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Italian police seize $6 trillion of fake U.S. bonds
| Elisa Forte and Gavin Jones |
Posted on 02/21/2012 4:25:59 PM PST by ColdOne
POTENZA, Italy (Reuters) - Italian police said on Friday they had seized about $6 trillion worth of fake U.S. Treasury bonds and other securities in Switzerland, and arrested eight Italians accused of international fraud and other financial crimes.
The operation, co-ordinated by prosecutors from the southern Italian city of Potenza, was carried out by Italian, Swiss and U.S. authorities after a year-long investigation, an Italian police source said.
It began as a investigation into mafia loan-sharking, but gradually expanded as prosecutors used telephone and computer intercepts to unearth evidence of illegal activity surrounding Treasury bonds.
The fake securities, worth more than a third of U.S. national debt, were seized in January from a Swiss trust company where they were held in three large trunks.
Police videos showed images of the trunks, with "Federal Reserve System, Treaty of Versailles" stamped on the side in large, golden letters.
Bond certificates marked "Chicago, Illinois, Federal Reserve Bank" and other securities, some for one billion dollars, were also shown.
(Excerpt) Read more at news.yahoo.com ...
TOPICS: Foreign Affairs; News/Current Events
KEYWORDS: banks; chicago; federalreserve; fraud; illinois; italy; switzerland; treasurybonds; ustreasurybonds
posted on 02/21/2012 4:26:02 PM PST
Bond certificates marked "Chicago, Illinois, Federal Reserve Bank"
hunh. Say, Mr. Daley, ya know anything about this?
posted on 02/21/2012 4:28:19 PM PST
by the invisib1e hand
(whomever told fat black women they were sexy lied to them.)
You don’t sell that quantity of bonds to individual widows and orphans. Some huge investor was in their sights, and I wonder if some nod, wink was going on from the investor end too.
posted on 02/21/2012 4:28:19 PM PST
by HiTech RedNeck
(Sometimes progressives find their scripture in the penumbra of sacred bathroom stall writings (Tzar))
That’s what Barack was going to use to pay off a third of our national debt!
posted on 02/21/2012 4:28:27 PM PST
by G Larry
(We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
Do we really still "print" bonds?
posted on 02/21/2012 4:28:40 PM PST
I thought it was the government that was supposed to come up with fake money.
posted on 02/21/2012 4:29:21 PM PST
("No Matter How The People Vote There Will Always Be A Federal Judge To Over Turn It")
No, no no,,,,those aren’t fake...thats QE3.
posted on 02/21/2012 4:37:20 PM PST
(Da bro has GOT to go!)
This story doesn’t pass the smell test. $6 trillion worth of fake U.S. Treasury bonds? I have never heard of anyone counterfeiting 1925 Duetch Marks. Or 1865 Confederate Dollars. Or even American one dollar bills. What do you think $6 trillion dollars worth of REAL U.S. Treasury bonds are worth? $5.50? Counterfeit? $.05?
posted on 02/21/2012 4:47:37 PM PST
( 2012 TEA PARTYER but no longer a Republican)
Isn’t this the 2nd time fake bonds have been found? Remember Glenn Beck was on tear about this awhile back they found them on a train and then it went hush hush?
posted on 02/21/2012 4:54:26 PM PST
(( Palin / Mulally 2012 ))
Wonder if “Turbo Tax Timmy” had a hand in their publication?
posted on 02/21/2012 4:55:31 PM PST
by Don Corleone
("Oil the gun..eat the cannoli. Take it to the Mattress.")
To: taildragger; ColdOne
posted on 02/21/2012 4:59:31 PM PST
(Rush Limbaugh: Ron Paul sounds like an Islamic terrorist)
posted on 02/21/2012 5:04:21 PM PST
(Support House Bill 1380 to eliminate oil slavery.)
posted on 02/21/2012 5:07:35 PM PST
(Gingrich / Robinson 2012!)
So....when China comes, bonds in hand, to get their money we can say with some credibility “These look like counterfeit bonds - we are not going to honor them.”
posted on 02/21/2012 5:08:32 PM PST
(Typed using <FONT STYLE=SARCASM> unless otherwise noted)
Good idea, we could say Solly Charlie,they look like Kinko Bonds. No pay day today. It worked for Greece, they just said sorry bond holders, we are not going to honor the Greek Bonds you have been holding for years. The rule of law just took a black eye yesterday. Please note the non use of the word default.
posted on 02/21/2012 5:25:34 PM PST
(Success is not caused by Spontaneous Combustion", You have to set yourself on fire,)
So what’s the difference between the fake ones and real ones. Not a whole lot; maybe just who gets paid for them.
Only slightly jokin...
It's an old scam. The $6 Trillion is new but this has been going on for years. The bonds are supposedly from 1934 when the entire GDP for the US was 67 billion. The bonds are in $1 billion denomitations. Do people really believe that they were making coupon bonds that large in 1934?
Two ways the scam can work, One they insinuate that the current holders don't want to bring attention to themselves by and will sell them for pennies on the dollar, or they present them to idiotic bankers for safekeeping, and then use their bank statements as collateral on loans. They use old bonds because the government has not printed bonds for many years. It's a variation on the old 1,000 bill scams.
posted on 02/21/2012 5:38:25 PM PST
(Mr Gorbachev, tear down this wall.)
To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...
Ironically, these fake bonds are worth more than the real ones.
[ref whistle!] Oh! Pilin’ on! Fifteen yard penalty!
posted on 02/21/2012 5:49:02 PM PST
(FReep this FReepathon!)
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