How is it possible for hurricane Sandy to destroy $37 trillion in paper $ stocks and bonds and yet the system stays in place. How could this possibly be? Regards Errol 43
http://www.silverdoctors.com/dtcc-says-trillions-in-stock-certificates-damaged-in-sandy-floodwaters/ You used DTTC and it took me a few seconds to realize you meant DTCC. May have suffered damage is not the same as lost. This happened two years ago and it isn't making news today that I am aware of. Not sure why this should be a real problem for anyone but the brokerage companies.
Sorry...2AM HERE.. night owl getting zzzzz.It didn't make the news here at all that I can recall. $37 trillion, now that is a lot of Us $$$$$$$. CAN'T RECALL any panic in US markets? NOW WHAT DAMAGE would be done to paper if it was under water for one month? Regards Errol 43
Possible that everything was also on data, thereby making the paper redundant. Even now, when you buy stocks, you never see the actual paper, all digits and numbers in cyberspace.
Most stocks in brokerage accounts are held in street name and I am not sure if these are different. Either way, the brokerage company/SIPC would have had to make good on lost certificates. I know what you mean about lack of sleep. I am pulling an all nighter today and may not be hitting the sack until I have been up about 40 hours straight. Busy season sucks.