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CHAPTER SEVEN | TWIN STORMS
Left: Superstorm Sandy became one of the most
damaging hurricanes ever to make landfall. The total cost of its damage has been estimated at $70 billion. (Edited photo by Cyclonebiskit, background photo by NASA with tracking data from the National Hurricane Center. Photo courtesy of Wikimedia Commons.) Below: New York City’s MTA advised commuters of its hurricane preparation plans. The city’s subway system was heavily damaged by flooding. (Photo by Danazar courtesy of Wikimedia Commons.)
devise a solution. Tim Geithner, the US Secretary of the Treasury at the time, called Bodson:
Secretary Geithner asked, “Do we have a problem?” and all I could say was, “We literally have sent guards out to look at the river in case the interior wall collapsed and the certificates floated out, but we didn’t see any evidence of that. The paper is still in the vault. We don’t know what condition it’s in, but we know it’s going to take a while to get the water out.” DTCC shifted its major processing and operations to its backup sites in Brooklyn, Tampa and Dallas. The week of October 29, DTCC processed $19 trillion in securities transactions. In a memo issued November 1, DTCC sought to calm its participants: “The DTCC vault and its contents, which include certificates registered to Cede and Company, as well as custody certificates held in customer/firm name and sealed envelopes,
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