ... some reference
http://www.garlic.com/~lynn/x959.html#x959

One of the big threats/vulnerabilities was transaction information being harvested (skimming, phishing, evesdropping, data breaches) by crooks (&/or insiders) for the purpose of fraudulent transactions. X9.59 addressed this problem, not by attempting to prevent such activity ... but slightly tweaking the paradigm and making the information useless to crooks for purposes of fraudulent transactions.

In much of the current infrastructure, knowing the account number is sufficient for a crook to perform a fraudulent transaction. We've tried using a number of metaphors to describe the current infrastructure (fixed by x9.59):

dual-use vulnerability metaphor

account number is required in a large number of different business processes and is required to be readily available. at the same time the account number has to be kept strictly confidential and never divulged to anybody (not even those needing it for business processes, since insiders have repeatedly been shown to be the major source of identity theft). we've claimed that even if the planet was buried under miles of information hiding encryption, that it wouldn't be sufficient to prevent information leakage.

security proportional to risk metaphor

to the merchant, knowledge of the account number is worth some percent of the profit off the transaction; that same knowledge for the crook, is worth the account balance/credit-limit. as a result, the crook may be able to outspend by a factor of 100 times attacking the system (as the merchant can afford to spend protecting the system).

naked transaction metaphor

lots of archived blog activity & posts related to naked transaction metaphor
http://www.garlic.com/~lynn/subintegrity.html#payments

....

One of the issues is that the earlier work we did for electronic commerce, uses SSL for hiding financial transaction information ... which appears to the largest use of SSL on the web today. X9.59 eliminates the need for hiding that information (as countermeasure to fraudulent transactions) and therefor eliminates the major use of SSL on the web today.

misc. (other) past posts mentioning the metaphors
http://www.garlic.com/~lynn/2008g.html#17 Hannaford breach illustrates dangerous compliance mentality
http://www.garlic.com/~lynn/2008g.html#28 Hannaford case exposes holes in law, some say
http://www.garlic.com/~lynn/2008h.html#4 You won't guess who's the bad guy of ID theft
http://www.garlic.com/~lynn/2008p.html#5 Privacy, Identity theft, account fraud
http://www.garlic.com/~lynn/2008p.html#7 Dealing with the neew MA ID protection law
http://www.garlic.com/~lynn/2008p.html#59 Can Smart Cards Reduce Payments Fraud and Identity Theft?
http://www.garlic.com/~lynn/2008r.html#53 21 million German bank account details on black market
http://www.garlic.com/~lynn/2008s.html#10 Data leakage - practical measures to improve Information Governance
http://www.garlic.com/~lynn/2009.html#60 The 25 Most Dangerous Programming Errors
http://www.garlic.com/~lynn/2009b.html#13 US credit card payment house breaches by sniffing malware
http://www.garlic.com/~lynn/2009b.html#15 It's Me, and Here's My Proof: Why Identity and Authentication Must Remain Distinct
http://www.garlic.com/~lynn/2009b.html#62 Study: Data breaches continue to get more costly for businesses

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

System/360 Announcement (7Apr64)

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: System/360 Announcement (7Apr64)
Date: Apr 14, 2009
Blog: Greater IBM Connection
re:
http://www.garlic.com/~lynn/2009f.html#13 System/360 Announcement (7apr64)
http://www.garlic.com/~lynn/2009f.html#15 System/360 Announcement (7Apr64)
http://www.garlic.com/~lynn/2009f.html#18 System/360 Announcement (7Apr64)

I got email from a nephew last nov. mentioning that hugh (uncle) had died before the nephew was born; he had tripped across a lot of my TSS comments and also mentioning Hugh ... from archived (alt.folklore.computer) usenet comments that can be found here:
http://www.garlic.com/~lynn/

I was undergraduate at univ. that had 360/67 installed originally for tss/360 ... which the SE would test on weekends. I had grown into having responsibility for univ. production os/360 system that ran most of the time. Then some people from science center came out and installed cp/67 in Jan68. I then did some amount of cp67 testing and fixing on weekends. As a result, I was invited to the spring '68 SHARE meeting in Houston to be there as part of the cp/67 announcement. That was where I first met Hugh (we had an animated conversation at SCIDS that almost turned into a physical altercation, the next day there was a meeting for us in the astrodome in much more calm atmosphere).

TSS went on to do a stripped down kernel for AT&T that had unix layered on top ... followed by Germany doing a lot of work for putting it out as a product ... a lot of the TSS group took a tour in Germany.

this old (a.f.c. usenet post) has reference to some comparison that I did in mid-80s of VM/SP vis-a-vis TSS kernel structure (part of much longer thread).
http://www.garlic.com/~lynn/2001m.html#53

misc. old email mentioning tss &/or (at&t) tss/unix:
http://www.garlic.com/~lynn/2007e.html#email800404
http://www.garlic.com/~lynn/2006f.html#email800404
http://www.garlic.com/~lynn/2006e.html#email840109

overall index of old email
http://www.garlic.com/~lynn/lhwemail.html

we had a scenario where vm/cms 370/158 could pump out more work than mvs/tso 370/168 (for some definition of work ... modulo strict numerical intensive and some other caveats).

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

On whom or what would you place the blame for the sub-prime crisis?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: On whom or what would you place the blame for the sub-prime crisis?
Date: Apr 14, 2009
Blog: Financial Crime Risk, Fraud and Security
The Biggest Cause of the Financial Crisis
http://www.fool.com/investing/general/2009/04/13/the-biggest-cause-of-the-financial-crisis.aspx

25 People to Blame for the Financial Crisis; Phil Gramm
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html

from above:
He played a leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street. He also inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives like credit-default swaps from regulation by the Commodity Futures Trading Commission. Credit-default swaps took down AIG, which has cost the U.S. $150 billion thus far.
... snip ...

PBS program describes citigroup playing significant role in repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/

The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html

from above:
Watsa's only sin was in being a little too early with his prediction that the era of credit expansion would end badly. This is what he said in Fairfax's 2003 annual report: "It seems to us that securitization eliminates the incentive for the originator of [a] loan to be credit sensitive. Prior to securitization, the dealer would be very concerned about who was given credit to buy an automobile. With securitization, the dealer (almost) does not care."
... snip ...

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c

from above:
"Securitization was based on the premise that a fool was born every minute," Joseph Stiglitz, a professor of economics at Columbia University in New York, told a congressional committee on Oct. 21. "Globalization meant that there was a global landscape on which they could search for those fools -- and they found them everywhere."
... snip ...

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

there is business school article from year ago that estimated approx 1000 execs are responsible for 80% of the current mess and it would go a long way to fixing the problem if the gov. could figure out how they could loose their jobs:
http://knowledge.wharton.upenn.edu/article.cfm?articleid=1933 (gone 404 and/or requires registration)

earlier, regulated financial institutions would be making loans using deposits as source of funds. in the securitization scenario, regulated financial institutions could provide a significant amount of the funds for the unregulated loan originators (in circuitous manner) with their (unregulated) investment banking arms (curtesy of repeal of Glass-Steagall) buy up the triple-A rated toxic CDOs and carry them off-balance.

Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home

from above:
So investors betting for quick solutions to the financial crisis could be disappointed. The tangled web that banks wove over the years will take a long time to undo.

At the end of 2008, for example, off-balance-sheet assets at just the four biggest U.S. banks -- Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. -- were about $5.2 trillion, according to their 2008 annual filings.

... snip ...

oh ... I've been doing some amount of work "cleaning" the OCR of scan of the Glass-Steagall hearing transcripts (and creating HTML) ... from the 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 ...

there is a correspondence between the speculation in the real-estate market leveraging (ARM) loans from (unregulated) non-depository institutions and the speculation in the '20s stock market using brokers' loans.

misc. recent posts reference some of the above:
http://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
http://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
http://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009.html#58 HONEY I LOVE YOU, but please cut the cards
http://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009.html#79 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009.html#84 what was the idea behind Citigroup's splitting up into two different divisions? what does this do for citigroup?
http://www.garlic.com/~lynn/2009.html#85 Banks' Demise: Why have the Governments hired the foxes to mend the chicken runs?
http://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
http://www.garlic.com/~lynn/2009b.html#11 Amid Economic Turbulence, Mainframes Counter IT Cost-Cutting Trend
http://www.garlic.com/~lynn/2009b.html#18 Barbless
http://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
http://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#48 The blame game is on : A blow to the Audit/Accounting Industry or a lesson learned ???
http://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
http://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
http://www.garlic.com/~lynn/2009b.html#60 OCR scans of old documents
http://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
http://www.garlic.com/~lynn/2009b.html#78 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009c.html#10 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#11 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
http://www.garlic.com/~lynn/2009c.html#28 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#36 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
http://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
http://www.garlic.com/~lynn/2009c.html#42 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#44 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
http://www.garlic.com/~lynn/2009c.html#61 Accounting for the "greed factor"
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#3 Congress Set to Approve Pay Cap of $500,000
http://www.garlic.com/~lynn/2009d.html#7 Are Ctibank's services and products so vital to global economy than no other banks can substitute it?
http://www.garlic.com/~lynn/2009d.html#9 HSBC is expected to announce a profit, which is good, what did they do differently?
http://www.garlic.com/~lynn/2009d.html#10 Who will Survive AIG or Derivative Counterparty Risk?
http://www.garlic.com/~lynn/2009d.html#16 The Formula That Killed Wall Street
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#30 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#36 Bernanke Says Regulators Must Protect Against Systemic Risks
http://www.garlic.com/~lynn/2009d.html#37 NEW SEC (Enforcement) MANUAL, A welcome addition
http://www.garlic.com/~lynn/2009d.html#40 Bernanke Says Regulators Must Protect Against Systemic Risks
http://www.garlic.com/~lynn/2009d.html#59 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#64 Should AIG executives be allowed to keep the bonuses they were contractually obligated to be paid?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#77 Who first mentioned Credit Crunch?
http://www.garlic.com/~lynn/2009e.html#0 What is swap in the financial market?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#35 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009e.html#59 Tesco to open 30 "bank branches" this year
http://www.garlic.com/~lynn/2009e.html#82 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#86 Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?
http://www.garlic.com/~lynn/2009f.html#4 Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?
http://www.garlic.com/~lynn/2009f.html#20 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#27 US banking Changes- TARP Proposl
http://www.garlic.com/~lynn/2009f.html#29 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#31 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#35 US banking Changes- TARP Proposl
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

PIN Crackers Nab Holy Grail of Bank Card Security

Refed: **, - **, - **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: PIN Crackers Nab Holy Grail of Bank Card Security
Date: Apr 15, 2009
Blog: Financial Crime Risk, Fraud and Security
PIN Crackers Nab Holy Grail of Bank Card Security
http://blog.wired.com/27bstroke6/2009/04/pins.html

from above:
Cyberthieves have seized on new, sophisticated hacking techniques to bypass the encryption of bank-card Personal Identification Numbers (PINs), a new report says. The revelation could explain the millions of dollars lost in previous years.
... snip ...

recent thread discussion (PIN &) ATMs At Risk (along with some historical magstripe, ATM machine, and PIN references)
http://www.garlic.com/~lynn/2009e.html#6 ATMs At Risk
http://www.garlic.com/~lynn/2009e.html#16 ATMs At Risk
http://www.garlic.com/~lynn/2009e.html#21 ATMs At Risk

wiki reference for IBM 3624
http://en.wikipedia.org/wiki/IBM_3624

from above:
One of the most lasting features introduced with the 3624 was the IBM 3624 PIN block format used in transmission of an encrypted personal identification number (PIN).
... snip ...

above wiki page also reference some of my old posts about los gatos lab and its work on ATM machines, etc.

