Cover Stand Out.. with underwater vaulting..
November 5, 2012 § Leave a comment
New York magazine hit the big one this time.
The shot below was taken by Iwan Daan(Dutch photographer) and selected by a talented, and very determined editorial team despite an overload of bad circumstances stacked against them.
My thanks to ATD who used the shot to illustrate what local folks meant with the term So-Po [ = South of Power. This attitude beats out vanilla alternatives like ‘dark zone’.. heh?]
Is the burgeoning rise of corporate media (aka Brand Media) the way and means of sustaining public silence on climate change and its threats to markets and mankind ? Not least in this Election Season.?
Damages $50bn.. The quick ‘out’ for a storm called Sandy along the US East Coast. But really..?
Hattip BI – howse about Lower Manhattan’s 55 Water Street and this place which vaults the actual paper records and instruments related thusly:
DTCC’s depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$36.5 trillion. In 2010, DTCC settled nearly US$1.66 quadrillion in securities transactions.
CNN’s Rooney @ Buzz(money) says “The building remains inaccessible, but the lower floors are believed to be flooded. The full extent of the damage cannot be assessed until power is restored and the building is deemed safe to enter.”
Fortunately electronic ways and means are operable and ongoing via relocations (folks stayed home I’d guess), which is a blessing for those with power, but the real damage issue lies with those certificates, secs and instruments.
According to the FT $16bn physical certs etc were lost when the WTC went down in 2001 and cost $300mn to replace. They put likely DTCC loss at $13Tn. And using their figs as a guide a rolled out eventual has the order of $250bn.
Taking the unintended consequence of sea surge (how else might a new reality realist politely risk profile those human industries and activities prone to exacerbate prior events into utter disasters?) to a whole new level.
Something to really run away from. You bet! Guess who..? No kidding now, yep YOU KNEW..
Lobbyists who walketh upon red carpets to talk with those who otherwise promise the earth to wearers of red-tinted glasses..