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Fire Destroys Iron Mountain Data Warehouse, Argentina's Bank Records Lost

cagraham writes "A fire at Iron Mountain's data warehouse in Buenos Aires left the facility 'ruined' and killed nine first-responders, according to the Washington Post. The origin of the fire is unknown. The facility was supposedly equipped with sprinkler systems, fire control systems, and had a private emergency team on standby. Among the records destroyed are Argentina's bank archives, the loss of which could have some surprisingly far-reaching implications."

27 of 463 comments (clear)

  1. So they eliminated their debt with a fire? by cheesybagel · · Score: 5, Funny

    Kewl.

    1. Re:So they eliminated their debt with a fire? by ShanghaiBill · · Score: 5, Insightful

      The obvious question is: Cui bono? Do any of Kirchner's henchmen have a gasoline odor on their hands?

    2. Re:So they eliminated their debt with a fire? by garyebickford · · Score: 5, Interesting

      In the last 120 years, Argentina has singlehandedly destroyed their own economy a total of three separate times. In 1910 Argentina was a 'first world' state, IIRC the fifth largest in the world. Then Peron got elected, and almost his first act was to pull all of the gold out of their national bank and spend it.

      --
      It's easier to be a result of the past, but more fun to be a cause of the future! http://www.spacefinancegroup.com/
    3. Re:So they eliminated their debt with a fire? by garyebickford · · Score: 5, Interesting

      That happened here in the US for a number of home loans - their loans had been shuffled so many times between institutions that some borrowers successfully argued in foreclosure proceedings that there was no evidence that the foreclosing party actually owned the loan.

      --
      It's easier to be a result of the past, but more fun to be a cause of the future! http://www.spacefinancegroup.com/
    4. Re:So they eliminated their debt with a fire? by starcraftsicko · · Score: 5, Funny

      Do you have any record of this?

    5. Re:So they eliminated their debt with a fire? by Anonymous Coward · · Score: 5, Informative

      Obviously you don't know squat about my country's economy or the facts which led to this. Argentinian justice department was investigating a massive fraud commited mostly by US based companies sucha as Monsanto and Shell, and several international baks were impled in the maneuver, the HSBC to name one. This fire looks more a way to cover up for that fraud. If you'd like to exercise your memory, I recommend you to take a [url=http://en.wikipedia.org/wiki/Iron_Mountain_Incorporate]trip down Wikipedia lane[/url]. Iron Mountain has a long history of destroying their own facilites to safeguard their customer's data from Justice investigations.

    6. Re: So they eliminated their debt with a fire? by Anonymous Coward · · Score: 5, Funny

      Until today, I did.

    7. Re:So they eliminated their debt with a fire? by Anonymous Coward · · Score: 5, Insightful

      And in response most states enacted laws requiring that the mortgage be paid off before it could be challenged in court. Of course once its paid off... who the fuck cares? Result: Literally millions of fraudulent foreclosures. It was so bad that there were legal documents being presented in federal court signed with the name of an employee of the bank that could not be found. The bank had absolutely no record of anybody by that name ever working for the bank. The bank had made up a name and the signing of the documents was fictitious. But because the law required that you pay off, or otherwise post a cash bond for the amount of a loan, before you could challenge it... the fraud was allowed to stand in federal court unquestioned.
      Source: I was a mortgage broker in California and watched this happen first hand.

      Oh, I will add too... that with the law so protective of the lenders... they got bold. I dealt regularly with court documents where the value of the home, interest rate, mortgage value were all different than what was on the original wet ink signature documents (that I kept scanned copies of). I tried several times to submit my scanned copies to the court as the mortgage broker involved (showing that the lender was fraudulently foreclosing...) in the original transaction but was stymied every time. Any evidence submitted by the defense was essentially void until a bond had been posted for the same amount as the outstanding mortgage. The judge would not even listen to any discussion about inconsistencies, possible perjury, fraud or anything until we paid the bond to gain standing in court. We tried that route and the lowest we could find was 90% equity on a bond. Meaning we had to put up 90% of the value of the mortgage just to fight it in court. When you are fighting over a $700,000 mortgage... who has that kind of scratch just sitting around? If you do... $630,000 is most likely pocket change to you.

      I will never, ever, ever buy a house in the united states after witnessing that.