Part of the PIN-debit issue is two-factor authentication ... where there is an implicit assumption that the different factors have independent compromises, i.e. from 3-factor authentication model
http://www.garlic.com/~lynn/subintegrity.html#3factor

where the physical card is something you have and the PIN is a (shared-secret) something you know. However, PINs are subject to the rapidly exploding number of something you know authentication. Basically, from secruity 101, a unique (something you know) shared-secret is required for every unique security domain. The proliferation in number of shared-secrets has led to a number of compromises

So many passwords, so little memory
http://www.physorg.com/news159012042.html

so one of the issues with human inability to deal with the rapidly increasing number of shared-secrets ... is one study found that 30% of PIN-debit cards have the PIN written on them (negating the assumption about independent threats).

Another defeat of the assumption about independent threats ... is end-point device skimming where information (sufficient to create a counterfeit card) and the PIN are harvesting at the same time. Misc. past posts discussing issues with shared-secret paradigm
http://www.garlic.com/~lynn/subintegrity.html#secret

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Time zones

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Time zones
Newsgroups: alt.folklore.computers,comp.arch
Date: Wed, 15 Apr 2009 10:04:19 -0400
Bernd Paysan <bernd.paysan@gmx.de> writes:
The British empire fell apart at the same time - look at India. And for different strategies, look at Vietnam: first the French failed with their approach, then the Americans failed as well... (American approach: put a right-winged Junta into power, and if supplying them with arms is not sufficient, bomb bomb bomb), maybe this sort of colony is going to fail regardless of the approach, because it's wrong to colonize nations who don't like it?

there were some histories which claim that "special forces" had it all but "won" (hearts & minds) ... but then the regular army wanted to have increased participation and took over ... which significantly changed the approach.

there were something similar in some of the articles about Boyd being brought in for desert storm battle plan ... which was significantly different than tank battle slugging it out until the last tank standing.

How Col. John Boyd Beat the Generals
http://www.d-n-i.net/fcs/comments/c455.htm

misc. past posts mentioning Boyd
http://www.garlic.com/~lynn/subboyd.html#boyd
misc. URLs from around the web mentioning Boyd &/or OODA-loops
http://www.garlic.com/~lynn/subboyd.html#boyd2

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

On whom or what would you place the blame for the sub-prime crisis?

Refed: **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: On whom or what would you place the blame for the sub-prime crisis?
Date: Apr 15, 2009
Blog: Financial Crime Risk, Fraud and Security
re:
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c

from above:
The bundling of consumer loans and home mortgages into packages of securities -- a process known as securitization -- was the biggest U.S. export business of the 21st century. More than $27 trillion of these securities have been sold since 2001, according to the Securities Industry Financial Markets Association, an industry trade group. That's almost twice last year's U.S. gross domestic product of $13.8 trillion.
.... snip ...

From congressional hearings last fall, part of the circuitous route involving securitization was testimony that both toxic CDO issuers/sellers and the rating agencies knew that the toxic CDOs weren't worth triple-A ratings, but the toxic CDO issuers/sellers were paying the rating agencies for the triple-A ratings. This greatly increased the institutions that would deal in the triple-A rated toxic CDOs as well as the money paid ... and therefor enormously increased the amount of money available to non-depository loan originators ... and further contributed to eliminating any motivation to pay attention to details related to loan quality; no-down, no-documentation, 1% interest-only ARMs became very attractive to speculators since the carrying cost was much less than real-estate inflation in many parts of the country (planning on flipping before rate adjusted)

Part of the testimony was that the rating agency business process became misaligned in the early 70s when the rating agencies switched from the buyers paying for the ratings to the issuers paying for the ratings (significantly increasing potential for conflict of interest).

There were some news stories in January about gov. engaging IDC to help evaluate the off-balance toxic assets at financial institutions. IDC had bought the pricing services division from one of the rating agencies in the early 70s (in the period that rating agency business process became misaligned). Disclaimer, I interviewed with IDC in the late 60s, but didn't join them).

misc. past references to IDC
http://www.garlic.com/~lynn/2009.html#21 Banks to embrace virtualisation in 2009: survey
http://www.garlic.com/~lynn/2009.html#31 Banks to embrace virtualisation in 2009: survey
http://www.garlic.com/~lynn/2009.html#32 What are the challenges in risk analytics post financial crisis?
http://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
http://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009.html#77 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009.html#79 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009b.html#38 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#78 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009e.html#15 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009e.html#70 When did "client server" become part of the language?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

More Data Breached In 2008 Than In Previous Four Years Combined

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: More Data Breached In 2008 Than In Previous Four Years Combined
Date: Apr 15, 2009
Blog: Financial Crime Risk, Fraud and Security
More Data Breached In 2008 Than In Previous Four Years Combined
http://www.informationweek.com/news/security/attacks/showArticle.jhtml?articleID=216500718&cid=RSSfeed_IWK_Security

from above:
About a third of the breaches in Verizon Business' caseload have been publicly disclosed, and additional disclosures are expected before the end of the year. But many breaches will remain unreported because of the absence of any applicable disclosure
... snip ...

Hackers steal 285m electronic records in 2008 - Verizon
http://www.finextra.com/fullstory.asp?id=19911

from above:
Organised crime was responsible for nine in 10 breaches, with an explosion of attacks targeting PIN data, which Verizon says hit the consumer much harder than typical signature-based counterfeit attacks.
... snip ...

above also mentions that the larger fraud ROI with PINed accounts is fueling explosion in PIN related attacks.

recent related article:
http://www.garlic.com/~lynn/2009f.html#39 PIN Crackers Nab Holy Grail of Bank Card Security

misc. recent additional articles:

Attackers cash in on fundamental data handling mistakes, Verizon finds
http://searchsecurity.techtarget.com/news/article/0,289142,sid14_gci1353871,00.html
Organized crime behind big spike in corporate data breaches
http://www.infoworld.com/d/security-central/organized-crime-behind-big-spike-in-corporate-data-breaches-601
Huge Data Breach Spike Caused By Organized Crime
http://www.cio.com/article/489391/Huge_Data_Breach_Spike_Caused_By_Organized_Crime
Security Fix - Glut of Stolen Banking Data Trims Profits for Thieves
http://voices.washingtonpost.com/securityfix/2009/04/glut_of_stolen_banking_data_tr.html
Hackers Created 1.6 Million Security Threats in 2008
So many passwords, so little memory
http://www.physorg.com/news159012042.html
Subverting PIN Encryption For Bank Cards
http://it.slashdot.org/article.pl?sid=09/04/15/1424249

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

On whom or what would you place the blame for the sub-prime crisis?

Refed: **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: On whom or what would you place the blame for the sub-prime crisis?
Date: Apr 16, 2009
Blog: Financial Crime Risk, Fraud and Security
re:
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#41 On whom or what would you place the blame for the sub-prime crisis?

there has always been numerous hotspots of greed and corruption, but a combination of deregulation, lax regulation, and lax enforcement allowed all those isolated hotspots to combine together into a world-wide economic firestorm.

... another analogy, in keeping with the large number of often repeated references to the trillions in "toxic assets" ... is the health scenario ... shutting down FDA, USDA, CDC, EPA, etc as well as all sewage and water treatment plants ... resulting in an economic cesspool.

This is long-winded, decade old (Jan99) post discussing some of the current problems:
http://www.garlic.com/~lynn/aepay3.htm#riskm

it also discusses citibank, in 1989, doing the risk analysis that ARM portfolio could take down the institution (which it nearly did), unloading the portfolio and getting out of the business.

previous post mention this PBS program looking at citi being major player in repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/

as mentioned previously, if it hadn't been for the world-wide appetite for triple-A rated, toxic CDOs, the unregulated loan originators would have had to pay a lot more attention to loan quality (as it was, they found they could unload everything they wrote, as fast as they could write it), and one of the biggest customers for those triple-A rated, toxic CDOs were the unregulated investment banking arms (courtesy of Glass-Steagall) of regulated banks (which enormously contributed to the amount of funds that unregulated loan originators had available for their lending mills).

Now, at least for citi, their lending business had demonstrated in 1989 that they understood how to evaluate an ARM portfolio ... but roll forward to the current time ... and a great deal of those (off-balance) triple-A rated, toxic CDOs are effectively an ARM portfolio ... and the institutional knowledge from 1989 appeared to have evaporated.

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014

from above:
But neither competitors nor Congress liked open-bank assistance, wondering why the institutions getting it shouldn't just be allowed to fail. So a 1991 banking law called FDICIA, and a subsequent amendment to a related law, essentially barred the FDIC from granting such assistance -- except in instances of systemic risk.
... snip ...

but as mentioned, FDIC has had to do it anyway for five Citigroup banks ... to the tune of $306 billion.

Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I

Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/

from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that Citi has more than $1.2 trillion dollars in off-balance sheet assets. These off-balance sheet entities are similar in structure to Enron's SPVs (special purpose vehicles)
... snip ...

Bernanke Says Crisis Damage Likely to Be Long-Lasting
http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJXeelvfY4&refer=home

from above (something of an understatement):
Bernanke said the packaging and sale of mortgages into securities "appears to have been one source of the decline in underwriting standards" because originators have less stake in the risk of a loan.
... snip ...

tv business news show discussing the bank stress tests ... but conjectured there isn't enuf TARP funds left to cover any banks that might fail (the tests) ... but then there is this which claims that the economy is already worse than the worst-case scenario used in the tests:

The 'Stress Tests' Are Really 'Fudge Tests'
http://www.forbes.com/2009/04/15/gdp-stress-tests-unemployment-banks-home-prices-opinions-columnists-nouriel-roubini.html

possibly becoming the new American way of life ... there have been a number of reports about the US educational system ranking near the bottom of industrial nations (29 out of 30; 35 out of 40, etc). For the past decade or so, supposedly proficiency tests are going to be mandated for high school graduation ... although many states keep postponing the effective date. Some number of the reasons given for postponements are that there would be too many 18 yr old flunking the tests, typically requiring just 7th grade proficiency in math, science, reading, etc.

recent, related posts:
http://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009c.html#67 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009d.html#0 PNC Financial to pay CEO $3 million stock bonus
http://www.garlic.com/~lynn/2009d.html#7 Are Ctibank's services and products so vital to global economy than no other banks can substitute it?
http://www.garlic.com/~lynn/2009d.html#10 Who will Survive AIG or Derivative Counterparty Risk?
http://www.garlic.com/~lynn/2009d.html#16 The Formula That Killed Wall Street
http://www.garlic.com/~lynn/2009d.html#18 HSBC is expected to announce a profit, which is good, what did they do differently?
http://www.garlic.com/~lynn/2009d.html#22 Is it time to put banking executives on trial?
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#42 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#59 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#64 Should AIG executives be allowed to keep the bonuses they were contractually obligated to be paid?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009e.html#0 What is swap in the financial market?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#35 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#70 When did "client server" become part of the language?
http://www.garlic.com/~lynn/2009f.html#25 Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?
http://www.garlic.com/~lynn/2009f.html#27 US banking Changes- TARP Proposl
http://www.garlic.com/~lynn/2009f.html#35 US banking Changes- TARP Proposl

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Chip and PIN for ID cards: Not such a sharp idea?; Hackers PINing after your details

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Chip and PIN for ID cards: Not such a sharp idea?; Hackers PINing after your details
Date: Apr 16, 2009
Blog: Financial Crime Risk, Fraud and Security
Chip and PIN for ID cards: Not such a sharp idea?; Hackers PINing after your details
http://www.silicon.com/publicsector/0,3800010403,39418260,00.htm

from above:
The inclusion of EMV is not without its downsides, however. Clive Longbottom, service director for business processes facilitation at analyst house Quocirca, questioned the desirability of chip and PIN and warned that adding EMV functionality would make ID cards less secure.
... snip ...

