Report: Secret Vault Holding $1 Billion in Bonds Flooded By Superstorm Sandy
There is reportedly an underground vault holding more than $1 billion in stock and bond certificates that is submerged by floodwater in lower Manhattan. The building where the vault is located in New York City was flooded during Hurricane Sandy.
The secret vault which spans 10,000 square feet and three stories underground is owned by the Depository Trust & Clearing Corporation. In 2009, legal counsel for the DTCC stated in congressional testimony, “Now, many of you may not have heard of DTCC before. That’s purposeful.
We have traditionally kept a low profile, given the critical nature of the role we play in the U.S. financial markets.”
To put it in perspective, the DTCC handles the equivalent of the entire U.S. gross domestic product every three days in transactions. Trace Gallagher reports that it is unclear who the bonds belong to, and while there’s a chance everything is backed up electronically, it’s impossible to know because of the secrecy surrounding it.
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