Mercury Rising 鳯女

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Archive for June 13th, 2009

Now THAT would be a heckuva lost luggage story/Updated

Posted by Charles II on June 13, 2009

This is one of those stories that you keep looking for the tipoff that it’s an April Fool’s gag. From Kyodo News via Paul Kedrosky:

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…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.

Update, via Delong. From Sonia Sirletti and John Glover, Bloomberg:

The bonds, with a face value of more than $134 billion, are probably forgeries, Colonel Rodolfo Mecarelli of the Guardia di Finanza in Como, Italy, said today. If the notes are genuine, the pair would be the U.S. government’s fourth-biggest creditor, ahead of the U.K. with $128 billion of U.S. debt and just behind Russia, which is owed $138 billion.

Posted in eedjits, financial crisis, Japan, wrong way to go about it | 1 Comment »

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