This has been brought up in the past several times ... even during the yes card period ... misc. past posts
http://www.garlic.com/~lynn/subintegrity.html#yescard

this mentions presentation at Cartes2002 discussing some of the yes card weaknesses:
http://web.archive.org/web/20030417083810/http://www.smartcard.co.uk/resources/articles/cartes2002.html

In our AADS framework ... we specify provisions for a person-centric paradigm ... as opposed to the prevalent institutional-centric paradigm ... some of this covered in the AADS patent portfolio ... which continue to be granted, long after we have left ... even one more this week
http://www.garlic.com/~lynn/aadssummary.htm

however, one distinction in the AADS framework ... the authentication process is kept distinct and separate from the business rules related to the processes making use of authentication. This is also evident in the x9.59 financial transaction standard
http://www.garlic.com/~lynn/x959.html#x959

a little x9.59 financial transaction standard x-over in the discussion regarding this recent news item "PCI security rules may require reinforcements" ... also archived here:
http://www.garlic.com/~lynn/2009f.html#36

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Artificial Intelligence to tackle rogue traders

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Artificial Intelligence to tackle rogue traders
Date: Apr 17, 2009
Blog: Financial Crime Risk, Fraud and Security
Artificial Intelligence to tackle rogue traders
http://www.physorg.com/news158490138.html

from above:
The Financial Times recently quoted as many as 25% of UK share dealing may be tainted by insider trading. A study commissioned by the New York Times suggested as many as 41% of North American deals may be similarly affected.
... snip ...

The congressional hearing into the Madoff ponzi scheme, one of the testimonies was from somebody that had tried unsuccessfully for a decade trying to get the SEC to do something about Madoff. The repeated theme in the testimony was that while new regulations are needed, much more important is transparency and visibility; that crooks and fraud thrive where there isn't transparency or visibility.

We had been brought in to consult with a small client/server startup that wanted to do payment transactions on their server; they also had this technology they had invented called SSL they wanted to use. The result is now frequently called electronic commerce. Somewhat as a result of the electronic commerce work we were invited in the mid-90s to participate in the x9a10 financial standard working group, which had been given the requirement to preserve the integrity of the financial infrastructure for all retail payments ... which resulted in the x9.59 financial standard transaction protocol ... some references:
http://www.garlic.com/~lynn/x959.html#x959

somewhat as the result of those activities, we got invited to come into NSCC (since merged with DTC to become DTCC) to look at doing something similar for all trader operations. It wasn't too long before that effort was suspended ... possibly because a side-effect would have been a significant increase in transparency and visibility ... which apparently is counter to fundamental trader culture.

misc. recent posts mentioning DTCC
http://www.garlic.com/~lynn/2008s.html#63 Garbage in, garbage out trampled by Moore's law
http://www.garlic.com/~lynn/2009b.html#35 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
http://www.garlic.com/~lynn/2009b.html#65 What can agencies such as the SEC do to insure us that something like Madoff's Ponzi scheme will never happen again?
http://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009d.html#47 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#75 Whistleblowing and reporting fraud
http://www.garlic.com/~lynn/2009e.html#15 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Who moved my payment?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Who moved my payment?
Date: Apr 17, 2009
Blog: Payment Systems Network
we had been called in to consult with a small client/server started 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. Somewhat from the work on electronic commerce, in the mid-90s we were asked to participate in the x9a10 financial standard working group, which had been given the requirement to preserve the integrity of the financial infrastructure for all retail payments (i.e. *ALL* as in POS, internet, debit, credit, ACH, attended, unattended, gift-card, stored-value ... aka *ALL*). The result was the x9.59 financial transaction standard ... some references
http://www.garlic.com/~lynn/x959.html#x959

In the mid-90s, there was some X9A10 participation by telcos. the conventional wisdom at the time was that the telcos had significantly higher performing & efficient transaction processing system and there was possibility that they could take over the payment business (from financial institutions). Going into the late 90s, the telco participation seemed to evaporate. A major reason given was that the telcos had not expected the level of fraud they encountered in their foreys into payment transactions; and weren't prepared to deal with it.

.. although also in the timeframe of telcos departing payment landscape was the passage of the bank modernization act (mostly referred to now as being behind the current financial mess for its repeal of Glass-Steagall). one of the backers of bill, on the floor stated that the purpose of the bill was that institutions that were already banks got to remain banks and institutions that weren't already banks didn't get to become banks (although telcos weren't mentioned ... microsoft and walmart were specifically singled out ... since they were showing signs of getting into financial operations).

Part of the X9A10 work involved looking at detailed, end-to-end threat and vulnerability studies of the various mechanisms and environments. For example, one aspect was making x9.59 lightweight enough that it could be performed in the timing & power constraints of (contactless) transit turnstyle ... while having high enough integrity that it would also satisfy the highest valued transactions that might occur at POS or online banking. As mentioned, in other references, X9.59 goes a long way towards eliminating the major current threats and vulnerabilities ... but a side-effect was that it could also significantly lower the "fraud" barrier to entry into the payment business.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

TARP Disbursements Through April 10th

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: TARP Disbursements Through April 10th
Date: Apr 17, 2009
Blog: Financial Crime Risk, Fraud and Security
TARP Disbursements Through April 10th
http://www.paymentssource.com/attachment-cache/TARP04/10/09.pdf

and related:

Bailout acronym soup: A handy quide:
http://www.msnbc.msn.com/id/29900110/

but assistance isn't limited just to TARP ...

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014

from above:
But neither competitors nor Congress liked open-bank assistance, wondering why the institutions getting it shouldn't just be allowed to fail. So a 1991 banking law called FDICIA, and a subsequent amendment to a related law, essentially barred the FDIC from granting such assistance -- except in instances of systemic risk.
... snip ...

but FDIC has had to do it anyway for five Citigroup banks ... to the tune of $306 billion.

tv business news show discussing the bank stress tests ... but conjectured there isn't enuf TARP funds left to cover any banks that might fail (the tests) ... but then there is this which claims that the economy is already worse than the worst-case scenario used in the tests:

The 'Stress Tests' Are Really 'Fudge Tests'
http://www.forbes.com/2009/04/15/gdp-stress-tests-unemployment-banks-home-prices-opinions-columnists-nouriel-roubini.html

possibly becoming the new American way of life ... there have been a number of reports about the US educational system ranking near the bottom of industrial nations (29 out of 30; 35 out of 40, etc). For the past decade or so, supposedly proficiency tests are going to be mandated for high school graduation ... although many states keep postponing the effective date. Some number of the reasons given for postponements are that there would be too many 12th grade graduates flunking the tests, typically requiring just 7th grade proficiency in math, science, reading, etc.

Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home

from above:
So investors betting for quick solutions to the financial crisis could be disappointed. The tangled web that banks wove over the years will take a long time to undo.
...
At the end of 2008, for example, off-balance-sheet assets at just the four biggest U.S. banks -- Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. -- were about $5.2 trillion, according to their 2008 annual filings.
... snip ...

Bernanke Says Crisis Damage Likely to Be Long-Lasting
http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJXeelvfY4&refer=home

from above (something of an understatement):
Bernanke said the packaging and sale of mortgages into securities "appears to have been one source of the decline in underwriting standards" because originators have less stake in the risk of a loan.
... snip ...

past posts mentioning article about securitization eliminating any motivation to pay attention to loan quality:
http://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
http://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
http://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
http://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
http://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
http://www.garlic.com/~lynn/2009b.html#78 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
http://www.garlic.com/~lynn/2009c.html#61 Accounting for the "greed factor"
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#37 NEW SEC (Enforcement) MANUAL, A welcome addition
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#77 Who first mentioned Credit Crunch?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009f.html#31 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Bankers as Partners In Crime Stopping

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Bankers as Partners In Crime Stopping
Date: Apr 18, 2009
Blog: Financial Crime Risk, Fraud and Security
Bankers as Partners In Crime Stopping
http://www.americanbanker.com/btn_article.html?id=200903250L0KFRKU

In the 90s, there was the presidential directive for infrastructure protection
http://en.wikipedia.org/wiki/Critical_Infrastructure_Protection

... and each one of the critical infrastructure industries (including financial) was to look at threat, vulnerability, & exploit (information sharing) ISAC.
http://www.isaccouncil.org/

At least in the financial industry there was a great deal of concern about sharing that information (competitors being able to leverage the information) ... as well as getting a ruling whether the ISAC would be subject to FOIA (bad guys getting access to the information)
http://www.fsisac.com/

payment processing information sharing
http://www.ppisc.com/

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Is the current downturn cyclic or systemic?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Is the current downturn cyclic or systemic?
Date: Apr 18, 2009
Blog: Corporate Governance
re:
http://www.linkedin.com/answers/management/corporate-governance/MGM_CGV/460366-5811057

Bernanke Says Crisis Damage Likely to Be Long-Lasting
http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJXeelvfY4&refer=home

from above (something of an understatement):
Bernanke said the packaging and sale of mortgages into securities "appears to have been one source of the decline in underwriting standards" because originators have less stake in the risk of a loan.
... snip ...

The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html

from above:
Watsa's only sin was in being a little too early with his prediction that the era of credit expansion would end badly. This is what he said in Fairfax's 2003 annual report: "It seems to us that securitization eliminates the incentive for the originator of [a] loan to be credit sensitive. Prior to securitization, the dealer would be very concerned about who was given credit to buy an automobile. With securitization, the dealer (almost) does not care."
... snip ...

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c

from above:
The bundling of consumer loans and home mortgages into packages of securities -- a process known as securitization -- was the biggest U.S. export business of the 21st century. More than $27 trillion of these securities have been sold since 2001, according to the Securities Industry Financial Markets Association, an industry trade group. That's almost twice last year's U.S. gross domestic product of $13.8 trillion.
... snip ...

Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home

from above:
So investors betting for quick solutions to the financial crisis could be disappointed. The tangled web that banks wove over the years will take a long time to undo.

At the end of 2008, for example, off-balance-sheet assets at just the four biggest U.S. banks -- Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. -- were about $5.2 trillion, according to their 2008 annual filings.

... snip ...

oh ... I've been doing some amount of work "cleaning" the OCR of scan of the Glass-Steagall hearing transcripts (and creating HTML) ... from the 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 ...

there is a correspondence between the speculation in the real-estate market leveraging (ARM) loans from (unregulated) non-depository institutions (that were using securitization as source of funds) and the speculation in the '20s stock market using brokers' loans.

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

From congressional hearings last fall, part of the circuitous route involving securitization was testimony that both toxic CDO issuers/sellers and the rating agencies knew that the toxic CDOs weren't worth triple-A ratings, but the toxic CDO issuers/sellers were paying the rating agencies for the triple-A ratings. This greatly increased the institutions that would deal in the triple-A rated toxic CDOs as well as the money paid ... and therefor enormously increased the amount of money available to non-depository loan originators ... and further contributed to eliminating any motivation to pay attention to details related to loan quality; no-down, no-documentation, 1% interest-only ARMs became very attractive to speculators since the carrying cost was much less than real-estate inflation in many parts of the country (planning on flipping before rate adjusted)

Part of the testimony was that the rating agency business process became misaligned in the early 70s when the rating agencies switched from the buyers paying for the ratings to the issuers paying for the ratings (significantly increasing potential for conflict of interest).

There were some news stories in January about gov. engaging IDC to help evaluate the off-balance toxic assets at financial institutions. IDC had bought the pricing services division from one of the rating agencies in the early 70s (in the period that rating agency business process became misaligned). Disclaimer, I interviewed with IDC in the late 60s, but didn't join them).

prior to securitization, regulated financial institutions would be making loans using deposits as source of funds. in the securitization scenario, regulated financial institutions could provide a significant amount of the funds for the unregulated loan originators (in circuitous manner) with their (unregulated) investment banking arms (courtesy of repeal of Glass-Steagall) buy up the triple-A rated toxic CDOs and carry them off-balance.

