I told you it was gonna get weird! Here's the latest from the NY Post:
Billions in bearer bonds could be lost due to Hurricane Sandy: sources
http://www.nypost.com/p/news/local/manhattan/sunken_treasure_R1WidDOAwSBvWbYgSIoflJ
"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."
"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."
"Most of its member firms, including Deutsche Bank, JP Morgan Chase, Bank of America, UBS and Citi did not return calls."
"The exception was Goldman Sachs, whose spokesman Michael DuVally confirmed Friday to The Post that his firm stored bearer bonds in the DTCC vaults. He acknowledged they would be nearly impossible to redeem if destroyed."
"Yesterday morning, DuVally elaborated, and said the value of the Goldman bonds was "less than $1 million." An hour later, he called back to say, "The market value of bearer bonds potentially impacted is less than $10,000."
"DTCC spokeswoman Judy Inosanto would say only that "a variety of equities and bonds" were damaged. "I can't go into details. We do not provide values for security reasons."
http://www.nypost.com/p/news/local/manhattan/sunken_treasure_R1WidDOAwSBvWbYgSIoflJ
Here's my favorite line from an "unknown contractor" who bid on the clean up...
"It's nobody's business," he said. "The public doesn't need to know what's in that vault. It's between them and their customers."
Talk about an outrageous response from "an unknown contractor"!
Since when is the destruction of BILLIONS of dollars worth of financial transaction documentation "nobody's business"?
How about a glimpse at whtt is IN those vaults from the DTCC themselves...
http://www.dtcc.com/downloads/products/learning/Custody.pdf
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Gold and Silver Certificates!
Again, stay tuned..
