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Bonds Worth $134.5 Billion Are Seized In Italy

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» 06/08/2009 15:18

ASIA – ITALY

US government securities seized from Japanese nationals, not clear whether real or fake

Bonds worth US$ 134.5 billion are seized. This is the largest financial smuggling case in history. But are they real? Concern over ‘funny money’ or counterfeit securities is spreading in Asia. The international press is silent.

Milan (AsiaNews) – Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollar each.

Italian authorities have not yet determined whether they are real or fake, but if they are real the attempt to take them into Switzerland would be the largest financial smuggling operation in history; if they are fake, the matter would be even more mind-boggling because the quality of the counterfeit work is such that the fake bonds are undistinguishable from the real ones.

What caught the policemen’s attention were the billion dollar securities. Such a large denomination is not available in regular financial and banking markets. Only states handle such amounts of money.

The question now is who could or would counterfeit or smuggle these non-negotiable bonds.

In order to stop money laundering Italian law sets a ceiling of 10,000 euros per person for importing or exporting money without declaring it. The penalty for violating the law is 40 per cent of the money seized.

If the certificates were real, for Italy it would be like hitting the jackpot. The fine alone would amount to US$ 38 billion, five times the estimated cost of rebuilding quake-devastated Abruzzi region. It would help Italy’s eliminate its public deficit.

If the certificates are fakes the two Japanese nationals could get a very lengthy jail sentence for fraud.

As soon as the seizure was made the US Embassy in Rome was informed. Italian and US secret services were called in to assist the Italian financial police.

Some important international financial newspapers had already reported on the existence of ‘funny money’ circulating on parallel, i.e. unofficial, financial markets.

http://www.asianews.it/index.php?l=en&...5456&size=A

:blink:

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In order to stop money laundering Italian law sets a ceiling of 10,000 euros per person for importing or exporting money without declaring it. The penalty for violating the law is 40 per cent of the money seized.

lol, 1% going to the border gaurd!!!!!!!!!!

whats 40% of 200 billion dollars? (thetorical)

lol, the solution to the Italian financial crisis has been solved!!! Italians pay off national debt and all border posts are gold gildered and fitted with jacuzzis and comfy chairs

Edited by 50%deposit

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lol, 1% going to the border gaurd!!!!!!!!!!

whats 40% of 200 billion dollars? (thetorical)

lol, the solution to the Italian financial crisis has been solved!!! Italians pay off national debt and all border posts are gold gildered and fitted with jacuzzis and comfy chairs

Bonanza time for Berlusconi!

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How cool would it be to have US$ 500 million bond from the federal reserve.

Proper money.

http://www.bloomberg.com/apps/news?pid=206...mp;refer=europe

On May 22, Palermo prosecutors busted an alleged Sicilian Mafia ring that had tried and failed to use fake Venezuelan bonds as collateral to borrow $2.2 billion from HSBC Holdings Plc, Bank of America Corp. and unnamed British banks. The two banks declined to comment.

Italy’s three main organized crime groups divvy up a big chunk of southern Italy. The Sicilian Mafia, or Cosa Nostra, is the most tightly knit. It’s the inspiration for the American version of the mob, says Salvatore Lupo, a history professor at the University of Palermo.

isn't it in the interest of Italy and USA to declare these fakes, wipe out 134.5 billion of debt and Italy get 38 billion payoff.

Edited by Tom Peters

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Guest มร หล&#3

Anyone guess where the money for Fiat's mad spree might be coming from?

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Just a thought, if one gave his Mandyness a tug at each side (of the face) could he pass as Japanese? :unsure:

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Guest มร หล&#3
Just a thought, if one gave his Mandyness a tug at each side (of the face) could he pass as Japanese? :unsure:

Bukkake he would!

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I've never seen one of these bonds .. wonder what they look like... I would hope the modern ones are very secure eg numbered, logged, chipped, specially printed, holograms whatever... but wonder what those issued with say a 30 yr or 40 yr end date in the 1980's looked like... systems weren't as good. controls were not as good... all you would need surely is the number sequencing and an actual bond or two to get the counterfitters working away... mind you the govt prints our money so why shouldn't we print its money.

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Italian authorities have not yet determined whether they are real or fake,

Who cares?

I'd imagine if they are really good fakes Bernanke will get them on the Fed payroll and have them pumping out the much needed 'anti deflationary measures' :rolleyes: quick smart. :lol:

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Guest มร หล&#3
Who cares?

I'd imagine if they are really good fakes Bernanke will get them on the Fed payroll and have them pumping out the much needed 'anti deflationary measures' :rolleyes: quick smart. :lol:

Right, exactly.

This really sums up carnage.

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Maybe the answer is for the tresury to produce their own "fakes" and then declare them fake having generated enough cash to pay the debt down.... issue them to the chinese and just hope they put them to the bottom of the pile and don't try to sell for a 20 years or so.

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Holy shit. If both the story and the bonds are real, then all crap is going to be let loose in the next few days. I really hope that I'm being gullible and this story is just made up.

story

US government securities seized from Japanese nationals, not clear whether real or fake

Bonds worth US$ 134.5 billion are seized. This is the largest financial smuggling case in history. But are they real? Concern over ‘funny money’ or counterfeit securities is spreading in Asia. The international press is silent.

Milan (AsiaNews) – Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollar each.