This is long-winded, decade old (Jan99) post discussing some of the current problems:
http://www.garlic.com/~lynn/aepay3.htm#riskm

it also discusses citibank, in 1989, doing the risk analysis that ARM portfolio could take down the institution (which it nearly did), unloading the portfolio and getting out of the business.

if it hadn't been for the world-wide appetite for triple-A rated, toxic CDOs, the unregulated loan originators would have had to pay a lot more attention to loan quality (as it was, they found they could unload everything they wrote, as fast as they could write it), and one of the biggest customers for those triple-A rated, toxic CDOs were the unregulated investment banking arms (courtesy of repeal of Glass-Steagall) of regulated banks (which enormously contributed to the amount of funds that unregulated loan originators had available for their lending mills).

PBS program describes citigroup playing significant role in repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/

Now, at least for citi, their lending business had demonstrated in 1989 that they understood how to evaluate an ARM portfolio ... but roll forward to the current time ... and a great deal of those (off-balance) triple-A rated, toxic CDOs are effectively an ARM portfolio ... and the institutional knowledge from 1989 appeared to have evaporated.

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014

from above:
But neither competitors nor Congress liked open-bank assistance, wondering why the institutions getting it shouldn't just be allowed to fail. So a 1991 banking law called FDICIA, and a subsequent amendment to a related law, essentially barred the FDIC from granting such assistance -- except in instances of systemic risk.
... snip ...

but as mentioned, FDIC has had to do it anyway for five Citigroup banks ... to the tune of $306 billion.

Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I

Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/

from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that Citi has more than $1.2 trillion dollars in off-balance sheet assets. These off-balance sheet entities are similar in structure to Enron's SPVs (special purpose vehicles)
... snip ...

Another quote from "Bernanke Says Crisis Damage Likely to Be Long-Lasting" article:
Federal Reserve Chairman Ben S. Bernanke said the collapse of U.S. lending will probably cause long-lasting damage to home prices, household wealth and borrowers' credit scores.
... snip ...

The audacity of hope; Optimism that banks' fortunes have reached bottom may be premature
http://www.economist.com/finance/displayStory.cfm?story_id=13496794&source=hptextfeature

from above:
More blows are coming. Banks worldwide have written down their assets by $1.1 trillion. The final tally is expected to be double that, or more. The pain is only now starting to spread through commercial property and commercial loans. As a result, the first-quarter reprieve will turn out to be a "head fake", says Chris Whalen of Institutional Risk Analytics.

past posts mentioning article about securitization eliminating any motivation to pay attention to loan quality:
http://www.garlic.com/~lynn/2009.html#14 What are the challenges in risk analytics post financial crisis?
http://www.garlic.com/~lynn/2009.html#42 Lets play Blame Game...?
http://www.garlic.com/~lynn/2009.html#52 The Credit Crunch: Why it happened?
http://www.garlic.com/~lynn/2009.html#73 CROOKS and NANNIES: what would Boyd do?
http://www.garlic.com/~lynn/2009b.html#1 Are Both The U.S. & UK on the brink of debt disaster?
http://www.garlic.com/~lynn/2009b.html#37 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
http://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
http://www.garlic.com/~lynn/2009b.html#78 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
http://www.garlic.com/~lynn/2009c.html#61 Accounting for the "greed factor"
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#37 NEW SEC (Enforcement) MANUAL, A welcome addition
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#77 Who first mentioned Credit Crunch?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009f.html#31 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#47 TARP Disbursements Through April 10th --
40+yrs virtualization experience (since Jan68), online at home since Mar70

what IBM 360/370/etc. model was their best seller?

Refed: **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: what IBM 360/370/etc. model was their best seller?
Newsgroups: alt.folklore.computers
Date: Sun, 19 Apr 2009 11:23:42 -0400
"Dave Wade" <g8mqw@yahoo.com> writes:
I wonder about the 4381 but do I have to count the models separately...

4341/4331 rode the wave of big increase in departmental/mid-range computers (saw similar spike in vax sales). old email reference to that big explosion
http://www.garlic.com/~lynn/2001m.html#email790404b
in this post
http://www.garlic.com/~lynn/2001m.html#15 departmental servers

4381 was originally going to be one of the risc/801 microprocessors ... corporation converging the large number of different microprocessors to risc/801 ... as/400 was also part of that original strategy, problems showed up ... and they reverted to cisc microprocessors ... misc. risc/801 references
http://www.garlic.com/~lynn/subtopic.html#801

however, by the time 4381 came on the scene ... the departmental/mid-range market was starting to move to workstations and larger PCs. this can be seen in the decade of vax numbers (sliced & diced by year, model, us/non-us) ... old post w/numbers:
http://www.garlic.com/~lynn/2002f.html#0 Computers in Science Fiction
http://www.garlic.com/~lynn/2005f.html#37 Where should the type information be: in tags and descriptors

big difference between 4341/4331 & vax ... was there were 4341/4331 (single) orders in quantities of multiple hundreds. some old email referencing 43xx
http://www.garlic.com/~lynn/lhwemail.html#43xx

in some of the departmental server scenarios ... departmental "conference rooms" and "supply rooms" were being taken over for 4341 rooms. the proliferation of such departmental machines also started to dampen the growth in datacenter/glasshouse (and in some places resulted in shortage of conference rooms).

4341 sales were so succesful that there was even internal politics because 4341 was "eating" some number of 3031 sales ... and clusters of 4341 were better cost-effective & price/performance than 3033 ... some of that is also discussed in the above reference post:
http://www.garlic.com/~lynn/2001m.html#15 departmental servers

part of the 3033 price/performance comparison was disk accesses was starting to be an increasing system thruput bottleneck and there was direction to leverage various kinds of caching (both outboard and processor memory) to compensate for the disk thruput bottleneck. 3033 (24bit/16mbyte addressing) nominally was limited to 16mbytes real storage ... which represented a real barrier ... although there was eventually a hack done configuring 3033 with 32mbyte of real storage. Clusters of 4341 had significantly more aggregate real storage

misc. past posts mentioning 4341 cluster cost effectiveness:
http://www.garlic.com/~lynn/2001m.html#15 departmental servers
http://www.garlic.com/~lynn/2004o.html#57 Integer types for 128-bit addressing
http://www.garlic.com/~lynn/2005.html#34 increasing addressable memory via paged memory?
http://www.garlic.com/~lynn/2005n.html#11 Code density and performance?
http://www.garlic.com/~lynn/2005p.html#1 Intel engineer discusses their dual-core design
http://www.garlic.com/~lynn/2005q.html#30 HASP/ASP JES/JES2/JES3
http://www.garlic.com/~lynn/2005q.html#38 Intel strikes back with a parallel x86 design
http://www.garlic.com/~lynn/2005u.html#44 POWER6 on zSeries?
http://www.garlic.com/~lynn/2006b.html#39 another blast from the past
http://www.garlic.com/~lynn/2006i.html#41 virtual memory
http://www.garlic.com/~lynn/2006l.html#2 virtual memory
http://www.garlic.com/~lynn/2006l.html#4 Google Architecture
http://www.garlic.com/~lynn/2006p.html#0 DASD Response Time (on antique 3390?)
http://www.garlic.com/~lynn/2006r.html#4 Was FORTRAN buggy?
http://www.garlic.com/~lynn/2006s.html#41 Ranking of non-IBM mainframe builders?
http://www.garlic.com/~lynn/2006s.html#42 Ranking of non-IBM mainframe builders?
http://www.garlic.com/~lynn/2006t.html#15 more than 16mbyte support for 370
http://www.garlic.com/~lynn/2007f.html#44 Is computer history taught now?
http://www.garlic.com/~lynn/2007g.html#59 IBM to the PCM market(the sky is falling!!!the sky is falling!!)
http://www.garlic.com/~lynn/2007j.html#71 John W. Backus, 82, Fortran developer, dies
http://www.garlic.com/~lynn/2007n.html#20 The Development of the Vital IBM PC in Spite of the Corporate Culture of IBM
http://www.garlic.com/~lynn/2007o.html#10 IBM 8000 series
http://www.garlic.com/~lynn/2007o.html#56 360/30 memory
http://www.garlic.com/~lynn/2007o.html#72 FICON tape drive?
http://www.garlic.com/~lynn/2007r.html#56 CSA 'above the bar'
http://www.garlic.com/~lynn/2008b.html#8 on-demand computing
http://www.garlic.com/~lynn/2008d.html#64 Interesting ibm about the myths of the Mainframe
http://www.garlic.com/~lynn/2008d.html#71 Interesting ibm about the myths of the Mainframe
http://www.garlic.com/~lynn/2008e.html#73 Convergent Technologies vs Sun
http://www.garlic.com/~lynn/2008k.html#60 recent mentions of 40+ yr old technology
http://www.garlic.com/~lynn/2008o.html#57 Virtual
http://www.garlic.com/~lynn/2009d.html#48 Mainframe Hall of Fame: 17 New Members Added
http://www.garlic.com/~lynn/2009d.html#54 mainframe performance
http://www.garlic.com/~lynn/2009e.html#45 Mainframe Hall of Fame: 17 New Members Added

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

On whom or what would you place the blame for the sub-prime crisis?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: On whom or what would you place the blame for the sub-prime crisis?
Date: Apr 19, 2009
Blog: Financial Crime Risk, Fraud and Security
re:
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#41 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#43 On whom or what would you place the blame for the sub-prime crisis?

25 People to Blame for the Financial Crisis; Phil Gramm
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html

In the session that repealed Glass-Steagall, the financial industry contributed $250M to Congress, and in the recent session that passed TARP, they contributed $2B. More recent was comment that financial industry contributed a total of $5B during the period.

Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html

from above:
Enron was a major contributor to Mr. Gramm's political campaigns, and Mr. Gramm's wife, Wendy, served on the Enron board, which she joined after stepping down as chairwoman of the Commodity Futures Trading Commission.
... snip ...

Phil Gramm's Enron Favor
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 ...

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 ...

one of the articles from the period mentioned that House passed the bill ... and even before the copy of the bill was distributed in the Senate, the Senate passed it unanimously. Also Born (as chairman) must have been fairly quickly replaced by Gramm's wife (before she resigned the position to join Enron).

In the wake of ENRON, congress passed Sarbanes-Oxley, but did nothing about the underlying problem. SOX put much of the responsibility on SEC, which seemed to be lax in enforcement ... in part based on the Madoff hearing testimony by the person that tried unsuccessfully for a decade to try and get SEC to do something.

SOX also indicated that SEC do something about rating agencies ... but there doesn't seem to have been anything but:

Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Markets; As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002
http://www.sec.gov/news/studies/credratingreport0103.pdf

recent references to Larry Summers part in repeal of Glass-Steagall:

Eight reasons to dump Larry Summers
http://onlinejournal.com/artman/publish/article_4548.shtml
Flashback: Clinton Repeals Glass-Steagall
http://sweetness-light.com/archive/clintons-financial-services-modernization-act
Lawrence Summers, the Glass-Steagall Act and Enron, An historic reminder and flashback
http://forums.wallstreetexaminer.com/index.php?showtopic=804393
Rubin, Summers, Volcker and the Dirty Repeal of Glass-Steagall
http://slowsmile.hypocrisy.com/2009/03/14/rubin-summers-volcker-and-the-dirty-repeal-of-Glass-Steagall/
Glass-Steagall Accord Reached After Last-Minute Deal Making
http://cyber.law.harvard.edu/rfi/press/glasssteagall.htm
Larry Summers Received Money From Hedge Fund & Banks
http://blog.rebeltraders.net/2009/04/03/larry-summers-got-millions-banks/
Which Idiot Decided to Repeal Glass-Steagall?
http://oxdown.firedoglake.com/diary/3828

from above:
In April of 1998, Citicorp (banking) and Travelers Group (insurance) announced their supermerger. Although in violation of Glass-Steagall Act and the Bank Holding Company Act, a temporary waiver delayed required divestitures for two years and chairmen Sandy Weill and John Reed indicated that they intended to pursue changing the law rather than divestiture. Citibank alone spent "$100 million on lobbying and public relations" in the year prior to repeal.
... snip ...

