Tuesday, June 16, 2009

$134 Billion U.S. Bond Mystery Continues In Italy

Via Bloomberg.com (June 12th) -

The seized notes include 249 securities with a face value of $500 million each and 10 additional bonds with a value of more than $1 billion, the police force said on its Web site. Such high denominations would not have existed in 1934, the purported issue date of the notes, Mecarelli said. Moreover, the “Kennedy” classification of the bonds doesn’t appear to exist, he said.

The bonds were seized in Chiasso, Italy. Mecarelli said he expects a determination from the SEC “within a few days.”


According to another Bloomberg article on the 12th, Consulate General of Japan in Milan still hasn’t been confirmed that the individuals are Japanese.

If the securities are found to be genuine, the individuals could be fined 40 percent of the total value for attempting to take them out of the country without declaring them, the Asahi said.

Basically either way, these people are in some deep mess...

If the bond are fake (which seems likely), they are in for some huge counterfeit crimes..

If the bonds are real (which seems unlikely), they will be fined under Italian law at 40 percent....which is about $53 billion.

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