Italian authorities have not yet determined whether they are real or fake, but if they are real the attempt to take them into Switzerland would be the largest financial smuggling operation in history; if they are fake, the matter would be even more mind-boggling because the quality of the counterfeit work is such that the fake bonds are undistinguishable from the real ones.

What caught the policemen’s attention were the billion dollar securities. Such a large denomination is not available in regular financial and banking markets. Only states handle such amounts of money.

The question now is who could or would counterfeit or smuggle these non-negotiable bonds.

In order to stop money laundering Italian law sets a ceiling of 10,000 euros per person for importing or exporting money without declaring it. The penalty for violating the law is 40 per cent of the money seized.

If the certificates were real, for Italy it would be like hitting the jackpot. The fine alone would amount to US$ 38 billion, five times the estimated cost of rebuilding quake-devastated Abruzzi region. It would help Italy’s eliminate its public deficit.

If the certificates are fakes the two Japanese nationals could get a very lengthy jail sentence for fraud.

As soon as the seizure was made the US Embassy in Rome was informed. Italian and US secret services were called in to assist the Italian financial police.

Some important international financial newspapers had already reported on the existence of ‘funny money’ circulating on parallel, i.e. unofficial, financial markets.

For AsiaNews a few points need considering:

1. When it comes to Italy the world press has tended to focus on Italian Prime Minister Berlusconi’s personal problems rather than on stories like the bonds smuggling affair which has been front page on Italian newspapers.

2. The fear of counterfeit bonds and securities has spread across Asia with the result that real securities are also considered with suspicion.

3. During the Second World War several countries at war printed and put in circulation perfectly counterfeit enemy money. It is also historically established that some central banks, like the Bank of Italy 65 years ago, issued the same securities twice (identical registered number and code). This way they could print more money with legal tender than they officially declared. The main difference though is that 65 years ago the world was involved in a bloody war, which is not the case today.

comment from the ticker

Ok, this was rumored several days ago, but now I can find actual news reports - at least, outside the US:

Milan (AsiaNews) – Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollar each.

Those sound like Bearer Bonds - at least the Kennedy ones do.

We no longer issue those (nor does pretty much anyone else) for obvious reasons - they're essentially money and can be had in VERY large size, making them great vehicles for various illegal enterprises.

But folks: This is $134.5 billion dollars worth.

If they're real, what government (the only entity that would have such a cache) is trying to unload them?

If they're fake, this is arguably the biggest counterfeiting operation ever, by a factor of many times. I've seen news about various counterfeiting operations over the years that have made me chuckle, but this one, if that's what it is, is absolutely jaw-dropping.

The cute part of this is that if the certificates are real Italy just got a hell of a bonanza - their money laundering laws provide for a statutory 40% penalty for failure to declare instruments and cash in excess of $10,000 Euros, which means they'd garner a close-to-$40 billion dollar windfall.

That ought to help their budget problems!

Notice, by the way, that the US Media has totally ignored this story - even though the securities in question are allegedly US instruments.

Gee, I wonder why? Might the authorities know they're real and be just a wee bit nervous that disclosure of a sovereign attempting to covertly dump nearly $140 billion in debt could cause a wee bit of panic, given that we're running nearly $200 billion a month in deficits?

Inquiring minds want to know what's really going on here.

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Heres the official Guardia di Finanza website, story in Italian only.

http://www.gdf.it/GdF__Informa/Notizie_Sta...1518911049.html

here's a rough google translation

Duecentoquarantanove bond of the Federal Reserve, the nominal value of 500 mln dollars each, plus' 10 bond Kennedy 1 billion dollars each, hidden in the double bottom of a suitcase, for a total of 134 billion dollars, equivalent to over 96 billion euros.

And 'what they have seized the international railway station of Chiasso, the border between Switzerland and Italy, officials of the Chamber of Chiasso Operativa Territoriale, in collaboration with the soldiers of the Guardia di Finanza Group Ponte Chiasso, at the controls to counter illicit trade in capital.

The values were owned by two Japanese fifties fell to Chiasso train station by a train coming from that at the time of customs control, have claimed they have nothing to declare.

Thorough checking of hand baggage is allowed to strike the U.S. securities, hidden at the bottom of a suitcase, in a closed compartment and separate from that of the personal clothing.

Besides the titles, both carrying a large Japanese bank documents in original.

For the bond and the accompanying documents, which is also subject to seizure, investigations are underway to establish authenticity 'and he comes. If the titles were genuine, according to current regulations, the administrative penalty applicable to holders could reach 38 billion euros, or 40% of the amount exceeding the exemption allowed for 10 thousand euro.

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I've just a had a quick trawl on the web. Surely something of this magnitude would appear on Reuters, BBC, Sky, CNN or similar? Only sites that have it seem to be ones that fire pop-ups giving me the opportunity to play poker or get cheap viagra. Youtube vid looks like a high-school prank.

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I've just a had a quick trawl on the web. Surely something of this magnitude would appear on Reuters, BBC, Sky, CNN or similar? Only sites that have it seem to be ones that fire pop-ups giving me the opportunity to play poker or get cheap viagra. Youtube vid looks like a high-school prank.

Agreed. The other thing that raises my ******** meter is that this news site seems to just be a vehicle for spreading Catholicism, and this implies lots of agendas at work...

Jim

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