President Obama Must Dump Summers To Save His Presidency
http://www.larouchepub.com/other/2009/3613must_dump_summers.html

from above:
Former Federal Reserve Chairman Paul Volcker, who heads the President's Economic Recovery Advisory Board, during a March 27 speech in New York City, was even more emphatic on a point he has addressed before: that the current system absolutely had to be reorganized, and reorganized in a Glass-Steagall framework.
... snip ...

possibly because GAO also didn't believe SEC was doing much ... in this case regarding public company financial filings (also a SOX mandate for SEC), they started their own database of problem filings (which increased something like 300% in the period after SOX):
http://www.gao.gov/special.pubs/gao-06-1079sp//index.html

from above:
The database consists of two files: (1) a file that lists 1,390 restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between July 1, 2002, and September 30, 2005, and (2) a file that lists 396 restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between October 1, 2005, and June 30, 2006.
... snip ...

past posts mentioning the GAO database work:
http://www.garlic.com/~lynn/2008f.html#96 Bush - place in history
http://www.garlic.com/~lynn/2008k.html#25 IBM's 2Q2008 Earnings
http://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
http://www.garlic.com/~lynn/2009b.html#36 A great article was posted in another BI group: "To H*** with Business Intelligence: 40 Percent of Execs Trust Gut"
http://www.garlic.com/~lynn/2009b.html#48 The blame game is on : A blow to the Audit/Accounting Industry or a lesson learned ???
http://www.garlic.com/~lynn/2009b.html#49 US disaster, debts and bad financial management
http://www.garlic.com/~lynn/2009b.html#52 What has the Global Financial Crisis taught the Nations, it's Governments and Decision Makers, and how should they apply that knowledge to manage risks differently in the future?
http://www.garlic.com/~lynn/2009b.html#53 Credit & Risk Management ... go Simple ?
http://www.garlic.com/~lynn/2009b.html#54 In your opinion, which facts caused the global crise situation?
http://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
http://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
http://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009d.html#0 PNC Financial to pay CEO $3 million stock bonus
http://www.garlic.com/~lynn/2009d.html#3 Congress Set to Approve Pay Cap of $500,000
http://www.garlic.com/~lynn/2009d.html#37 NEW SEC (Enforcement) MANUAL, A welcome addition
http://www.garlic.com/~lynn/2009d.html#42 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#37 How do you see ethics playing a role in your organizations current or past?
http://www.garlic.com/~lynn/2009f.html#2 CEO pay sinks - Wall Street Journal/Hay Group survey results just released
http://www.garlic.com/~lynn/2009f.html#29 What is the real basis for business mess we are facing today?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

School traditions

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: School traditions
Newsgroups: alt.folklore.computers
Date: Sun, 19 Apr 2009 16:36:58 -0400
Dave Garland <dave.garland@wizinfo.com> writes:
I think it's a mistake to confuse "wealth" with "good" (or "desirable"). Sometimes they go together, sometimes not.

there was a UN report on problems with some of the measurements of country "wealth" as in a country's gross national product.

an example involved GNP effectively only measuring things that were sold (exchanged for money); food grown for their own consumption or local barter (and not sale) was not measured ... countries transitioning away from agriculture ... could have a higher GNP per capita ... but lower standard of living ... compared to some purely agriculture economies (where population had healthier/more plentiful food source that they produced for their own consumption or used in local barter).

there was also examples in the transition from production for self-consumption to exchanging everything for money ... there could be enormous overhead (middlemen preying on the infrastructure and not providing any significant incremental benefit).

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

What every taxpayer should know about what caused the current Financial Crisis

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: What every taxpayer should know about what caused the current Financial Crisis
Date: Apr 19, 2009
Blog: Greater IBM
recent related answers/question in (linkedin) financial crime risk, fraud, and security group ... archived here:
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#41 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#43 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#51 On whom or what would you place the blame for the sub-prime crisis?

some specific articles referenced:

The Biggest Cause of the Financial Crisis
http://www.fool.com/investing/general/2009/04/13/the-biggest-cause-of-the-financial-crisis.aspx
25 People to Blame for the Financial Crisis; Phil Gramm
http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
PBS program describes citigroup playing significant role in repeal of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/
Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c
The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice
Bank's Hidden Junk Menaces $1 Trillion Purge
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home
Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I
Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/
Bernanke Says Crisis Damage Likely to Be Long-Lasting
http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJXeelvfY4&refer=home
The 'Stress Tests' Are Really 'Fudge Tests'
http://www.forbes.com/2009/04/15/gdp-stress-tests-unemployment-banks-home-prices-opinions-columnists-nouriel-roubini.html
The Man Who Beat The Shorts
http://www.forbes.com/forbes/2008/1117/114.html
The audacity of hope; Optimism that banks' fortunes have reached bottom may be premature
http://www.economist.com/finance/displayStory.cfm?story_id=13496794&source=hptextfeature
Gramm and the 'Enron Loophole'
http://www.nytimes.com/2008/11/17/business/17grammside.html
Phil Gramm's Enron Favor
http://www.villagevoice.com/2002-01-15/news/phil-gramm-s-enron-favor/

and

oh ... I've been doing some amount of work "cleaning" the OCR of scan of the Glass-Steagall hearing transcripts (and creating HTML) ... from the 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 ...

there is a correspondence between the speculation in the real-estate market leveraging (ARM) loans from unregulated/non-depository institutions and the speculation in the '20s stock market using brokers' loans.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Lisp

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Lisp
Newsgroups: bit.listserv.ibm-main
Date: Mon, 20 Apr 2009 16:43:19 -0400
patrick.okeefe@WAMU.NET (Patrick O'Keefe) writes:
I haven't thought about Lisp for about 40 years. Just out of curiosity, is it actually used outside of academia? Is it used at all outside of AI work?

I was about to reapply the "sick puppy" title, but I hesitate. For all I know there is a community of well puppies using Lisp. (In which case I think I don't want to see the sick ones!)


lots of stuff that i used to do in rexx ... i now do in emacs & lisp.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cobol hits 50 and keeps counting

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Cobol hits 50 and keeps counting
Newsgroups: alt.folklore.computers
Date: Tue, 21 Apr 2009 18:20:10 -0400
hancock4 writes:
They're in the 60's "style" because they were written in the 1960s.

There's enormous amount of code from the 70s and 80s still in everyday "mission critical enterprise" service. Management would love to replace it modern GUI and a platform that _theorectically_ is cheaper, but rewriting massive systems, buying massive new amounts of platform hardware and software, and implementing it all, ain't cheap at all. So the old code endures as does people who can maintain it.

If you go by merely a count of program modules, certainly COBOL is used much less. But I can't help but suspect that if you weighted that count by frequency of execution or volume of data processed, COBOL is in very heavy use. That is, COBOL probably remains in use for the 'heaviest' batch and on-line transaction volumes an organization has.


recent reference about past work on optimizing >450k statement cobol program that runs every night on >$1b of computers.
http://www.garlic.com/~lynn/2009d.html#5 Why do IBMers think disks are 'Direct Access'?

i've mentioned before that several billion were spent in the 90s, on a number of failed business process re-engineering efforts. a lot of these were overnight batch financial settlement applications. in the 70s ... some number of financial infrastructures got "online" transactions ... but many of these "online" transactions didn't actually complete the operations ... things were partially done ... and then left for overnight batch (legacy) operations (many in cobol and dating back to the 60s).

in the 90s, a combination of increasing workload and globalizations ... was decreasing the size of overnight batch window ... while also increasing the amount of work that needed to be done. the re-engineering efforts were to implement straight-through processing (i.e. run operation straight through to completion ... rather than deferring completion for overnight batch window). quite a few of these effort involved leveraging large numbers of killer micros ... along with object-oriented technologies to parallelize the workload. the problem was that the object parallelization introduced a factor of 100 times increase in overhead (compared to legacy cobol implementation) ... totally swamping any throughput improvements from using large numbers of parallel processors.
http://www.garlic.com/~lynn/2007e.html#31 Quote from comp.object
http://www.garlic.com/~lynn/2007l.html#15 John W. Backus, 82, Fortran developer, dies
http://www.garlic.com/~lynn/2007m.html#36 Future of System/360 architecture?
http://www.garlic.com/~lynn/2007t.html#3 Translation of IBM Basic Assembler to C?
http://www.garlic.com/~lynn/2007t.html#5 Translation of IBM Basic Assembler to C?
http://www.garlic.com/~lynn/2007u.html#19 Distributed Computing
http://www.garlic.com/~lynn/2007u.html#21 Distributed Computing
http://www.garlic.com/~lynn/2007u.html#37 folklore indeed
http://www.garlic.com/~lynn/2007u.html#44 Distributed Computing
http://www.garlic.com/~lynn/2007u.html#61 folklore indeed
http://www.garlic.com/~lynn/2007v.html#19 Education ranking
http://www.garlic.com/~lynn/2007v.html#27 folklore indeed
http://www.garlic.com/~lynn/2007v.html#64 folklore indeed
http://www.garlic.com/~lynn/2007v.html#69 Controlling COBOL DDs named SYSOUT
http://www.garlic.com/~lynn/2007v.html#72 whats the world going to do when all the baby boomers retire
http://www.garlic.com/~lynn/2007v.html#81 Tap and faucet and spellcheckers
http://www.garlic.com/~lynn/2008b.html#3 on-demand computing
http://www.garlic.com/~lynn/2008b.html#74 Too much change opens up financial fault lines
http://www.garlic.com/~lynn/2008d.html#30 Toyota Sales for 2007 May Surpass GM
http://www.garlic.com/~lynn/2008d.html#31 Toyota Sales for 2007 May Surpass GM
http://www.garlic.com/~lynn/2008d.html#73 Price of CPU seconds
http://www.garlic.com/~lynn/2008d.html#87 Berkeley researcher describes parallel path
http://www.garlic.com/~lynn/2008d.html#89 Berkeley researcher describes parallel path
http://www.garlic.com/~lynn/2008g.html#55 performance of hardware dynamic scheduling
http://www.garlic.com/~lynn/2008h.html#50 Microsoft versus Digital Equipment Corporation
http://www.garlic.com/~lynn/2008h.html#56 Long running Batch programs keep IMS databases offline
http://www.garlic.com/~lynn/2008p.html#26 What is the biggest IT myth of all time?
http://www.garlic.com/~lynn/2008p.html#30 Automation is still not accepted to streamline the business processes... why organizations are not accepting newer technolgies?
http://www.garlic.com/~lynn/2008p.html#35 Automation is still not accepted to streamline the business processes... why organizations are not accepting newer technolgies?
http://www.garlic.com/~lynn/2008r.html#7 If you had a massively parallel computing architecture, what unsolved problem would you set out to solve?
http://www.garlic.com/~lynn/2009.html#87 Cleaning Up Spaghetti Code vs. Getting Rid of It
http://www.garlic.com/~lynn/2009c.html#43 Business process re-engineering
http://www.garlic.com/~lynn/2009d.html#14 Legacy clearing threat to OTC derivatives warns State Street

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

What's your personal confidence level concerning financial market recovery?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: What's your personal confidence level concerning financial market recovery?
Date: Apr 21, 2009
Blog: Greater IBM Connection
re:
http://www.blogtalkradio.com/Greater-IBM-Connecti/2009/04/30/The-Yin-Yang-of-the-financial-disruption

also:
http://www.garlic.com/~lynn/2009f.html#53 What every taxpayer should know about what caused the current Financial Crisis

I think Bernanke has been quoted a number of times about it is going to require that the administration demonstrate the "will" to do what is necessary.

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

Bernanke Says Crisis Damage Likely to Be Long-Lasting
http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJXeelvfY4&refer=home

from above (something of an understatement):
Bernanke said the packaging and sale of mortgages into securities "appears to have been one source of the decline in underwriting standards" because originators have less stake in the risk of a loan.
... snip ...

