Walking around money

[JALU3]

Now that is something.

Japan Probes Report Two Seized With Undeclared Bonds (Update2) (http://www.bloomberg.com/apps/news?pid=20601101&sid=ayy1QKcwcGN0)
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.”

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.

Wow! Imagine if they lost that.

[Letum]

I have been following this.
Strange it hasn't got much media attention.

[gimpy117]

so that's where all our money went!! tell japan to give it back!!!

[mookiemookie]

What's even stranger is that U.S. bearer bonds were made illegal in 1982. These are most likely counterfeit.

[UnderseaLcpl]

I tend to agree with mookie. These are most likely counterfeit. There are only about 4 billion dollars' worth of outstanding bearer bonds, and the idea that these guys are in posession of over a quarter of that is highly suspect.
On the off-chance that they are legitimate, these guys are going to lose the vast majority of the value, anyway. If there is one thing the state does not tolerate, it is tax evasion, and you can bet that pretty much every country they illegally transported the bonds through is going to go to great lenghts to prosecute them and secure a share of that loot.

[mookiemookie]

Update on this - They did turn out to be counterfeit: http://www.calculatedriskblog.com/2009/06/those-134-billion-in-fake-bearer-bonds.html