$Trillions in Stock Certificates Feared Ruined by Superstorm SandySubmitted by Peace Gold Love on Mon, 11/05/2012 - 13:55
CNBC.com: Trillions of dollars of stock certificates are feared ruined after Hurricane Sandy flooded a vault at the Depository Trust & Clearing Corp, the Wall Street-owned organization that manages important parts of the U.S. trading infrastructure.
The DTCC houses 1.3m paper certificates for shares, bonds and other financial instruments, including foreign securities, at the organization's headquarters in Manhattan’s financial district.
As businesses in the affected areas continued efforts to pump out flooded basements, the DTCC admitted on Thursday that its vault remained underwater and officials had still not been able to assess the damage.
“The building itself remains inaccessible and will be until power is restored and an on-site health and safety inspection can be completed,” it warned in an email alert to its clients. It has suspended processing of physical certificates for an indefinite period.