-Caveat Lector- from: http://www.aci.net/kalliste/ Click Here: <A HREF="http://www.aci.net/kalliste/">The Home Page of J. Orlin Grabbe</A> ----- Digital Society International Internet Bond a First World Bank to make the first comprehensive on-line bond offering. The World Bank on Wednesday announced the first international bond offering to be marketed, sold and traded through the internet to both retail and institutional investors. Lead underwriters Goldman Sachs and Lehman Brothers have joined forces with Charles Schwab and Fidelity Brokerage Service to reach their combined 8m retail accounts. This is the first time internet brokerages will have participated in a bond deal as underwriters. Goldman and Lehman will also offer secondary trading on the $3bn bond issue, expected to come to market within weeks, through their proprietary online trading systems. The World Bank's aim is to tap a wider base of investors. "This is the first comprehensive online issue, because it is fully integrated from front to back," said Victor Simone, managing director for fixed-income at Goldman Sachs. Investors will be able to indicate interest in the bonds online and the order book will be managed electronically. The World Bank can monitor the book-building process in real time then allocate bonds via the internet. Perhaps most important, secondary trading will also then occur via the internet, including the popular web sites of Charles Schwab and Fidelity. The news came on the same day a $6bn deal from the federal home loans agency Freddie Mac deal priced. It was billed as the first to be marketed and partly sold over the internet but will not be traded via the internet in secondary markets. That route is open only to clients of the underwriters, Warburg Dillon Read. Joint lead Merrill Lynch also tested its own system in the transaction. The new internet bond offerings are part of a rush of fixed-income underwriters on to the web, as each competes to make its proprietary trading system the industry standard. At present bond underwriters can market issues via the internet to investors and some US municipalities have sold bonds that way. But in general the bond market has lagged far behind stock market in internet secondary trading. The Financial Times, Jan. 7, 2000 Hackers vs. Politicians Clinton is Afraid of Hackers Now, about those computerized FBI files . . . WASHINGTON (AP) -- Stepping up vigilance against cyber-terrorism, President Clinton plans to announce a new initiative Friday to protect federal computers from infiltrators. Clinton has frequently expressed concern about the emerging threat that hackers, thieves and other governments pose to the nation's high-tech infrastructure. A top adviser Thursday included cyber-terrorism near the top of a list of threats facing America in the next century. ``I think there's a whole new realm of threat we're going to be dealing with,'' National Security Adviser Sandy Berger said in response to a questions after a National Press Club speech. ``The ability to take weapons of mass destruction across national borders with relative ease; the ability to attack our computers that run our infrastructure through cyber-terrorism.'' Administration officials speaking on condition of anonymity said Clinton's budget request for 2001 would seek additional funds for monitoring and protecting government computer systems. ``Now that we're past Y2K, we need to continue to insulate and secure our nation's computers,'' one official said. The official did not have any specific dollar figures, but USA Today reported in Friday's issue that the plan includes $2 billion to make the government's computer systems less vulnerable to attack. The new initiative builds on steps the administration announced last year. It would seek to develop new technologies, increase public and private cooperation against computer sabotage, improve training for government agents and boost protection of computer systems. ``It's creating a number of programs to train, detect and strengthen our ability to deal with cyber-terrorists,'' the official said. Last July, the administration announced that it was creating a government-wide security network to protect against hackers. The plan included an elaborate network of electronic obstacles, monitors and analyzers to watch for suspicious activity. The first 500 intrusion monitors were to be installed on non-military government computers early this year, and the full system was to be computed by May 2003. Associated Press, Jan. 7, 2000 ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, All My Relations. Omnia Bona Bonis, Adieu, Adios, Aloha. Amen. 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