Customs Finds $134 Billion in a Suitcase

[Aberlour10]

Customs Finds $134 Billion in a Suitcase

 

It is either the biggest smuggling operation in history -- or a fraud of equally impressive proportions. Italian customs officials stopped two men at the Swiss border carrying bonds worth $134 billion (95.8 billion euros).

 

Italian customs officers on the Swiss border often stop smugglers -- but not of this scale. Two Japanese citizens have been detained by Italian police in Chiasso on the Swiss-Italian border after being found with $134 billion of US bonds hidden in the base of their suitcase, according to a press statement by the Italian Guardia di Finanza.

 

The two men, reported to be more than 50 years old, were traveling by train from Italy to Switzerland on June 3. Financial police at a control on the border found the documents tucked inside a closed section at the bottom of their suitcase, separate from their personal items. According to their statement, the men's luggage included 249 government bonds worth $500 million and 10 so-called Kennedy bonds, each worth a billion dollars

 

Meanwhile in the experts opinion these US--Bonds and the approperiate bank documantation seems to be authentic. According to Italian law the state could fine the men 40% of the seized money. A nice surprising money jab for the state budget :rolleyes:

[mike777]

It is pretty rare to find any bonds today that are in paper form, let alone 134 billion worth. In any event even most older paper bonds are in registered form, not bearer form.

[Aberlour10]

It is pretty rare to find any bonds today that are in paper form, let alone 134 billion worth. In any event even most older paper bonds are in registered form, not bearer form.

 

So far I know US Treasury sells bonds in auctions

So far I know US Treasury sells bonds in auctions ( in tranches like this 500 millions) I cant imagine that there are any global certifikate/document on this tranches.

 

From the home page of the US Treasury FAQs

 

Do some Treasury bonds still exist in paper form?

 

Yes. These are Treasury bonds that were issued in paper form and haven't matured. If you own one of these, you can convert it to electronic form and hold it in an account with us, or keep it in paper form. For information on paper Treasury bonds, contact us:

 

If such a documents do not exist at all, italian customs and treasury would view immediately their authenticity similar to view a 15-US$ banknote.

 

But yes, it all sounds very strange.

[mike777]

Yes, note the lack of citations/actual names in this whole article. :rolleyes:

 

I doubt an italian or american custom official would know a real paper treasury bond if their life depended on it. :P I saw one once about 30 years ago for few seconds.

[Aberlour10]

Yes, note the lack of citations/actual names in this whole article. :rolleyes:

 

I doubt an italian or american custom official would know a real paper treasury bond if their life depended on it. :P I saw one once about 30 years ago for few seconds.

 

I just have founda few new details to this story ( in german online editions of serious newspapers ):

 

- there are first laboratory analyses (stated by Italian treasury authorities) about used paper etc and

the bank documentancy about the "way" that these certificates made from origin.

I just have found a few new details to this story ( in german online editions of serious newspapers ):

 

- there are first laboratory analyses (stated by Italian treasury authorities) about used paper etc and the bank documentations about the "way" that these certificates made from origin.

 

I think we will know the whole truth about this issue very soon.