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Sunday, June 21, 2009

US Bond saga

Karl of the market ticket does a great job of summarizing the US Bond caper up until now.
It is a must read (click).

The most disturbing part:

And are they still seized? That's an even better question; there appear to be (at least) two different stories there too:

Under Italian law when law enforcement agencies seize fake bonds or counterfeit money they are under the obligation to arrest the bearers. And in order to avoid misappropriation, the agency seizing the material, in this case the financial police, must quickly proceed to its destruction (i.e. incineration).

However, in case of real securities, after the securities holders are identified, the financial police must release them immediately after issuing a statement of confiscation and imposing a fine valued in this case at € 38 billion (US$ 53.4 billion). In this case, why were the two men released right away without any fine imposed?

Meaning, if these where fakes, lets see information on these two guys being prosecuted and in jail. Latest info says these two men, with 4th largest US bond cache in the world, where released. Makes you think.

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