Stock certificates feared damaged by Sandy (DTCC vault flooded!)
Firearm & Gun Forum - FireArmsTalk.com > General Discussion Forums > The Club House > Stock certificates feared damaged by Sandy (DTCC vault flooded!)

Reply
 
LinkBack Thread Tools Display Modes
Old 11-02-2012, 07:40 PM   #1
Coffee! If your not shaking, you need another cup
FTF_SUPPORTER.png
Feedback Score: 0 reviews
 
Bigcountry02's Avatar
 
Join Date: Jan 2009
Location: Southwest
Posts: 6,359
Liked 1902 Times on 1100 Posts
Likes Given: 3897

Default Stock certificates feared damaged by Sandy (DTCC vault flooded!)

Check this out:

http://buzz.money.cnn.com/2012/11/02/stock-certificates-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."

__________________
Bigcountry02 is offline  
 
Reply With Quote

Join FirearmsTalk.com Today - It's Free!

Are you a firearms enthusiast? Then we hope you will join the community. You will gain access to post, create threads, private message, upload images, join groups and more.

Firearms Talk is owned and operated by fellow firearms enthusiasts. We strive to offer a non-commercial community to learn and share information.

Join FirearmsTalk.com Today! - Click Here


Old 11-02-2012, 07:44 PM   #2
FTF_SUPPORTER.png
Feedback Score: 0 reviews
 
orangello's Avatar
 
Join Date: Feb 2009
Posts: 19,170
Liked 5732 Times on 3358 Posts
Likes Given: 4877

Default

Stock certificates can be reprinted. What's important is the records of ownership on computer.

__________________

Dead Bears, the only good kind.

orangello is offline  
 
Reply With Quote
Old 11-02-2012, 07:48 PM   #3
Coffee! If your not shaking, you need another cup
FTF_SUPPORTER.png
Feedback Score: 0 reviews
 
Bigcountry02's Avatar
 
Join Date: Jan 2009
Location: Southwest
Posts: 6,359
Liked 1902 Times on 1100 Posts
Likes Given: 3897

Default

Quote:
Originally Posted by orangello View Post
Stock certificates can be reprinted. What's important is the records of ownership on computer.
This is pulled from another forum:

It is the custody certificates..."in sealed envelopes".

Think about that for a second. Now, all of the bad securities created by the banks can be...perfected. "we had those assignements and documents, but they were destroyed by an act of God..." Derivative contracts. MBS. all of the criminal and treasonous paperwork was just washed clean.

Its like WTC 7, when the SEC "lost" all of the files and records related to fraud cases against thousands of companies like Tyco and Enron.

Its a get out of jail free card for the bankers.

It is a fix for missing paperwork.
__________________
Bigcountry02 is offline  
 
Reply With Quote
Old 11-02-2012, 10:15 PM   #4
Moderator
FTF_MODERATOR.png
Feedback Score: 0 reviews
 
c3shooter's Avatar
 
Join Date: Feb 2008
Location: Third bunker on the right,Central Virginia
Posts: 16,675
Liked 8836 Times on 3824 Posts
Likes Given: 1366

Default

OH NO! THAT IS WHERE ALL MY GUNS WERE STORED!


After that HORRIBLE boating accident.......

__________________

What we have here is... failure- to communicate.

c3shooter is offline  
 
Reply With Quote
Old 11-02-2012, 10:57 PM   #5
Feedback Score: 0 reviews
 
Mosin's Avatar
 
Join Date: Jun 2010
Posts: 4,589
Liked 3858 Times on 1863 Posts
Likes Given: 701

Default

Life lesson #265.

Never store paper products in a place named 'water street'.

__________________

America has fought wars across the globe, because we kept our firearms while others let dictators take theirs...

Mosin is offline  
KG7IL Likes This 
Reply With Quote
Old 11-02-2012, 11:05 PM   #6
Feedback Score: 0 reviews
 
Join Date: Sep 2012
Location: \
Posts: 990
Liked 133 Times on 108 Posts
Likes Given: 43

Default

When you do business from a place where you are looking up at the ocean you know you're going to get flooded at some point. One would think they would take necessary precautions with such sensitive documents. It's like oh boy a hurricane leave the door open.

__________________

"I do not aim with my hand; I aim with my eye. He who aims with his hand has forgotten the face of his father.
I do not shoot with my hand; I shoot with my mind. He who shoots with his hand has forgotten the face of his father.
I do not kill with my gun; I kill with my heart. He who kills with his gun has forgotten the face of his father."

Adopt a pet!! http://www.aspca.org/ Some of the finest pleasure horses come from here: http://www.canterusa.org/

Old_Crow is offline  
 
Reply With Quote
Reply

Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Firearms Forum Replies Last Post
Flooded Basement + 10 Year Old Grunge DuraCoater Cleaning and Maintenance 7 10-18-2012 05:17 PM
Damaged finish on 870 Express SEHunter Engraving & Refinishing 6 09-28-2012 10:55 PM
Gun Got Damaged While I was Gone FightinTexasAggie 1911 Forum 8 09-30-2009 12:14 AM
Damaged casings laynejc General Rifle Discussion 3 12-17-2008 02:56 PM
fire damaged M1 carbine ridgerunner63 Gunsmithing Forum 10 03-07-2008 03:49 PM