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Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy

 
G3
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11/03/2012 05:23 PM

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Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities 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.

"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."

The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.

More here:

[link to buzz.money.cnn.com]
Anonymous Coward
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11/03/2012 05:28 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
How convenient.
Anonymous Coward
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11/03/2012 05:29 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
this IS THE story....

seriously, is this the event??
Lemon

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11/03/2012 05:31 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
also - several tons of gold bars dissolved in the salt water.
**I'm all out of bubblegum
Anonymous Coward
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11/03/2012 05:31 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
also - several tons of gold bars dissolved in the salt water.
 Quoting: Lemon


yes I wonder what will happen next.....hmmm.....robbery and vaults get emptied because the water disabled the security systems....they looked iranian?
Lemon

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11/03/2012 05:33 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
5 stars & a pin request sent
**I'm all out of bubblegum
Anonymous Coward
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11/03/2012 05:34 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
also - several tons of gold bars dissolved in the salt water.
 Quoting: Lemon


lolsign
G3 (OP)
G3

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11/03/2012 05:36 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
5 stars & a pin request sent
 Quoting: Lemon


Thank you, I think the gold colored paint just washed off the tungsten anyway...

dominoes
Anonymous Coward
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11/03/2012 05:40 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
5 stars & a pin request sent
 Quoting: Lemon


seconded, this story has got looong legs
Justalittlebad

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11/03/2012 05:42 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
this IS THE story....

seriously, is this the event??
 Quoting: Anonymous Coward 26929574


bumpbumpbumpbumpbumpbumpbumpbump
Justalittlebad/more or less
Skin Suit

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11/03/2012 05:43 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
lol

what idiots buy stocks in this day and age..
Anonymous Coward
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11/03/2012 05:45 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
If the vault wasn't water tight all that happened was that the paper got wet. Properly dried out,they will be fine unless that isn't the intent.
Anonymous Coward
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11/03/2012 05:48 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
that's lovely
G3 (OP)
G3

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11/03/2012 06:18 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
pinit
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G3

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11/03/2012 06:24 PM

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pinit
 Quoting: G3


Thank you for the pin

headbang
Alufiend
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11/03/2012 06:26 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
It was never really there. this is the cover up story.
Anonymous Coward
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11/03/2012 06:28 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
.


I'll bail out my Bankers friends
again ... as a lame duck president.


odance

.
Anonymous Coward
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11/03/2012 06:30 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities 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.

"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."

The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.

More here:

[link to buzz.money.cnn.com]
 Quoting: G3


This is going to probably be a stupid question, but hasn't there been extensive rain in these areas before? Why all of a sudden are the subways flooded and previously impervious buildings inundated with water? Is this a situation similar to all the important legal papers being conveniently disappeared in Building 7?
Anonymous Coward
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11/03/2012 06:32 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
oh no! some pieces of paper got wet!
now you're truly fucked!!!!!!

can it get any more lame?
Anonymous Coward
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11/03/2012 06:33 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Obamas birth certificate dissolved as well...
Lex
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11/03/2012 06:34 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
I am Jack's complete lack of surprise.
(Aka What was the goal of Project Mayhem?)
G3 (OP)
G3

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11/03/2012 06:35 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities 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.

"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."

The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.

More here:

[link to buzz.money.cnn.com]
 Quoting: G3


This is going to probably be a stupid question, but hasn't there been extensive rain in these areas before? Why all of a sudden are the subways flooded and previously impervious buildings inundated with water? Is this a situation similar to all the important legal papers being conveniently disappeared in Building 7?
 Quoting: Anonymous Coward 26912208


This^^^
G3 (OP)
G3

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11/03/2012 06:36 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
oh no! some pieces of paper got wet!
now you're truly fucked!!!!!!

can it get any more lame?
 Quoting: Anonymous Coward 26940336


cruise2
N3m3s1s

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11/03/2012 06:38 PM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
How convenient. Like the Pentagon after Trillions went missing.
Donald Rumsfeld
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11/03/2012 06:47 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities 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.

"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."

The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.

More here:

[link to buzz.money.cnn.com]
 Quoting: G3


This is going to probably be a stupid question, but hasn't there been extensive rain in these areas before? Why all of a sudden are the subways flooded and previously impervious buildings inundated with water? Is this a situation similar to all the important legal papers being conveniently disappeared in Building 7?
 Quoting: Anonymous Coward 26912208


What is Building 7? I have no idea. I’ve never heard about that.
Anonymous Coward
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Canada
11/03/2012 06:48 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
also - several tons of gold bars dissolved in the salt water.
 Quoting: Lemon


rofl
Anonymous Coward
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11/03/2012 06:49 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities 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.

"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."

The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.

More here:

[link to buzz.money.cnn.com]
 Quoting: G3


This is going to probably be a stupid question, but hasn't there been extensive rain in these areas before? Why all of a sudden are the subways flooded and previously impervious buildings inundated with water? Is this a situation similar to all the important legal papers being conveniently disappeared in Building 7?
 Quoting: Anonymous Coward 26912208


What is Building 7? I have no idea. I’ve never heard about that.
 Quoting: Donald Rumsfeld 925312


don't worry donald, just one of those things we do not know you don't know...
Anonymous Coward
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11/03/2012 06:51 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
DOOM AT 11!!!!!!!!!!
Anonymous Coward
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11/03/2012 06:56 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities 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.

"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."

The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.

More here:

[link to buzz.money.cnn.com]
 Quoting: G3


This is going to probably be a stupid question, but hasn't there been extensive rain in these areas before? Why all of a sudden are the subways flooded and previously impervious buildings inundated with water? Is this a situation similar to all the important legal papers being conveniently disappeared in Building 7?
 Quoting: Anonymous Coward 26912208

NYC has flood walls that are 5' above sea level . last time it was breached was 92' by just a few inches and that caused quite a bit of flooding . this time the surge was around 6' over the walls. its not the rain , its the storm surge
[link to en.wikipedia.org]
Anonymous Coward
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11/03/2012 06:57 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
This is the single most important event to occur since 9/11/01. This could bring the global eCONomy to collapse!

Stay tuned! uhoh
Anonymous Coward
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United Kingdom
11/03/2012 07:03 PM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
This is the single most important event to occur since 9/11/01. This could bring the global eCONomy to collapse!

Stay tuned! uhoh
 Quoting: Anonymous Coward 26919846


yeah, of course it will.
it's what the rich really want
to see their wealth dissapear

News