I've been doing some amount of work "cleaning" the OCR of scan of the (1930s) Glass-Steagall (Pecora) hearing transcripts (and creating HTML) ... from the 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 ...

there is a correspondence between the speculation in the real-estate market leveraging (ARM) loans from (unregulated) non-depository institutions (that were using securitization as source of funds) and the speculation in the '20s stock market using brokers' loans.

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c

from above:
The bundling of consumer loans and home mortgages into packages of securities -- a process known as securitization -- was the biggest U.S. export business of the 21st century. More than $27 trillion of these securities have been sold since 2001, according to the Securities Industry Financial Markets Association, an industry trade group. That's almost twice last year's U.S. gross domestic product of $13.8 trillion.
... snip ...

$27 trillion is a lot to clean-up. There are the unregulated, non-depository institutions that used securitization as source of funds ... and being able to immediately package the loans and sell them off as triple-A rated toxic CDOs, eliminated any motivation to pay attention to loan qualification. speculators found no-down, no-documentation, 1% interest-only-payment ARMs quite attractive since the carrying cost was much less than real-estate inflation in many parts of the country (and planning on flipping before rate adjusted) ... basically able to treat home owner market like the unregulated 20s stock market.

then there are all the institutions that bought that $27 trillion in securitized loans (lot of it was triple-A rated, toxic CDOs) which need quite a bit of adjustment.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Data masking/data disguise Primer 1) WHY

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Data masking/data disguise Primer 1) WHY
Newsgroups: bit.listserv.ibm-main
Date: Tue, 21 Apr 2009 22:07:18 -0400
phil@VOLTAGE.COM (Phil Smith) writes:
Why can't you debug a production issue, if you're using Format-Preserving Encryption? Does the application need the "real" data? Most do not. Or I'm not understanding your point.

Yes, there's overhead involved in encryption: Nothing is free. Would encryption have cost Heartland $20B? I doubt it. This is why encrypting everything isn't a good idea: massive overhead, breakage, and (with many modern storage subsystems) huge increases in storage requirements, as traditional encrypted data doesn't compress worth a darn.

Even a modest, 1M-row table is worth $200M if you believe the studies. That'll pay for a lot of hardware and software, and even a body or two to implement it! And even if the estimate is high by an order of magnitude, $20M is still some decent coin. Also don't forget the intangible costs of a breach -- folks don't like companies who leak, either as customers or investors.

Sure, there's pressure to do things on the cheap. And there's plenty of bad management who will decide to try to get away with it. Real management, of course, involves doing what's best in the long run, and ignoring PCI DSS (or GLBA, or Red Flag, or any of the others that may apply to your company) isn't part of that equation.

Don't get me wrong: the objections you're stating are valid. That doesn't mean they're sufficient to allow companies to rationally say "Naw, we don't need to be compliant with the law because it's hard/unpalatable/not perfect".


PCI security rules may require reinforcements; Critics carp that the standard isn't protecting credit and debit card data
http://www.networkworld.com/news/2009/041309-pci-security-rules-may-require.html

from above:
Created by Visa and other credit card companies, the PCI rules will have been in effect for four years as of June 30. But with breaches of card data continuing and questions about the standard's effectiveness on the rise, PCI DSS is showing signs of coming apart at the seams.
... snip ...

recent PCI thread/news:
http://www.garlic.com/~lynn/2009d.html#69 PCI Compliance
http://www.garlic.com/~lynn/2009f.html#3 Cybersecurity hearing highlights inadequacy of PCI DSS
http://www.garlic.com/~lynn/2009f.html#16 Cybersecurity hearing highlights inadequacy of PCI DSS

We had been called in to consult with 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.

Somewhat as a result, in the mid-90s, we were asked to participate in the x9a10 financial standard working group that had been given the requirement to preserve the integrity of the financial infrastructure for all retail payments. This involved doing detailed, end-to-end threat & vulnerability studies of the different mechanisms & kinds of retail payments (POS, attended, unattended, internet, transit turnstyle, magstripe, contact, contactless, debit, credit, gift card, stored value, ACH, etc, i.e. ALL). The result was the x9.59 financial transaction standard ... some reference
http://www.garlic.com/~lynn/x959.html#x959

One of the big threats/vulnerabilities was transaction information being harvested (skimming, phishing, evesdropping, data breaches) by crooks (&/or insiders) for the purpose of fraudulent transactions. X9.59 addressed this problem, not by attempting to prevent such activity ... but slightly tweaking the paradigm and making the information useless to crooks for purposes of fraudulent transactions.

In much of the current infrastructure, knowing the account number is sufficient for a crook to perform a fraudulent transaction. We've tried using a number of metaphors to describe the current infrastructure (fixed by x9.59):

dual-use vulnerability metaphor

account number is required in a large number of different business processes and is required to be readily available. at the same time the account number has to be kept strictly confidential and never divulged to anybody (not even those needing it for business processes, since insiders have repeatedly been shown to be a major source of identity theft). we've claimed that even if the planet was buried under miles of information hiding encryption, that it wouldn't be sufficient to prevent information leakage.

security proportional to risk metaphor

to the merchant, knowledge of the account number is worth some percent of the profit off the transaction (possibly only a dollar or two); for a processor the knowledge from each transaction may be worth only a few cents; that same knowledge for the crook, is worth the account balance/credit-limit. as a result, the crook may be able to outspend by a factor of 100 times attacking the system (as the merchant or processor can afford to spend protecting the system).

naked transaction metaphor

lots of archived blog activity & posts related to naked transaction metaphor
http://www.garlic.com/~lynn/subintegrity.html#payments

....

One of the issues is that the earlier work we did for electronic commerce, uses SSL for hiding financial transaction information ... which appears to the largest use of SSL on the web today. X9.59 eliminates the need for hiding that information (as countermeasure to fraudulent transactions) and as a result would eliminate the major use of SSL

as an aside ... we were orthogonally involved in the cal. state breach notification legislation. we had been brought in to help word-smith the cal. electronic signature legislation and some of the other parties were involved in privacy issues. there had been detailed, in-depth consumer privacy surveys ... which found the number one issue to be identity theft, and a major form of identity theft involved information from data breaches being used for fraudulent transactions ... and at the time, there seemed to be little or nothing being done about data breaches. it apparently was hoped if the information was made public ... then there might be some stuff done about it.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Opinion: The top 10 operating system stinkers

Refed: **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Opinion: The top 10 operating system stinkers
Newsgroups: alt.folklore.computers
Date: Wed, 22 Apr 2009 16:53:22 -0400
pne.chomko writes:
According to wiki IBM already has CICS running on AIX as part of TXSeries:
http://en.wikipedia.org/wiki/CICS

I use AIX at work (satellite remote sensing ground system processing for earth sciences) and we use regular X Window interfaces and Oracle DB. CICS would probably work just as well if not better in certain instances. But try to convince scientists and engineers that a business application is better for what they are doing and they won't believe you.


re:
http://www.garlic.com/~lynn/2009f.html#24 Opinion: The top 10 operating system stinkers

in the referenced post, the url was for my (archived) answer to question that originally appeared in greater ibm blog
http://www.garlic.com/~lynn/2009f.html#22 Does anyone know if there is a 'version' of CICS that IBM is planning to implement for AIX or something that does a similar function already?

in the above ... i mentioned that the "aix" flavor started out as camelot (along with misc. other stuff, mach, andrew file system, etc) at cmu, morphed into encina at transarc ... and then got packaged as CICS for txseries and websphere.

also mentioned that the (original) mainframe flavor started out at a customer shop in the 60s ... before getting picked up by ibm to put out as product. i was at univ. where the library had gotten ONR grant for digital library stuff ... i believed it paid for the univ. 2321 (datacell) as well as the library being selected to be one of the customer betatest sites for the initial (ibm) cics product ... and i got tasked to support/debug the deployment at the library ... misc. past posts mentioning cics (&/or bdam)
http://www.garlic.com/~lynn/submain.html#bdam

original relational/sql was system/r at sjr ... misc. past posts
http://www.garlic.com/~lynn/submain.html#systemr

... there was then technology transfer of system/r to endicott for sql/ds. now one of the people mentioned in this meeting
http://www.garlic.com/~lynn/95.html#13

claimed to have handled the technology transfer from endicott back to stl for (mainframe) STL.

the non-mainframe DB2 started out as relational database implementation (code-named shelby) at the toronto lab for OS2. It then morphed into DB2 for non-mainframe platforms (completely different implementation).

random past posts mentioning shelby
http://www.garlic.com/~lynn/2005b.html#1 Foreign key in Oracle Sql
http://www.garlic.com/~lynn/2005u.html#41 Mainframe Applications and Records Keeping?
http://www.garlic.com/~lynn/2006w.html#13 IBM sues maker of Intel-based Mainframe clones
http://www.garlic.com/~lynn/2007j.html#12 Newbie question on table design
http://www.garlic.com/~lynn/2007s.html#21 Ellison Looks Back As Oracle Turns 30
http://www.garlic.com/~lynn/2008l.html#57 No offense to any one but is DB2/6000 an old technology. Does anybody still use it, if so what type of industries??

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Backup and Restore Manager for z/VM

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Backup and Restore Manager for z/VM
Newsgroups: alt.folklore.computers
Date: Wed, 22 Apr 2009 19:48:39 -0400
Backup and Restore Manager for z/VM
http://www-01.ibm.com/software/stormgmt/zvm/backup/features.html

for the heck of it ... today i was at a ibm presentation on vm backup & restore.

it has been 30 yrs since i did cmsback ... some old email
http://www.garlic.com/~lynn/lhwemail.html#cmsback

and various backup/archive related past posts
http://www.garlic.com/~lynn/submain.html#backup

cmsback was used internal for a number of years ... and then a flavor was released as a product called workstation datasave facility (which could use also network to backup workstation files ... and had a number of agents that would run on client machines). that morphed into ADSM and then was renamed TSM.

the presentation today described features and had screen demos that looked similar to 30yrs ago. part of the issue is that tsm doesn't run in cms environment ... and only supports scsi tapes drives(?) ... which appears to been the motivation to do the current back & restore manager (runs in cms and supports mainframe connected tapes). i asked whether or not the implementation was the pre adsm/tsm ... but apparently it was (re)done from scratch .... even tho the appearance and a lot of the feature implementation appears to be the same.

in the early 80s, one of the people that helped me with 2nd release of cmsback ... left the company and went to work doing vm activity for other companies ... including doing a similar vm backup product ... which went thru a number of coporate ownerships over the years ... but continues to be sold in the market.

wiki tsm page:
http://en.wikipedia.org/wiki/IBM_Tivoli_Storage_Manager

from above:
The product was known as ADSTAR Distributed Storage Manager (ADSM) before 1999 re-branding.
...
TSM is descended from the Workstation DataSave Facility (WDSF) project done at IBM's Almaden Research Center around 1990. WDSF's original purpose was to back up PC/DOS, OS/2, and AIX workstation data onto an MVS (and later VM/CMS) server.

... snip ...

actually WDSF evolved from cmsback that i had originally done in the late 70s (used at a number of internal datacenters).

current tsm product
http://www-01.ibm.com/software/tivoli/products/storage-mgr/

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cobol hits 50 and keeps counting

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Cobol hits 50 and keeps counting
Newsgroups: alt.folklore.computers
Date: Thu, 23 Apr 2009 11:52:33 -0400
"Nico de Jong" <nico@farumdata.dk> writes:
Another thing I remember was a program where an inputfile was split in two outputfiles, one of the outputfiles was to be used for microfiche.. The logic belong to this outputfile was changed to comments (in 1976, as far as I could see in the comments), the file wasnt even opened/closed. The other outputfile was written to disk, but (according to the JCL) never used again. It was obviously cheaper / more secure to keep the JCL unchanged.

old post from yk thread
http://www.garlic.com/~lynn/99.html#24 BA Solves Y2K (Was: Re: Chinese Solve Y2K)

with old email
http://www.garlic.com/~lynn/99.html#email841207

from an even earlier y2k thread (early 80s), with somebody at nasa mentioning various date/time issues ... including an issue with shuttle program ... while financial institution change control testing requirements may not be quite as stringent as "human (life) rated" ... but sometimes they may be.

during the peak xmas buying seasons ... say mid september thru mid january ... many financial institutions will freeze changes on their payment processing related systems ... otherwise allowing only once a month change to production systems ... for changes which can have a several month regression/test cycle.

