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Have Tarp Funds Been Stolen?

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bloomberg

Japan Probes Report Two Seized With Undeclared Bonds (Update2)

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By Shunichi Ozasa and Makiko Kitamura

June 12 (Bloomberg) -- Japan is investigating reports two of its citizens were detained in Italy after allegedly attempting to take $134 billion worth of U.S. bonds over the border into Switzerland.

“Italian authorities are in the midst of the investigation, and haven’t yet confirmed the details, including whether they are Japanese citizens or not,†Takeshi Akamatsu, a spokesman for the Ministry of Foreign Affairs, said by telephone today in Tokyo. “Our consulate in Milan is continuing efforts to confirm the reports.â€

An official at the Consulate General of Japan in Milan, who only gave his name as Ikeda, said it still hasn’t been confirmed that the individuals are Japanese. “We are in contact with the Italian Financial Police and the Italian Public Prosecutor’s Office,†Ikeda said by phone today.

The Asahi newspaper reported today Italian police found bond certificates concealed in the bottom of luggage the two individuals were carrying on a train that stopped in Chiasso, near the Swiss border, on June 3.

The undeclared bonds included 249 certificates worth $500 million each, the Asahi said, citing Italian authorities. The case was reported earlier in Italian newspapers Il Giornale and La Repubblica and by the Ansa news agency.

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.

The Italian embassy in Tokyo was unable to confirm the Asahi report.

bloomberg.com

japantoday

2 Japanese carrying $134 bil worth of U.S. bonds detained in Italy

Thursday 11th June, 06:18 AM JST

ROME —

Two Japanese nationals were detained by Italian financial police last week after trying to enter Switzerland with $134 billion worth of undeclared U.S. bonds, mostly Treasury bonds, an Italian daily said Wednesday. The Japanese consulate general in Milan confirmed that the detention had taken place and said it was trying to confirm with Italian authorities whether the two were indeed Japanese nationals and their identities.

According to the report in il Giornale, two unidentified Japanese in their 50s concealed the bonds, including 249 U.S. Treasury bonds each worth $500 million, in a suitcase with a false bottom that was searched by the Italian authorities June 3 when they were in Chiasso, at the border with Switzerland, about 50 kilometers north of Milan. The daily did not say on what charges they have been detained, but the two may have been detained on suspicion of attempting to take a large amount of securities out of Italy without declaring it because the paper said they had not declared the bonds.

japantoday.com

The Wall Street Journal

* MARCH 30, 2009

Treasury Has $134.5 Billion Left in TARP

* Article

* Comments (14)

more in Economy »

WASHINGTON -- The Treasury Department said it has about $134.5 billion left in its financial-rescue fund, giving the Obama administration a cushion as it implements expensive programs aimed at unlocking credit markets and boosting ailing industries.

The figure means that about 81% of the $700 billion in the Troubled Asset Relief Program, or TARP, has been committed. It also means that the Obama administration may not have to go to Congress to request additional funds, at least until well into the year. Many lawmakers who criticized the administration's bank-rescue efforts have vowed to oppose any requests for more money for ...

The Wall Street Journal

At the end off march The Wall Street Journal announces that the Troubled Asset Relief Program has $134.5 billion left .Two months later Two Japanese nationals were detained by Italian financial police after trying to enter Switzerland with $134 billion worth of undeclared U.S. bonds. They were probably off to the Bank for International Settlements for some bullion. Is the USA being robbed or are they deliberatly trying to destroy the Dollar?

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Aren't all TARP funds stolen?

Yep.

The OP is a fraud operation - the bloke who sold the few decent bonds in amnogst the forgeries has called it in so he can benefit from both ends of the deal.

Council estate car insurance fraud, just bigger.

Pathetic really.

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Guest UK Debt Slave
Yep.

The OP is a fraud operation - the bloke who sold the few decent bonds in amnogst the forgeries has called it in so he can benefit from both ends of the deal.

Council estate car insurance fraud, just bigger.

Pathetic really.

Incredible stuff

The biggest heist in history seems to be going on under our noses

Back to Big Brother. It's far more important and entertaining ;)

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It's a double whammy this one.

If the US admits to these being the real deal, well, the Italians make off with a huge windfall and the original bond owner is out of pocket.

If the US calls them fake, the original bond holder is out of pocket.

Unfortunately, these bonds are not issued with ownership.

Somebody has been playing at silly buggers...

Edited by cashinmattress

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Do you have change for $500 Million USD ?

This is the same scheme as the faked bonds from Venezualea, you need the bonds

to open a credit line with a bank who can print money.

"At the time of the arrests, a third attempt to use false Venezuelan bonds worth 880 million euros ($1.2 billion) was still under way through a San Marino bank and involving U.K. financial institutions, the arrest warrant says. "

http://www.bloomberg.com/apps/news?pid=206...id=aYn0KFaH8IX8

Edited by Tom Peters

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I bet the Italians are rubbing their hands together- a big chunk of debt paid off in one fell swoop by a government stooges that actually paid their keep for once.

And what does Gordon give us - more bloody Equality Officers and other non-jobs.

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Guest sillybear2

Shit.... so when that guy emailed me offering $500 Million for lending him my bank account for a few days he wasn't sh1tting me :angry:

Edited by sillybear2

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