Sandy may have flooded paper stock certificates
This final note today, in which we learn that for all of that digitized electronic trading it does, Wall Street is still an analog operation in some ways.
I saw on John Carney‘s blog today at CNBC that the headquarters of the Depository Trust & Clearing Corporation are still underwater.
That might not mean much to you until I say that in its basement vault — its flooded basement vault — it’s got 1.3 million shares of stock, bonds and foreign securities. Paper shares, that is.
Gotta figure they’re pretty much mush by now, right?
A spokeswoman does say they’ve got an electronic inventory of ’em, though.
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