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What are damage from -- -- also taken a big hit on stocks the actual stock certificates and -- securities believed or not.
So how much has been destroyed in the flooding and can actually be replaced.
We -- the bottom line on this with Elizabeth MacDonald had -- bottom line.
Of those stories that is say oh wait a second I think of that might it -- it here's where these the ball -- in other words what happens is when you make a trade.
The depositary trust -- court.
Puts those paper certificates.
In a -- that 55 water street Tracy -- I -- to post and from investor to investor across the country.
Well lo and behold the floors of that building were flooded.
The malts was reportedly uncertain water so that is a big problems -- here's what they're they're saying right now significant damage from flooding.
They're gonna suspend indefinitely the processing of stock certificates the -- is inaccessible until power is restored.
And they cannot make an accurate assessment yet of water damaged and here's the deal thirteen trillion in stocks trade paper certificates.
Are stored there being may face water damage we don't know the dollar amount yet but we do know that after 9/11 sixteen billion dollars worth of paper stock certificates were damaged.
And the financial industry had a pony up 300 million bucks to restore those.
Papers are typically -- -- the importance here is because these stock certificates showed the original purchase price the basis of this -- right which you mean exactly unfortunately when you salad and you come due taxes yep that's right but you know me -- it depositary trust clearing.
Is saying we do have computer records but that's struggling to.
Basically make sure that they have the right dollar amounts but it's could be months before investors and figure out.
Whether that the cost of the damage to the paper stock holdings of whether they still you know -- -- -- and claim ownership to the stock certificate that's going to be a very long time to figure that out tracing.
I would say -- -- well into next year.
Everyone's input various on the -- purchase a client on their tax return does -- thank you very much are.
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