Fake US bonds worth trillions seized - ZeroHedgeSubmitted by JoeDanger on Fri, 02/17/2012 - 20:24
While there is precious little in terms of detail coming out of the latest and literally greatest "fake" bond story in history, the BBC has been kind enough to release the pictures of the boxes that the supposedly fake bonds were contained in. While we reserve judgment on the authenticity of the bonds, what we wonder is whether the boxes were also fake. Because while we can understand why someone would counterfeit the Treasury paper itself, what we don't get is why someone would go the extra effort to also create a "fake" compartment in which to store it. In this case a compartment that is property of the "CHICAGO FEDERAL RESERVE SYSTEM." Perhaps Fed uberdove and Chicago Fed President Charles Evans will be kind enough to explain why Versailles Treaty Chicago Fed crates are floating around in Europe (and filled with $6 trillion in supposedly fake bearer bonds)?
Italian prosecutors say they have broken up an organised crime ring that was hiding trillions of dollars of fake US bonds.
Worth $6 trillion, the bonds were found in three metal boxes in a warehouse in the Swiss city of Zurich.
Italian authorities have arrested eight people and are investigating them for fraud and other crimes.
Prosecutors are not sure what the gang was planning, but think they intended to sell the counterfeit bonds.
Investigators, based in Potenza in southern Italy, say the fraud posed "severe threats" to international financial security.
Article with pics - http://www.bbc.co.uk/news/business-17076378