A little topic drift from recent linkedin payment discussion:

How Washington's Credit Card Fray Could Hammer Acquirers
http://www.digitaltransactions.net/newsstory.cfm?newsid=2191

from above:
That the card industry is on the defensive is testimony not just to consumer activists and Democrats controlling the White House and both houses of Congress, but also to anti-interchange retailer groups such as the Merchants Payments Coalition
... snip ...

and comment on above:
There have been several news articles regarding interchange and other fees. A study from a couple yrs ago mentioned difference between US and Europe ... that financial institutions in the US were avg. nearly 40percent of bottom line coming from payment related fees ... while it was less than 10percent in Europe.

Part of this could be much lower use of electronic payment in Europe and/or use of payment types with much lower interchange fees (a few yrs ago merchants were successful in litigation over default payment types selected ... that had significantly different interchange fees)

... snip ...

old post with reference for above:
http://www.garlic.com/~lynn/aadsm23.htm#35 3 of the big 4 - all doing payment systems

one of the cognitive dissonance related to interchange fees is that merchants have been conditioned that the fees go up for payment mechanisms with higher fraud rates ... and correspondingly are much lower for payment mechanisms with lower fraud rates. For instance there was study that signature-debit has 15 times the fraud rate as pin-debit ... old reference
http://www.garlic.com/~lynn/aadsm22.htm#22 FraudWatch - Chip&Pin, a new tenner (USD10)
http://www.garlic.com/~lynn/2006e.html#21 Debit Cards HACKED now

Possibly because payment systems revenue represent such a significant part of the bottom line ... in some past efforts where there was attempts to introduce technologies that would significantly lower the fraud rate; the financial institutions wanted to increase the fees (compared to the existing) ... effectively changing the fee justification logic mid-stream ... up to certain level, fees are increased as fraud increases ... then then there is a switch that reduces fraud ... and the fees continue increase even further (plotting the fees on y-axis against fraud rate on x-axis ... creates a plot with V on its side ... fees increase as fraud increases ..... until a certain point and then fraud reverses ... but fees continue to go up.

misc. past posts mentioning interchange fees:
http://www.garlic.com/~lynn/aadsm23.htm#37 3 of the big 4 - all doing payment systems
http://www.garlic.com/~lynn/aadsm26.htm#1 Extended Validation - setting the minimum liability, the CA trap, the market in browser governance
http://www.garlic.com/~lynn/aadsm26.htm#25 EV - what was the reason, again?
http://www.garlic.com/~lynn/aadsm26.htm#34 Failure of PKI in messaging
http://www.garlic.com/~lynn/aadsm27.htm#32 The bank fraud blame game
http://www.garlic.com/~lynn/aadsm27.htm#33 The bank fraud blame game
http://www.garlic.com/~lynn/aadsm27.htm#39 a fraud is a sale, Re: The bank fraud blame game
http://www.garlic.com/~lynn/aadsm27.htm#62 Fingerprint Firefox Plugin?
http://www.garlic.com/~lynn/aadsm28.htm#1 2008: The year of hack the vote?
http://www.garlic.com/~lynn/aadsm28.htm#18 Lack of fraud reporting paths considered harmful
http://www.garlic.com/~lynn/aadsm28.htm#47 delegating SSL certificates
http://www.garlic.com/~lynn/aadsm28.htm#77 How safe do you feel when using a debit or credit card?
http://www.garlic.com/~lynn/aadsm28.htm#81 not crypto, but fraud detection
http://www.garlic.com/~lynn/aadsm28.htm#82 Can we copy trust?
http://www.garlic.com/~lynn/2007r.html#31 Is the media letting banks off the hook on payment card security
http://www.garlic.com/~lynn/2007r.html#40 Is the media letting banks off the hook on payment card security
http://www.garlic.com/~lynn/2007s.html#64 Is the media letting banks off the hook on payment card security
http://www.garlic.com/~lynn/2009c.html#7 Payments start-up Noca takes aim at interchange Achilles heel
http://www.garlic.com/~lynn/2009e.html#59 Tesco to open 30 "bank branches" this year

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Halifax faces legal challenge on chip-and-pin security

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Halifax faces legal challenge on chip-and-pin security
Date: Apr 23, 2009
Blog: Payment Systems Network
Halifax faces legal challenge on chip-and-pin security
http://www.computerworlduk.com/management/security/data-control/news/index.cfm?RSS&newsid=14437

from above:
Job decided to sue over the phantom withdrawal, marking the first legal case in the UK challenging what banks contend is a strong security system designed to prevent card fraud, according to Ross Anderson, a security engineering professor at the University of Cambridge.
... snip ...

the above article also references this paper on how chip&pin could be subverted:
http://fipr.org/080116huntreview.pdf

there have been past references to privatization ... where consumers are to report fraud to their banks instead of the police.

the article also mentions (counterfeit) yes card .... this old URL mentions presentation at Cartes2002 on such card exploits
http://web.archive.org/web/20030417083810/http://www.smartcard.co.uk/resources/articles/cartes2002.html

misc. references to past threads/posts discussing yes card:
http://www.garlic.com/~lynn/subintegrity.html#yescards

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

How did the monitor work under TOPS?

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: How did the monitor work under TOPS?
Newsgroups: alt.folklore.computers
Date: Thu, 23 Apr 2009 17:21:28 -0400
Peter Flass <Peter_Flass@Yahoo.com> writes:
I believe AIX does this too. I think a lot of the AIX internals were inherited from FS.

more likely cp.r and pl.8. 801 had form of transaction memory ... for v3 ... aix (unix) filesystem was modified to place filesystem metadata in transaction memory ... which was then journaled ... resulting in journaled filesystem (rios/power and aix v3)

palo alto group then looked at porting jfs to non-801 architecture ... which required traditional calls to log altered information. one of the issues that austin jfs group had with palo alto was that the traditional/explicit calls for logging ran faster than the transaction memory implementation.

801/romp was originally going to be cp.r and pl.8 for a displaywriter follow-on. when that was canceled, the group decided to retarget to unix workstation market. they hired the company that had done pc/ix to do a similar port for romp. however, there were all the displaywriter people ... so they defined an abstract machine interface which was implemented in pl.8 ... and had the company doing the unix port do it to the abstract machine interface.

the claim was that would result in less elapsed time and less resources than if the unix port was done to the bare metal. in any case, the result was pc/rt and aix (v2).

at that time, the palo alto group had been working on BSD port to 370 ... but got retargeted to pc/rt (romp) ... doing it native to bare machine ... resulting in "AOS". The palo alto group pointed out that they did bare machine, native port to romp it significantly less time & resources than aixv2 (to abstract machine). They also pointed out that there was long-term resource issue with the abstract machine since new device drivers had to be done for both aix (in c) as well in abstract machine (in pl.8). possibly contributing to some of the austin/palo alto discord ... before jfs.

palo alto group (after bsd/aos for pc/rt) also did aix/370 and aix/386 ... which was port of ucla locus system to the two architectures (also getting named aix ... but completely different implementation).
http://en.wikipedia.org/wiki/LOCUS_%28operating_system%29

early on, palo alto had also done a locus port to S/1.

this recent post made reference to OSF being formed as counter to AT&T/SUN
http://www.garlic.com/~lynn/2009f.html#22 Does anyone know if there is a 'version' of CICS that IBM is planning to implement for AIX or something that does a similar function already?

part of osf
http://en.wikipedia.org/wiki/Open_Software_Foundation

was DCE (distributed computing environment):
http://en.wikipedia.org/wiki/Distributed_Computing_Environment

Early DCE meetings included both the cmu AFS people and the UCLA Locus people. one big issue was that AFS did whole file caching while locus could do partial file caching (as well as transparent process migration)

misc. past posts mentioning 801, romp, rios, power, power/pc, fort knox, iliad, and/or somerset
http://www.garlic.com/~lynn/subtopic.html#801

i've periodically make the statement that 801 was more like John going to the opposite from FS ... misc. past posts mentioning FS
http://www.garlic.com/~lynn/submain.html#futuresys

for other drift ... "OSF/1 AD" (aka Tru64 UNIX)
http://en.wikipedia.org/wiki/OSF/1#OSF.2F1_AD

from above:
OSF/1 AD (Advanced Development) was a distributed version of OSF/1 developed for massively parallel supercomputers by Locus Computing Corporation. Variants of OSF/1 AD were used on several such systems, including the Intel Paragon XP/S and ASCI Red, Convex Exemplar SPP-1200 (as SPP-UX) and the Hitachi SR2201 (as HI-UX MPP).
... snip ...

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

The rise and fall of Sun Microsystems

From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: The rise and fall of Sun Microsystems
Newsgroups: alt.folklore.computers
Date: Fri, 24 Apr 2009 08:19:42 -0400
The rise and fall of Sun Microsystems
http://www.infoworld.com/t/tech-industry-analysis/rise-and-fall-sun-microsystems-914

recent posts mentioning that early on, they tried to interest ibm in producing the machine ...
http://www.garlic.com/~lynn/2009d.html#65 IBM in talks to buy Sun Microsystems? What do you think will be the effect on the industry?
http://www.garlic.com/~lynn/2009d.html#67 IBM in talks to acquire Sun Microsystems
http://www.garlic.com/~lynn/2009d.html#70 Mainframe Hall of Fame: 17 New Members Added
http://www.garlic.com/~lynn/2009e.html#7 IBM in Talks to Buy Sun

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Cobol hits 50 and keeps counting

Refed: **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: Cobol hits 50 and keeps counting
Newsgroups: alt.folklore.computers
Date: Fri, 24 Apr 2009 10:21:14 -0400
Larry__Weiss <lfw@airmail.net> writes:
I suspect that many of these legacy systems are relied upon simply on a basis of faith in the idea that they functioned well in the past, and that indicates a good chance that they will continue to be reliable in the future. No one is even around who would be able to "fix" the systems if environmental conditions made their behavior erratic going forwards.

The maintenance that happened ten years ago in anticipation of the Y2K "event" was probably the last time these systems were examined at the code level.


re:
http://www.garlic.com/~lynn/2009f.html#55 Cobol hits 50 and keeps counting

in addition to the y2k activity, the billions spent on failed reengineering on a number of these applications in the 90s ... burnt a lot of people (some were fired) and created reluctance to be the next sacrifice.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Just posted third article about toxic assets in a series on the current financial crisis

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From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Just posted third article about toxic assets in a series on the current financial crisis
Date: Apr 24, 2009
Blog: Greater IBM Connection
Just posted third article about toxic assets in a series on the current financial crisis
http://alaskahomepro.com

hard to imagine how to get to $27 trillion from subprime.

Evil Wall Street Exports Boomed With 'Fools' Born to Buy Debt
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a0jln3.CSS6c

from above:
The bundling of consumer loans and home mortgages into packages of securities -- a process known as securitization -- was the biggest U.S. export business of the 21st century. More than $27 trillion of these securities have been sold since 2001, according to the Securities Industry Financial Markets Association, an industry trade group. That's almost twice last year's U.S. gross domestic product of $13.8 trillion.
... snip ...

