Certificates In Street Name? “Eliminate them.”

DTCC home of the flooded bank vault at 55 Water St. in Manhattan and your Cede & Co. stock certificate holdings plan to “ultimately eliminate its physical Cede & Co. inventory”… and that was before Sandy even hit.  It’s called dematerialization.  Post-flood a new protocol of NO presentation of original certificates required was floated.

http://tradewithdave.com/?p=13436

 

 

7 comments on “Certificates In Street Name? “Eliminate them.”
  1. Danny Cunnington says:

    Somebody needs to ask who were the insurers of the vault contents and whether or not the insurer covered flood damage. If the insurer did cover flood damage then the underwriter would have come up with a very large premium to cover the risk to a non waterproof vault, in a building on water street which despite it’s multiple high rise stories was located in the basement (Insurance companies are very aware of flood risk areas).

    If their insurer didn’t cover flood insurance they a new set of questions concerning Fiduciary responsibilities are thrown up. This would then lead to demands of make good the original hard copy instruments which any injured party could litigate for.

    We are lacking the right question here. Were they insured against all risks including the multi-billion Dollar costs of reproducing the original certificates in the event of a flood or other event? If they were not covered then they can have their butts sued off and if they were, why wasn’t their insurer demanding all sorts of protections in the five days notice period of a storm surge coinciding with a spring tide?

  2. daddy warbucks says:

    “dematerialize your stock certificates”
    “The grand scheme is to make all money electronic.” Timely article.

    Like bitcoins? Are the globalists enabling bitcoin? This is interesting, I see the attractive bait but will side step this one, the bankers are not panicking and should be .

    I observed a crash in bitcoin value from $17 down to $11 in a short period. Where did that money go? Also, with the advancement and testing of EMP weapons along with the increased probability of deployment, bitcoins may very well disappear in the digital cloud.

    I think users are being set up. Who (what ‘supranational sovereign’) is controlling this really, who ‘creates’ bitcoins, more digital printing (again)? Max is a big advocate of bitcoin, but he also totally bought into AGW, that is worrisome. Are the very same institutions that deride gold ownership feigning the inevitability of bitcoins?

  3. Tom-Tom says:

    It’s all electrons whizzing through fiber optic cables and electromagnetic waves filling the sky. It a bizarre way to do business. On the Pacific island of Yap they use these big round stones, really BIG round stones, for money. There’s a substantial dimension to THAT kind of money. But gold and silver will do just fine, too.

  4. Look what happened to Elections after paper ballots were replaced with electronic voting machines. Public trust in the system’s probity is fast evaporating. They will spurn the ‘Funny Money’.

  5. Mattdog says:

    No protocol to accountability? Time to storm the castle.

  6. evolutis says:

    Right question … is it a tall order to understand you? The Storyteller; a natural, moral intent, subsidy. Information transfer allows us to argue our observations; information transfer allows us stackable, knowledge keys to succeed and master the interval. How looking after the person standing next you is a natural, knowledge based, aspect of your survival. A simple process with powerful implications.

    Based on the evidence, it seems straight forward to avoid the errors of our current global belief in misinformation.

  7. BankingThiefs says:

    Why didn’t they have the sense to store them on the first floor if they knew a flood was coming. Someone high up needs to be sacked over this poor judgment.

Access The Max Keiser Podcast
Weekly Downloads, live Q & A Session and exclusive video posts from Max and Stacy

Subscribe Learn More
Buy Gold Online
Watch the latest Keiser Reports:


Watch our Google Hangouts: