Sandy May Have Ruined Billions in Bearer Bonds

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posted on Nov, 19 2012 @ 05:51 PM
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I heard this earlier on the news and couldn't believe what I was hearing, if true.
Unbelievable and utterly speechless.....

Billions in bearer bonds could be lost due to Hurricane Sandy: sources


It’s the biggest mystery on Wall Street.

Hurricane Sandy floodwaters inundated a 10,000-square-foot underground vault downtown, soaking 1.3 million bond and stock certificates — including bearer bonds that function like cash — and putting them in danger of turning to mush.

A contractor working for the vault owner, the Depository Trust and Clearing Corp., is feverishly working to restore the paper.

But the value of the threatened notes under 55 Water St. remains unknown to all but the innermost circle of Wall Street bankers.

One source said $70 billion in bearer bonds were in jeopardy.


www.nypost.com...

www.businessweek.com...


DTCC — a depository controlled by the biggest financial firms on Wall Street — won’t say exactly what was in its vaults, how much the notes are worth, and who owns what.

Most of its member firms, including Deutsche Bank, JP Morgan Chase, Bank of America, UBS and Citi did not return calls.

Even a contractor who bid on the cleanup and recovery job — the notes were drenched in diesel- and sewage-tinged water that filled 55 Water Street’s three sub-basements — clammed up when asked about the damage.

“It’s nobody’s business,” he said. “The public doesn't need to know what’s in that vault. It’s between them and their customers.”








edit on 19-11-2012 by snarky412 because: (no reason given)




posted on Nov, 19 2012 @ 05:54 PM
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On the news, they claimed that the vault was 3 stories below and bomb proof and yet it wasn't water proof?!

Go figure......

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Experts say the only hope for saving the stacks of bonds would be to freeze-dry them in a cold vacuum chamber. As the air pressure in the chamber is reduced, and heat is increased, moisture in the documents would evaporate.

Security would have to oversee a tight chain of custody during the procedure, and the entire process could cost upward of $2 million.



posted on Nov, 19 2012 @ 06:03 PM
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And then,the power went out for good.
Then what good are they?



posted on Nov, 19 2012 @ 06:08 PM
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What a joke!
I am remonded of the old sayin about laying up treasures on earth where moths and dust doth corrupt and theives break in and steal.....



posted on Nov, 19 2012 @ 06:09 PM
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Now thats quite a story, not sure if it adds up though.

So many obvious questions that make this seem unlikely, but hey considering humanities track record, why not?

Im on the fence. Maybe this is all a ploy, maybe it really happened. Either way, its embarassing.



posted on Nov, 19 2012 @ 06:10 PM
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I will not be suprised when the next story claims over half are destroyed or missing.



posted on Nov, 19 2012 @ 06:10 PM
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Double post sorry. My wireless lagged out there
edit on 19-11-2012 by muzzleflash because: (no reason given)



posted on Nov, 19 2012 @ 06:13 PM
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reply to post by snarky412
 


Sounds like another giant cash grab to me! Like they are steadily liquidating assets of their level 10 and 11 investors and banks to only leave the level 12's and 13's to create more centralization in the financial system. That way when the economy fails, the level 13's can cut out the level 12's and leave everyone else on the slavery side of the financial fence.

Cheers - Dave



posted on Nov, 19 2012 @ 06:16 PM
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Originally posted by snarky412
On the news, they claimed that the vault was 3 stories below and bomb proof and yet it wasn't water proof?!

Go figure......

-------------

Experts say the only hope for saving the stacks of bonds would be to freeze-dry them in a cold vacuum chamber. As the air pressure in the chamber is reduced, and heat is increased, moisture in the documents would evaporate.

Security would have to oversee a tight chain of custody during the procedure, and the entire process could cost upward of $2 million.


Maybe take pictures of them to put into a digital archive?Much like taking a picture of a check with your iphone to deposit into your bank account.



posted on Nov, 19 2012 @ 06:29 PM
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reply to post by FreebirdGirl
 


What a great way to "clean" house.......

What is that mantra that Eric Holder/ Rahm Emanuel like to say....
"Never let a good crisis go to waste"

Timing is every thing ~~~



posted on Nov, 19 2012 @ 07:08 PM
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Note what a bearer bond actually is:


A bearer bond is a debt security issued by a business entity, such as a corporation, or by a government. It differs from the more common types of investment securities in that it is unregistered – no records are kept of the owner, or the transactions involving ownership. Whoever physically holds the paper on which the bond is issued owns the instrument. This is useful for investors who wish to retain anonymity. Recovery of the value of a bearer bond in the event of its loss, theft, or destruction is usually impossible. Some relief is possible in the case of United States public debt.


en.wikipedia.org...

Note that no paper trail for these bearer bonds exists. Also, that in the event of loss or destruction, the original holders of the bonds that entrusted them to this holding company are screwed!

I'm as likely to believe that this company claims the bearer bonds are destroyed due to flooding, as I am to believe that this was yet another case of theft on a massive scale (much like the missing gold and silver deposits in the basement of the World Trade center when it collapsed).

Seriously, if I purchased bearer bonds, I would keep them with me personally.



posted on Nov, 19 2012 @ 07:32 PM
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As the paper dollar and bearer bonds become more worthless,
I can find comfort knowing my toilet paper is now worth more.



posted on Nov, 19 2012 @ 08:04 PM
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Originally posted by FissionSurplus
Note what a bearer bond actually is:


A bearer bond is a debt security issued by a business entity, such as a corporation, or by a government. It differs from the more common types of investment securities in that it is unregistered – no records are kept of the owner, or the transactions involving ownership. Whoever physically holds the paper on which the bond is issued owns the instrument. This is useful for investors who wish to retain anonymity. Recovery of the value of a bearer bond in the event of its loss, theft, or destruction is usually impossible. Some relief is possible in the case of United States public debt.


en.wikipedia.org...

Note that no paper trail for these bearer bonds exists. Also, that in the event of loss or destruction, the original holders of the bonds that entrusted them to this holding company are screwed!

I'm as likely to believe that this company claims the bearer bonds are destroyed due to flooding, as I am to believe that this was yet another case of theft on a massive scale (much like the missing gold and silver deposits in the basement of the World Trade center when it collapsed).

Seriously, if I purchased bearer bonds, I would keep them with me personally.




And let's not forget, the day before 9/11, Rumsfeld admitted to "misplacing" over $2 trillion......



On September 10, 2001, Secretary of Defense Donald Rumsfeld held a press conference to disclose that over $2,000,000,000,000 in Pentagon funds could not be accounted for.

Rumsfeld stated: "According to some estimates we cannot track $2.3 trillion in transactions." According to a report by the Inspector General, the Pentagon cannot account for 25 percent of what it spent.



posted on Nov, 19 2012 @ 08:05 PM
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Let's consider the books.... cooked.

It's amazing no,.... the potential for what has just been announced?
edit on 19-11-2012 by Maxmars because: (no reason given)



posted on Nov, 19 2012 @ 08:17 PM
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Originally posted by kdog1982
And then,the power went out for good.
Then what good are they?



Well, they are better than gold, at least you can use them for toilet paper.



posted on Nov, 19 2012 @ 08:19 PM
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What a good way to hide the fact that the execs ran off with the real bonds. Maybe they will find that they aren't real when they get them authenticated. It would be easy to do.





 
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