Sandy's REAL TSUNAMI? Trillions of stock certificates and other paper securities DAMAGED!

Stock certificates feared damaged by Sandy

Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.

The Depository Trust & Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault "are likely damaged," after its building at 55 Water Street "sustained significant water damage" from the storm that battered New York City's financial district earlier this week.

The vault contains certificates registered to Cede & Co., a subsidiary of DTCC, as well as "custody certificates" in sealed envelopes that belong to clients.

The DTCC provides "custody and asset servicing" for more than 3.6 million securities worth an estimated $36.5 trillion, according to its website.

If true, this is simply amazing.

The article continues:

"At this point, it is premature to make an accurate assessment as to the full impact of the water damage nor would it be helpful to project on what specific actions need to be taken with respect to our vault," said DTCC Chief Executive Michael Bodson in a statement. "We are aggressively working on this situation to minimize disruption to our clients and will provide additional updates as more information becomes available."

Bodson said the DTCC's computer records are intact and that the corporation has "detailed inventory files of the contents of the vault."

But if these were bearer instruments, then I'm not sure how much computer records help in any context other than in the certain lawsuits to come, whose presumed judgements at these numbers will never be satisfied.

Do they mean we are agressively ascertaining which securities never need to see the light of day again due to poor performance or their potential to cause massive damage if allowed to survive?.

What a great reason to orchestrate the frankenstorm, i wonder just who does benefit from the possible destruction of under performing debt instruments (if they are).

Ah, another piece of the puzzle falls into place.
Thanks, OP.

Great catch...although it's a scary story. Who thought this would happen is the bottom line I think. Bearer Bonds or other...yeah.. Cash.. Anything of that nature. How long underwater in sea water?

Anyone know how long it takes in sea water for a printed document like that or money to become unrecognizable? I've been kinda trying to forget I read this the first time a couple days ago.

safe deposit boxes too...How many were on ground floors in flooded areas? Nothing I have in mind would do well with a few days in that water. It would likely be a total loss for my own contents. That would be worse than any financial loss. It's a little onion of bad news. This whole thing. One layer after another.

Oh dear, the poor will have to bail out the rich again!!

Good find OP.

It will be interesting how this all plays out. Keep us posted.

I would think that a vault holding trillions of certificates would at least be water proof to avoid mold build up etc.

Peace

reply to post by jude11


I thought the exact same thing.

Very Interesting development. I'll be keeping my eye on this! S&F

reply to post by jude11

Yeah, you'd think... wouldn't ya? Then.... Errr... wait... bank vaults have electricity....and bank employees get locked inside them every so often, so air tight (water tight) would create a variety of issues...

Bank Vault Flooded in Mississippi Flood and Lawsuit won for losses

This one was a lawsuit the guy won because bank employees had apparently represented it as being water tight. Ugh..... New York City... Manhattan.. It's the capital of banks and vaults, isnt it? I mean.. It's the world financial capital. How much was actually flooded in those areas of the city?

reply to post by jude11

Agreed. The word is "maybe" soggy. Its under water and they are waiting for the basement to be pumped out so they can open it up and see. Soggy paper. I'll guarantee everyone the precious metals in there are not soggy. Now decide whats intrinsic and tangible?

Qui bueno?

This is the reason for the manufactured and media exagerated storm, you can bet
your bottom dollar. Remember the mass evacuation before hurricane irene?
(which turned out to be a damp squib!).

Was that done to facilitate this?

Who owns the bonds and who doesn't have to pay out if they are damaged
beyond recognition?

Very interesting. This is at the heart of all recent matters, IMO.

reply to post by OutonaLimb

Ummmmm.......... I think you may have stopped a bit short on considering the scale of this. Who owns the paper? How about...everyone. Internationals..Pensions...Retirement Funds...everyone.

How many vaults were in the flooded area? This kinda goes beyond the mere academic curiosity. That really could be the final blow to a fragile system. ....or a temptest in a teapot.... All that depends on how much is there in physical paper.

What the heck else was at or below ground level in that area?? I've heard a Bio-lab and now the vaults with the sickening thought of trillions in negotiable paper being destroyed. Oh god... that is enough to be sick if it's confirmed at some point. right there..sick on the spot. The global economy would take it right between the legs.

This could usher in the IMF plan to bail out soveriegn debt and bring in the one global currency
If I read it correctly 36.5 trillion dollars?

Lot of money there

reply to post by loam


So what a few trillion disappear in 2001 9/11 and noby gave a sh***
now a few more wake up and what ever.

Just print more cry baby

Originally posted by jude11
I would think that a vault holding trillions of certificates would at least be water proof to avoid mold build up etc.

Peace

edit on 3-11-2012 by jude11 because: (no reason given)

I was thinking exactly the same thing !

Bah who cares. They're just stupid pieces of paper with a number printed on it.

Like that $36 trillion is going to disappear overnight because the paper got soggy. They'll just get the paper reprinted.

Very very interesting, thanks a million OP.

Sandra:

English Meaning: The name Sandra is an English baby name. In English the meaning of the name Sandra is: Unheeded prophetess. A , Cassandra, or Catherine. In Homer's 'The Iliad' Cassandra's prediction of the fall of Troy was unheeded. Also used as an independent name. Also a feminine of Alexander (defender of man).

People with this name have a deep inner desire for love and companionship, and want to work with others to achieve peace and harmony.

It has felt like, to me anyways, there was more to this storm than originally met the eye. Perhaps as PaperBackWriter pointed out above, this is just another piece of the puzzle?

Cheers and so much Love my friends!

I always wondered what the paper floating in and around the city on 911 was all about? How it affected anything financial or records, etc. Multi Tons of it must have been destroyed in the collapse and fires.

reply to post by loam

Ah, I see. A repository of very important documents was kept at a location slightly above sea level (the ground floor) and stored in basements (below sea level? certainly below danger level) without waterproof doors and inner containers. How brilliant of them! And too bad they had no warning of an impending storm of extraordinary size....oh wait, they did! MORE highly paid morons!