    8. Re:So they eliminated their debt with a fire? by brakarific · · Score: 5, Insightful

      Here is a historical breakdown of why Argentina is where it is (summary: it has absolutely nothing to do with Shell):

      - Starting with Nestor Kirchner (Christina Kirchner's husband), there were a ton of social programs started that basically bankrupted the already bankrupt country

      - In order to keep funding said programs, Argentina decides it doesn't want to pay it's foreign debts anymore, especially to the US. Argentina claimed that they had already paid back well beyond the original loan amounts. Simply put, they didn't like the terms of the loans and decided to threaten defaulting. The IMF threatened to put them on credit blacklist which drove their borrowing interest rates up even higher. In the end they restructured their debt, but like all spending problems, it is never the math that causes massive debt, but behavior.

      - Fast forward to about a year or two ago. Christina Kirchner keeps spending on social programs with no way to pay for them and is facing massive devaluation of the Argentine Peso. Investors and individuals start buying up dollars and euros before the peso collapses. Kirchner bans the exchange of foreign currencies in Argentina.

      -Fast foward to a couple of weeks ago. Argentine economists fear a massive bubble is building over the artificially propped up peso and convince Kirchner and politicians to open up foreign exchanges before the bubble gets so big that its collapse will crater the country like it did in 2001. You can read more about that incident's culmination here: http://en.wikipedia.org/wiki/D...

      - As a result of foreign exchanges opening up the bubble pops and the peso loses 15% of its value in less than 12 hours.

      -Foreign companies that operate in dollars or euros have to raise prices. Commodities tied to dollars or euros are always the first to rise. Oil is probably the most exposed to this as all Oil selling countries have to sell Oil in dollars.

      -After a week of rapid inflation, Shell raises it's prices, and...drumroll...SO DO ALL OTHER GAS STATIONS TIED TO IMPORTED OIL.

      It bothers me that people are always so quick to crucify companies (in this case oil companies) just because it is the popular thing to do. Those dirtbag Politicians in Argentina are no different than the dirtbag politicians we have here in the US. Their arguments consist of blaming anyone but themselves for domestic policy disasters. Just like Bush blamed Terrorists, Obama blamed Bush, and whoever comes next will blame Obama. Down there, they just say "Those damned European/American money grubbing corporations are doing this to us!" Sadly, like here in the US, the people there buy it hook line and sinker.

      Sources - Reading the news, living in Argentina for a few years (2003 - 2005), and having a basic understanding of macro economics and currency valuations.

  2. Re:Classic Slashdot by Chris+Mattern · · Score: 5, Interesting

    I'll probably be gone.

  3. Offsite copies by Rob_Bryerton · · Score: 5, Funny

    Well, hopefully that Iron Mountain facility was storing their backups offsite at a safe, secure location.

  4. Re:Classic Slashdot by Alkivar · · Score: 5, Interesting

    I've been coming to /. since before you had to register to comment.
    This is the first design change that has actually made me consider leaving.

  5. There's no default title in a reply in slashdot be by Anonymous Coward · · Score: 5, Informative

    I'm masochistically viewing this story in slashdot beta. It's horrible.

    A few replies down a tree, and comments are squished into a bar about 1/16 the width of the screen. Half of the left-hand side is taken up with whitespace and vertical rules, the right-hand side is taken up with ads.

    The comment threshold system is fundamentally broken.
    There's a stupid ever-present menubar at the top of the page.
    The fucking 'dept' joke is *below* the summary, not above it. Why? Who the hell knows.

    I'm pissed, because I've been coming to this site since 1998, I like the community, and I fear that a good chunk of the regulars will leave if Beta is really forced on us.

  6. Re: Classic Slashdot by jafac · · Score: 5, Interesting

    4-digit UID here.
    Don't like the beta one bit.
    Get off my lawn.

    --

    These are my friends, See how they glisten. See this one shine, how he smiles in the light.
  7. Business majors by Okian+Warrior · · Score: 5, Interesting

    McDonalds notes that the best people to own franchises are farmers, because they follow instructions to the letter. Since the McDonalds franchise model has been honed to perfection, the farmer-owned franchise is a guaranteed success.

    The worst franchise owners are MBAs. They want to make changes, to do things "better", and this never works out in practice. The franchise instructions do things in specific ways for a reason, all the bugs have been worked out, and the franchise model really is the best way.

    Slashdot is run by MBAs, they won't listen to us. They know better, because they are, like, business majors... ya know?

    The biggest mistake MBAs make is thinking that management/administration is a plug-in skill - you can move to a different business and manage it without knowing the ins and outs of the business.

    Any MBA can become a middle manager in, for example, a newspaper without knowing the newspaper business. It's all about managing people, getting projects done on time, and being a buffer between management and workers.

    Any MBA can manage Slashdot, you only need to survey the landscape and implement all the features that make other news sites great.

    Being like other sites will make Slashdot even greater!

