Those $134 Billion in Fake Bearer Bonds

From Dow Jones: US Says Seized ‘Treasury Bonds’ Are Not The Real Thing

A cache of what appeared to be around $135 billion of U.S. bonds seized at the Italian-Swiss border is, in fact, worthless, a Treasury Department spokesman said.

Two alleged Japanese citizens were stopped by Italian authorities June 4 trying to cross into Switzerland with the supposed bonds, hidden in the false bottom of a suitcase, the authorities said.

One Response to “Those $134 Billion in Fake Bearer Bonds”

1. paulrye Says:
   

   Why did it take Treasury three weeks to declare “obvious fakes” as fake? Why were the smugglers/counterfeiters released? Why counterfeit a security that is serialized, that is easily verified as real or fake, and so large that no one would accept without checking?

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