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

 
Anonymous Coward
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11/04/2012 12:47 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Does anyone know about the two bank robberies in Manhattan, the night the storm hit? I haven't heard anything on the news, I know that they were two of the biggest banks, I heard it on the police scanners someone put up that night.

They was a woman that needed rescue and then the two bank robberies, they didn't say in progress, sounded after the fact.
Anonymous Coward
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11/04/2012 12:50 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
All securities at this [Clearing House] Owned by the financial industry?

I hear they were made with a Special Kind of INK.

The kind that disappears when exposed to Wind, Water, or Investigations.

Its funny they call that Rat Hole a [Financial Industry]

Its more of a Sewer Hole of Despots and Criminals.

Does this [damage] have anything to do with the alleged class action lawsuit against the Banking Cartels for several trillions of dollars?
 Quoting: Anonymous Coward 11831752


More along the lines with human flesh than anything else,just my 2 cents.

Registered B.Cs that made it all the way over ta water street.

We are SLAVES!
traded every damn day!

Think this is bullshit?
track your B.C and see where it went
Lemon

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11/04/2012 12:53 AM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Is this a bookkeeping issue, is we need to retype paper for the registered owners, or are these documents, if the magicly turn up in Taiwan trade able by bearer?
**I'm all out of bubblegum
G3 (OP)
G3

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11/04/2012 01:16 AM

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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


Was this all BS? How come it has been unpinned?
 Quoting: Zero/Alpha/Sunray


Good question, but I just re-pinned it with a Karma pin.

headbang
Zero/Alpha/Sunray

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11/04/2012 01:24 AM

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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


Was this all BS? How come it has been unpinned?
I will walk the road of Mary
Anonymous Coward
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11/04/2012 01:40 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Read the comments on the cnn link. You would almost think you were on GLP.
krosty

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11/04/2012 01:44 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Worthless documents... the rich deserve to have them burned.
Anonymous Coward
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11/04/2012 01:51 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
If they reprint the hardcopies from electronic files who will know for sure if the new prints match the number of documents lost? It seems there would be lots of opportunity for cooking the books.
Anonymous Coward
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11/04/2012 02:15 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
"Bodson said the DTCC's computer records are intact and that the corporation has "detailed inventory files of the contents of the vault." "

That's a cut and paste from the article, which indicates that they have all the information backed up on computer, so unless there is more information, there doesn't seem to be a problem?? Or is there?
INK3

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11/04/2012 07:07 AM
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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


Seems like it. Too much of a coincidence. Just how important are these documents though? (pardon my ignorance, I have still have sand in my head from the Hurricane).
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
INK3

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11/04/2012 07:08 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
If they reprint the hardcopies from electronic files who will know for sure if the new prints match the number of documents lost? It seems there would be lots of opportunity for cooking the books.
 Quoting: Anonymous Coward 17295684


Hmmm...
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
Anonymous Coward
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11/04/2012 07:13 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
who gives a shit it's only paper oridin
snark

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11/04/2012 07:18 AM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Hmmm. I didn't realize the DTC stored already printed certs. When I was in the biz and we had to request certs for our clients who wanted to hold them, it took at least a month for them to come. I figured they printed them as they were requested, not that they were actually physical and stored in a vault. Now, if there were bearer bonds in that vault...they're basically just like cash and anyone could cash them in. Bearer bonds are pretty rare nowdays, but I'm sure plenty of them are stored as most have been cashed in and they don't issue bearers anymore. Hmmm.
T For Texas, T For Tennessee!


The virtue of courage is a prerequisite for the practice of all other virtues, because otherwise one is virtuous only when virtue has no cost. There are times when something needs to be done, and yet we know that if we step up and do this needful thing, we will pay a heavy personal price. -C.S. Lewis
Anonymous Coward
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11/04/2012 07:19 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
"Bodson said the DTCC's computer records are intact and that the corporation has "detailed inventory files of the contents of the vault." "

That's a cut and paste from the article, which indicates that they have all the information backed up on computer, so unless there is more information, there doesn't seem to be a problem?? Or is there?
 Quoting: Anonymous Coward 925312


Not sure how serious this is all going to be but it is worth remembering that "detailed inventory files of the contents of the vault" does not necessarily mean that they have 'digital copies' of all of the information on each certificate - I would say it probably means that they have a list of what certificates they held. A bit like a table of contents - but you can't read a book from a table of contents - you just know roughly the type of information contained in the book.

Who knows, maybe they did produce electronic copies of everything, but I doubt it, there are simply so many of these legacy type files and certificates housed away in vaults.
Anonymous Coward
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11/04/2012 07:29 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
:rumspringa:
Anonymous Coward
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11/04/2012 07:51 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
as you say worthless paper


+


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
Anonymous Coward
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11/04/2012 08:27 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Official story: "Salt water implodes stock certificates!"
Anonymous Coward
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11/04/2012 08:29 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
But they didn't mean it to happen..hiding
 Quoting: Anonymous Coward 9128390


this
BZB

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11/04/2012 08:39 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
And we should not tax these rich people?!?! LMAO!!! AH the mind of a Republiklan.
Anonymous Coward
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11/04/2012 09:01 AM
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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


The building during 911 that was "PULLED" or should I say "PULL IT" as the owner of the building said just before it collapsed, supposedly demolished from debris.
INK3

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11/04/2012 09:28 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by 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.
 Quoting: G3


The clue is in the name
 Quoting: lightchild_uk


I noticed that as well. "they" certainly like their little jokes on us.
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
Anonymous Coward
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11/04/2012 09:30 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
How the fuck does a (presumably) sealed vault get flooded?

Aren't these things supposed to be airtight?

drevil
Anonymous Coward
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11/04/2012 09:37 AM
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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


The storm Sandy brought very high tides and and storm surge that was unexpectedly high. Much of New York was flooded with the sea coming in, not rain water. There was not that much rain. Sandy pushed the sea into the city, you might say. There are several threads about the aftermath here on GLP.
Anonymous Coward
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11/04/2012 09:53 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Non-story. Nothing was lost. All the data pertaining to the certificates is stored off site at another location.
Anonymous Coward
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11/04/2012 09:54 AM
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Anonymous Coward
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11/04/2012 10:10 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy


[link to www.youtube.com]
Saddletramp
We Don't Rent Pigs...

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11/04/2012 10:12 AM

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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.
 Quoting: Anonymous Coward 26928299


I doubt they will be fine, but there are ways to re-issue damaged stocks and securities...

There will be records of all of this on computer, via brokerage accounts etc., they will just have to submit the damaged instruments for re-issue. It's a total pain in the ass is all...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Saddletramp
We Don't Rent Pigs...

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11/04/2012 10:20 AM

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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
And we should not tax these rich people?!?! LMAO!!! AH the mind of a Republiklan.
 Quoting: BZB


How did you get from this story to "tax these rich people"? These "rich" people already pay almost 80% of all income taxes in this country...

Envy much?!?!?

Last Edited by Saddletramp on 11/04/2012 10:21 AM
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Anonymous Coward
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11/04/2012 11:34 AM
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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.
 Quoting: Anonymous Coward 26928299


I doubt they will be fine, but there are ways to re-issue damaged stocks and securities...

There will be records of all of this on computer, via brokerage accounts etc., they will just have to submit the damaged instruments for re-issue. It's a total pain in the ass is all...
 Quoting: Saddletramp

Unless, all of the electronic records were destroyed in the pentagon missile/EMP and the destruction of WTC I, II and 7 buildings...
Children of the Atom

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11/04/2012 11:44 AM
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Re: Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Nothing special... i saw this coming a mile away.

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