As we once again approach the anniversary of the 9/11 attacks, it’s worth pondering that there is a generation approaching high school age which has little to no personal memory of how terrifying that day was. In that respect, it’s good to keep the narrative alive and author Jeff Ingber relates his unique perspective in his book Resurrecting the Street.
Spoken from the perspective of one intimately familiar with the financial world of government securities, Ingber compiled the book over the course of many months and over 100 interviews with others who experienced the events of the day. With those additional voices to provide background, Ingber paints a well-rounded portrait of the events which unfolded in the wake of the 9/11 attacks, particularly the hard decisions on when the markets would reopen and how the billions of dollars of unfinished business which was conducted by traders who were victims in offices which were no longer in existence would be reconciled. It took until the following May, writes Ingber, to finally reconcile these lost trades to a point where the total in question was less than $40,000.
Meanwhile, waiting in the wings was a world financial market placed on hold thanks to the 9/11 attacks. With bated breath, people around the world were seeking a sign that America was not going to be defeated by the actions of radical Islamic terrorists who had succeeded in their second attempt to bring down the Twin Towers.
But there were a number of other operational hurdles to address in the days following the attacks as well. While the question of redundancy and backup planning was broached in the months leading up to the Y2k panic, few financial companies had adequate facilities to deal with the problem. And even when there were contingencies in the system, many had a fatal flaw: for example, there was only one Verizon switching facility in that portion of Manhattan, so even completely isolated systems were routed through that one choke point.
Read more here.