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Billions in bearer bonds
could be lost due to
Hurricane Sandy: sources
New York Post, by Michael Gartland
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Original Article
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Posted By:KarenJ1, 11/19/2012 4:25:49 PM
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| 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. DTCC —
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Comments:
Is it too much to expect that whoever was responsible for protection of these bonds would have had the foresight to keep them from harm?? After all, there was ample warning about the damage possible by this storm. The level of incompetence in this nation is astounding.
[w/Mark DeCambre & Kevin Fasick]
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Reply 1 - Posted by:
happywarrior, 11/19/2012 4:31:05 PM (No. 9024176)
Water St! Duh!
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Reply 2 - Posted by:
Kurto, 11/19/2012 4:45:04 PM (No. 9024192)
This is just one... There are probably thousands of flooded basement vaults with the same problem. A lot of ´wealth´ will evaporate when these vaults are dried out.
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Reply 3 - Posted by:
lazlototh, 11/19/2012 4:57:30 PM (No. 9024210)
A Chase safe deposit vault in the WTC was buried and essentially melted with the contents never recovered in 2001....lower Manhattan is probably the wrong place to keep irreplaceable items.
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Reply 4 - Posted by:
Country Boy, 11/19/2012 5:43:20 PM (No. 9024263)
My BS meter is banging. Smells like insurance scam.
Didn´t DTC ever hear of zip-lock bags???
I´ve seen many bond certs. High grade paper, almost like U.S. currency. Almost impossible to destroy U.S. dollar bills in water.
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Reply 5 - Posted by:
Rafter, 11/19/2012 5:45:35 PM (No. 9024269)
So far, I agree with OP, Number One, Number Two and Number Three.
It just doesn´t get any better than that.
Or maybe, should I say... could this situation possibly get any worse than this?
Talk about a nation under water...
Is everyone "With Stupid"... ?
Sheesh.
Please... just don´t call FEMA about this...
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Reply 6 - Posted by:
Country Boy, 11/19/2012 6:08:31 PM (No. 9024303)
Just to add, as the article states, bearer munis have not been issued since 1982. Most munis have maturities 30 years or less, meaning that the number of bearer munis is very small. In addition, I have heard that DTC usually registers most bearer munis, with the rare exception of those held in safekeeping.
As already stated, I think this is a scam, FEMA handing out money to WS banks, obama as the card dealer.
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Reply 7 - Posted by:
Rael, 11/19/2012 6:52:34 PM (No. 9024364)
I know the place they are talking about, it was a huge think when they started opening it up, it was supposed to be this ´safe from anything´ kind of place. I suspect they´re going to be sued out of existence for NOT BEING WATER PROOF!! I mean really, the place is under water level and the vaults aren´t waterproof? What idiot thought of that?
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Reply 8 - Posted by:
voxpopuli, 11/19/2012 7:14:06 PM (No. 9024405)
if you lose a bearer bond you can go to the paying agent and for about 5% you can buy a bond which indemnifies them..
and they will issue a replacement..
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Reply 9 - Posted by:
Catherine, 11/20/2012 7:45:42 AM (No. 9024944)
Is this anything like all the jewelry stores in New Orleans being raided during Katrina? Wonder if it´s anything like all the gangs from California and Florida showing up to ´clean out´ downtown New Orleans.
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Reply 10 - Posted by:
LZK, 11/20/2012 7:50:28 AM (No. 9024956)
Incompetence from all quarters in the goooooberment...
AND they want MORE of our money????
I think not.....
LZK
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Reply 11 - Posted by:
cartcart, 11/20/2012 7:57:23 AM (No. 9024972)
There will be a lot of "peoples" standing in line for the Government to replace their lost bonds. Why not just start writing checks?
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Reply 12 - Posted by:
JAN, 11/20/2012 7:59:25 AM (No. 9024977)
I´m with #4. My BS meter is working overtime.
How convenient.
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Reply 13 - Posted by:
Holeymoses, 11/20/2012 9:09:08 AM (No. 9025165)
Alas, Wall St. has its own Titanic and this was only a hurricane one.
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Reply 14 - Posted by:
keeptherepublic, 11/20/2012 10:06:15 AM (No. 9025311)
The address was 55 Water Street. Shouldn´t that have been a clue to put these bonds in a TOP FLOOR vault?
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Reply 15 - Posted by:
NorthernDog, 11/20/2012 10:09:55 AM (No. 9025321)
Take a cue from Ft Knox. Store valuables in a sturdy structure far from any bodies of water.
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Reply 16 - Posted by:
RancherJack, 11/20/2012 10:23:55 AM (No. 9025371)
HAHAHAHAHA
oh my my
Google the following words to get the real deal info on this (since we can´t post URLs)
Barefoot´s World Depository -- and once the page loads read about the Depository Trust
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Reply 17 - Posted by:
pineledger, 11/20/2012 10:33:16 AM (No. 9025409)
Bearer bonds are no more. I suspect this is fiction written by someone who doesn´t know better.
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Reply 18 - Posted by:
Donna M, 11/20/2012 10:44:04 AM (No. 9025445)
And a survey of New Yorkers indicates they believe that this storm/flood is due to global warming, and that they want billions spent on sea walls to prevent it ever happening again! Ha, ha, ha! Living here, sea walls will not help in this latest cycle (and it IS a cycle that will last about 10 years, as it did in the 1950s-early 1960s).
Maybe the vault contents will be confiscated under ´eminent domain.´
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Reply 19 - Posted by:
strike3, 11/20/2012 11:52:18 AM (No. 9025627)
Meanwhile, local governments on Long Island are starting to penalize residents for not having the debris of their destroyed homes cleaned up by now.
It seems that the hurricane was the smallest problem in this whole fiasco.
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Reply 20 - Posted by:
mindyourbubble, 11/20/2012 12:38:25 PM (No. 9025741)
I´m with #4 & 12. Watch the howling millionairs start their demand for reimbursement. Gonna be funny...not
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Reply 21 - Posted by:
skjulestad, 11/20/2012 1:55:46 PM (No. 9025930)
All that wealth, a vault that allegedly could survive WW3 and it leaks.
ROTFLMAO
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Reply 22 - Posted by:
srhcb, 11/20/2012 2:22:43 PM (No. 9025983)
If you lost any bearer bonds, just text "SCAM" from your ObamaPhone and your EBT Card will be credited.
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Reply 23 - Posted by:
GoodGrief, 11/20/2012 8:43:05 PM (No. 9026658)
Agree with #4 re: the water durability of bearer´s. Trouble will be with ownership and SCAMMING!
I have a two and a half gallon bucket of bearer bonds, what am I bid.
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