$27 trillion is a lot to clean-up. There are the unregulated, non-depository institutions that used securitization as source of funds ... and being able to immediately package the loans and sell them off as triple-A rated toxic CDOs, eliminated any motivation to pay attention to loan qualification. speculators found no-down, no-documentation, 1% interest only payment ARMs quite attactive since the carrying cost was much less than real-estate inflaction in many parts of the country (and planning on flipping before rate adjusted) ... basically able to treat home owner market like the unregulated 20s stock market.

then there are all the institutions that bought that $27 trillion in securitized loans (lot of it was triple-A rated, toxic CDOs) which need quite a bit of adjustment.

a couple of long-winded, decade-old posts discussing some of the current issues ... including securitization (note ... CDOs had been used in the S&L crisis to obfuscate the underlying value)
http://www.garlic.com/~lynn/aepay3.htm#riskm
http://www.garlic.com/~lynn/aepay3.htm#riskaads

Bernanke Says Crisis Damage Likely to Be Long-Lasting
http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJXeelvfY4&refer=home

from above (something of an understatement):
Bernanke said the packaging and sale of mortgages into securities "appears to have been one source of the decline in underwriting standards" because originators have less stake in the risk of a loan.
... snip ...

The obfuscation of the underlying value was further complicated by those selling (toxic) CDOs being able to pay rating agencies for triple-A ratings.

I think Bernanke has been quoted a number of times about it is going to require that the administration demonstrate the "will" to do what is necessary.

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice

from above:
But there's a deeper and more disturbing similarity: elite business interests -- financiers, in the case of the U.S. -- played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.
... snip ...

A lot of "subprime" was being applied to low-income, 1st time home buyers. there were some statistics that accounted for less than one percent of the $27 trillion.

The CDOs had been around since (at least) the S&L crisis ... but there weren't a lot of buyers. Big change this decade was a lot of unregulated investment banking arms (now part of regulated banks, courtesy of repeal in Glass-Steagall in 1999) were buying them up and carrying them off-balance ... lot of the current too big to fail systemic risk is because those (regulated) banks are holding trillions in these toxic CDOs (courtesy of repeal of Glass-Steagall).

The two sides of the problem are

1) what all the speculation did to the real estate market ... I've been doing some amount of work "cleaning" the OCR of scan of the Glass-Steagall (Pecora) hearing transcripts (and creating HTML) ... from the 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 ...

there is a correspondence between the speculation in the real-estate market leverage (ARM) loans from (unregulated) non-depository institutions (that were using securitization as source of funds) and the speculation in the '20s stock market using brokers' loans.

and the other side is

2) the current state of the financial institution from all those that bought and held the $27 trillion in toxic CDOs.

A trivial comparison is that much of those toxic CDOs are effectively an ARM portfolio

The posts/thread from 1999, mentions that in 1989, institutions aggregated their assets into generalized pools (somewhat analogous to a logical CDO for analysing the risk). Citicorp (largest player in the mortgage market at the time) discovered that ARM mortgage portfolio could take done the institution (and nearly did) ... which prompted them to get out of the business.

Roll forward to the current time and all that institutional knowledge appeared to have evaporated.

Citigroup's Place on a Roll of Shame
http://money.cnn.com/2009/04/10/news/citigroup_loomis.fortune/index.htm?postversion=2009041014

from above:
But neither competitors nor Congress liked open-bank assistance, wondering why the institutions getting it shouldn't just be allowed to fail. So a 1991 banking law called FDICIA, and a subsequent amendment to a related law, essentially barred the FDIC from granting such assistance -- except in instances of systemic risk.
... snip ...

Stay away from Citigroup
http://www.bloggingstocks.com/2008/11/28/stay-away-from-citigroup-c/

from above:
Using household terms such as "QSPEs" and "VIEs," Pandit revealed that Citi has more than $1.2 trillion dollars in off-balance sheet assets. These off-balance sheet entities are similar in structure to Enron's SPVs (special purpose vehicles)
... snip ...

The audacity of hope; Optimism that banks' fortunes have reached bottom may be premature
http://www.economist.com/finance/displayStory.cfm?story_id=13496794&source=hptextfeature

from above:
More blows are coming. Banks worldwide have written down their assets by $1.1 trillion. The final tally is expected to be double that, or more. The pain is only now starting to spread through commercial property and commercial loans. As a result, the first-quarter reprieve will turn out to be a "head fake", says Chris Whalen of Institutional Risk Analytics.
... snip ...

the large (too big to fail, systemic risk) regulated financial institutions were providing a lot of funding for the loans ... but via a circuitous route. the circuitous route bypassed most of the traditional infrastructure regulation as well as traditional risk management/analysis. the circuitous route and all the related transactions also generated enormous fees, commissions, and bonuses for the individuals involved (ignoring the enormous risks that potentially could take down the institutions and the economy) ... which might be considered a major reason why it reached such proportion.

Following from author of "The Quiet Coup" (Glass-Steagall hearings are also referred to as the senate banking hearings or the "Pecora" hearings ... I included a quote regarding "brokers' loans", pg. 7281).

The Next Big Hearing?
http://baselinescenario.com/2009/04/24/the-next-big-hearing-bill-moyers-tonight/

from above:
Bill Moyers asked me to join his conversation this week with Michael Perino - a law professor and expert on securities law - who is working on a detailed history of the 1932-33 "Pecora Hearings," which uncovered wrongdoing on Wall Street and laid the foundation for major legislation that reformed banking and the stock market.
... snip ...

other references in above:

Bill Moyers
http://www.pbs.org/moyers/journal/04242009/profile2.html
U.S. Senate backs panel to probe financial fraud
http://uk.reuters.com/article/burningIssues/idUKTRE53L77020090422
A Commission on the Economic Crisis?
http://voices.washingtonpost.com/hearing/

... and misc. past posts mentioning The Quiet Coup &/or Brokers' Loans:
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#77 Who first mentioned Credit Crunch?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#40 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009e.html#59 Tesco to open 30 "bank branches" this year
http://www.garlic.com/~lynn/2009e.html#82 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#86 Is FINANCE the institutionalized form whereby (smart?) elites exact payment for the rest's being...?
http://www.garlic.com/~lynn/2009f.html#4 Obscene exec pay packets for poor performance or outright failure. Is it acceptable? Is regulation the answer. What are the issues? What are the practical alternatives?
http://www.garlic.com/~lynn/2009f.html#20 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#27 US banking Changes- TARP Proposl
http://www.garlic.com/~lynn/2009f.html#35 US banking Changes- TARP Proposl
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#49 Is the current downturn cyclic or systemic?
http://www.garlic.com/~lynn/2009f.html#53 What every taxpayer should know about what caused the current Financial Crisis
http://www.garlic.com/~lynn/2009f.html#56 What's your personal confidence level concerning financial market recovery?

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

How did the monitor work under TOPS?

Refed: **, - **, - **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Re: How did the monitor work under TOPS?
Newsgroups: alt.folklore.computers
Date: Fri, 24 Apr 2009 15:43:51 -0400
Michael Wojcik <mwojcik@newsguy.com> writes:
AOS was then ported by the ACIS group in Cambridge (then in the same building where Anne and Lynn worked) to the Crossbow, a ROMP Microchannel card that turned a PS/2 Model 60 into an RT clone. I think ACIS did some other AOS work too - maybe the ports of the Andrew and Project Athena stuff?

ACIS (Academic Computing) did a lot of work with CMU on Andrew (best known for AFS and Mach) and with MIT on Project Athena (best known for X and Kerberos). The Cambridge Window Manager was one of the more unusual X window managers - strictly tiling, with no overlapping windows.


re:
http://www.garlic.com/~lynn/2009f.html#62 How did the monitor work under TOPS?

science center was at 545 tech sq
http://www.garlic.com/~lynn/subtopic.html#545tech

decade or so after I had transferred to the west coast ... they moved down the street to 101 main.

IBM had provided joint support along with DEC for Project Athena (to tune of $25m each), IBM and DEC each got an assistant director at Project Athena. I've mentioned before that the one from IBM, I had worked with much earlier at the science center ... and was also the inventor of the compare&swap instruction (CAS are his initials) misc. past posts mentioning SMP &/or CAS
http://www.garlic.com/~lynn/subtopic.html#smp

Because of the funding ... we got to be corporate reps that did periodic reviews of Project Athena. One week we were there for review, I sat thru the evoluation of cross-domain support in Kerberos. For some topic drift, various past posts mentioning Kerberos and/or Kerberos pk-init
http://www.garlic.com/~lynn/subpubkey.html#kerberos

ACIS also provided $50m to CMU for their activity. The CMU person heading it up had previously done a year sabatical at SJR. Also the ACIS rep. tapped to be on-site rep. was a CMU graduate that was then at SJR.

One of the ACIS employees working at Project Athena (display device support for X ... including 8514 driver) and one of the science center employees left and formed a software company along with a former science center employee. He was the person that had come up with the original idea to do virtual machine and cp40. Later he headed up "interconnect" part of FS and Anne reported to him; she really enjoyed her time on FS ... although as I've previously mentioned, she thought that much of the FS specification lacked any substance or depth, still mostly conceptual w/o sufficient detail that it could be considered practical or possible.
http://www.garlic.com/~lynn/submain.html#futuresys

When we started our HA/CMP product
http://www.garlic.com/~lynn/subtopic.html#hacmp

we subcontracted much of the implementation to this software startup in Cambridge. We provided most of their funding and direction and they quickly grew to well over hundred people. when the science center was dissolved ... they took over the vacated space at 101 Main.

First time I visited Cambridge ... I had stayed at the hotel at the end of the science museum bridge. It was still there when we were spending a lot of time in Cambridge as part of ha/cmp (although Lotus was starting to grow up all around it). I remember one day walking from the hotel to 101 Main and stopping to watch the "thinking machines" letters being pried off their building.

I think openmarket (early e-commerce startup) eventually took over that bldg. ... and some number of prior Project Athena people showed up there.

--
40+yrs virtualization experience (since Jan68), online at home since Mar70

Just posted third article about toxic assets in a series on the current financial crisis

Refed: **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **, - **
From: Anne & Lynn Wheeler <lynn@garlic.com>
Subject: Just posted third article about toxic assets in a series on the current financial crisis
Date: Apr 25, 2009
Blog: Greater IBM Connection
re:
http://www.garlic.com/~lynn/2009f.html#65 Just posted third article about toxic assets in a series on the current financial crisis

In the Madoff hearings, a person that had been trying to get SEC to do something about Madoff for a decade, testified. There was issues about deregulation and lax enforcement, but the frequent theme in the testimony was that crooks and fraud thrive where there is lack of transparency and visibility ... being much more important than just fixing regulation & enforcement.

We had been brought in to consult with a small client/server startup that wanted to do payment transactions on their server and had this technology they had invented called SSL they wanted to use. The result is now frequently called "electronic commerce". Somewhat as a result, in the mid-90s we were asked to participate in the X9A10 financial standard working group which had been given the requirement to preserve the integrity of the financial infrastructure for all retail payments (i.e. debit, credit, stored-value, gift card, attended, unattended, POS, internet, transit turnstyle, contact, contactless, etc ... aka ALL). The result was x9.59 financial standard
http://www.garlic.com/~lynn/x959.html#x959

Somewhat as a result of the X9.59 standards effort, we were asked to come into NSCC (which has since been merged with DTC for DTCC) to look at doing something similar for all aspects of trader operations. It turned out that a side-effort of adding a lot of integrity to all trader operations was increased transparency and visibility. Fairly early the effort was suspended, apparently transparency and visibility hasn't been part of the trader culture.

misc. past posts mentioning NSCC/DTC/DTCC:
http://www.garlic.com/~lynn/2009b.html#35 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
http://www.garlic.com/~lynn/2009b.html#65 What can agencies such as the SEC do to insure us that something like Madoff's Ponzi scheme will never happen again?
http://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009d.html#47 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#75 Whistleblowing and reporting fraud
http://www.garlic.com/~lynn/2009e.html#15 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009f.html#45 Artificial Intelligence to tackle rogue traders

--
40+yrs virtualization experience (since Jan68), online at home since Mar70




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