Posts Tagged ‘Iron Mountain’

On the 5th of February (yes, two days ago; I am starting to become South American. I’ll get to it mañana…) a fire in the Iron Mountain archive building killed 9 firemen and first responders, and injured 7 more. Despite the unnecessary loss of life, this is interesting in several ways.

First, the building had an advanced fire suppression system, built to be able to not only quench fires but keep documents intact. In addition to multiple other methods to prevent and stop fires. Seeing as it *was* an important document archive.

Secondly, this particular archive housed quite a lot of bank documents.

Thirdly, the fire happened at the announcement of new foreign exchange regulations, in which banks are now required to limit FX positions to 30% of their assets, and FX futures to 10%.

So, how convenient that the destruction of official bank balance data (at least *this* copy) coincides with new bank compliance which coincides with Argentina being called out on fudging its Forex numbers, and having the honesty of its bank reserves questioned.

“Well, we would show you, but oops, it all caught fire last night!”

More info here and here.