  8. Re:There's no default title in a reply in slashdot by epyT-R · · Score: 5, Insightful

    My big issue with it is the crazy amounts of wasted whitespace. This is a trend in site layout that needs to die.

  9. Survey response by Okian+Warrior · · Score: 5, Informative

    The survey asks:

    What do you like the most about Slashdot Beta?

    My response: "It encourages me to find and read new sites."

  10. Re:Classic Slashdot by gaudior · · Score: 5, Insightful

    You are complaining about crappy stories and shitty web design, and then recommending Reddit as an alternative?

    The cognitive dissonance is strong with this one.

  11. Re:Classic Slashdot by MarcoAtWork · · Score: 5, Insightful

    change happens, sure, but when change is for the worse should we really embrace it? There is no shortage of news sites on the internet, I think the majority of old users like myself still come here for the comments/discussion, and if a redesign makes the comment section less usable and so causes people to leave, what's left then?

    --
    -- the cake is a lie
  12. I've seen this one before by C3ntaur · · Score: 5, Funny

    This seems to be the standard way to make inconvenient records disappear. http://youtu.be/hZEvA8BCoBw

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  13. Re:Hmmm.... by Charliemopps · · Score: 5, Informative

    Yea, if any of you haven't been in one of these data centers, the sear improbability of this kind of fire is staggering.

    The rooms are usually kept so cold you need a jacket.
    There are firewalls everywhere (and I mean the physical kind)
    They have sprinkler systems in the looses sense of the term, They more likely dump CO2 to avoid damaging the equipment.
    If all else fails the room seal and Halon dumps (or one of its alternatives) making combustion almost completely impossible.

    The only way I could see it happening is if things were shut down for a test or something...
    or some neighboring building that was much larger exploded or something.

  14. Re: Classic Slashdot by bamf · · Score: 5, Informative

    Aren't there?

  15. Re: Classic Slashdot by ximenes · · Score: 5, Funny

    That's correct, only two digits are left. Also I never post anymore and barely read the site anymore.

  16. Re:Hmmm.... by Anonymous Coward · · Score: 5, Funny

    There are firewalls everywhere (and I mean the physical kind)

    And there is you have the culprit. Walls of fire should not be placed anywhere near anything you don't want to burn. "But the Mount of Doom has a lot of fire" you say. Yeah, and it didn't do them any good, now did it? Just use a few more Orc patrols and be done with it. It may seem more expensive, but at least you won't have problems with people accidentally catching on fire and burning everything.

  17. Re:Classic Slashdot by rsmith-mac · · Score: 5, Informative

    i've got the feeling the beta slashdot was designed by someone who makes websites for the elderly

    Not quite. It was designed by someone who (sadly) knows what they're doing, and more importantly knows what advertisers currently want.

    A lot of sites have shifted over to this kind of design, so Slashdot is far from alone. Advertisers like it for various reasons - mostly it comes down to ads being more eye-catching - and of course advertisers control the purse strings. But at the same time the public has also had it ingrained into their heads that such a design is the definition of "modern", and therefore any site not using such a design is by definition not modern, and therefore not worth their time ("the site's owners can't be bothered to keep up with the times?"). Which just leads to a feedback loop of advertisers liking it even more, since they want to advertise on sites that the public perceives as hip/modern so that their products are seen in a similar manner.

    But the truly terrifying thing is that the industry isn't done yet. I can show you what the future will look like and it isn't pretty: http://www.theverge.com/2014/1/21/5307992/inside-the-mind-of-a-fanboy. By all accounts the advertisers seem to love it; the text is big and readable (i.e. not threatening), there's animation and lots of flashy effects, etc. It basically reads and behaves like an interactive glossy magazine (People, not Popular Science).

    Not that I agree with any of this. Beta needs to be buried 6ft under in a grave lined with lead. But there is a method to their madness; despite what a lot of people here think, Dice hasn't gone off of their rockers. The rest of the world is just slowly moving on from text to images and iconography, as sad as that may be.

  18. Re:Classic Slashdot by fnj · · Score: 5, Interesting

    I'll probably be gone if this beta abortion becomes the only available interface. I mean WHAT THE FUCK?! This nazi piece of shit just imperiously throws away all of my paragraph breaks!

    Come on, slashdot. Really? Admit failure. Fire whoever needs to be fired, and get back on track.

    I mean jesus christ. Maybe I will even start a site to compete. One whose design is not brain dead and whose management will never become brain dead.

  19. Re: Classic Slashdot by ColdWetDog · · Score: 5, Funny

    At your age, it's probably just cataracts.

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