A vault floods on Wall Street... Who doesn't like a good conspiracy theory? Or, umm, even a really bad one? This narrative about DTCC's experience of hurricane Sandy posted by "enerchi." We think the original is from Bix Weir - it's appearing in quite a few places around the interwebs. Please note that we are not lending this a shred of credence. It's just funny (bolding ours): As I reported yesterday, something stinks to high heaven at the DTCC as documentation damage has been officially announced yet the bottom floors are still flooded...HOW DO THEY KNOW THERE IS DAMAGE?! Hell, my safe at home is waterproof and fire proof and they are trying to tell me that there was a failure at the DTCC vault? What - did they send divers down to OPEN THE VAULT to check and see if there is damage?...Ooops! It is a rarity when we can watch the Bad Guys in "real time" perpetrating a false flag operation with fraud cover-up and the use of a crisis to forward an agenda. What is happening at the DTCC in New York right now has given the Banksters an opportunity to "wash away their sins" and it's part of a much larger Banking Cabal cover-up. Here's my latest interview on the subject with Sean at SGT and Andy Hoffman of Miles Franklin: Yes, it's a huge cover-up. No doubt about it. The most important documents related to almost every financial transaction in the world INCLUDING the derivatives have been destroyed...that is - if they were even ever there in the first place! Cough. Seriously though, here's what DTCC said, as quoted in a Bloomberg story last week: Of the approximately $35 trillion in securities for which DTCC provides services, the "vast majority" - a percentage in the "high 90s" - is in electronic form only, Bodson said. If those "high 90s" of securities ever existed, that is DTCC switched operations to its offices in Tampa, Florida during the storm, and the company has stated it went smoothly. The whole thing did illustrate what having too big to fail infrastructure feels like: "We can live without the NYSE and we can live without Citigroup, because their competitors will quickly fill the gap," [James] Angel [a professor at Georgetown University's McDonough School of Business in Washington] said by e-mail. We can't live without DTCC because there is no substitute. They are one of the most important pieces of our financial infrastructure and the epitome of the "must not fail" institution." We'll note in passing that DTCC also has a disaster recovery site in Dallas. Back to Wall Street though: The company occupies eight of the 54 floors at 55 Water Street, according to Bodson. The 10,000-square-foot vault, three levels below ground, contains 1.3 million stock and bond certificates and other securities stacked on shelves like in a library, he said. Stop fantasizing about the libraries you'd rather be in right now (what, just us?), and focus: "There's no loss of economic ownership here," Bodson said. It's a logistical and administrative challenge in assessing if certificates are damaged. We did not lose the computer records of ownerships or the computer records of images. From Reuters on Wednesday: Inosanto [DTCC spokeswoman] declined to say when the company was able to open the vault at 55 Water Street, which was flooded more than two weeks ago by surges churned by Superstorm Sandy. But when it did, DTCC found significant flooding and water damage. "While it is premature to determine the full extent of the damage, it is essential to begin the restoration process to avoid further deterioration," the company said in a statement. That is so much less fun then the promising headline of the story: "DTCC finds 1.3 million soaked securities in Sandy-flooded NY vault." The conspiracy theory was better. Who knew utilities, even too big to fail ones, were so boring? Ahem.