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

Discussion in 'The Club House' started by Bigcountry02, Nov 2, 2012.

  1. Bigcountry02

    Bigcountry02 Coffee! If your not shaking, you need another cup Supporter

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    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."
     
  2. orangello

    orangello New Member

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

  3. Bigcountry02

    Bigcountry02 Coffee! If your not shaking, you need another cup Supporter

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    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.
     
  4. c3shooter

    c3shooter Administrator Staff Member

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


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

    ;)
     
  5. Mosin

    Mosin Well-Known Member

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    Life lesson #265.

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

    Old_Crow New Member

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    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.