2 Japanese carrying $134 bil worth of U.S. bonds detained in Italy

Japan Today ^ | Thursday 11th June, 06:18 AM JST | JapanToday

[Xenophon450]

ROME —

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 and said it was trying to confirm with Italian authorities whether the two were indeed Japanese nationals and their identities.

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. The daily did not say on what charges they have been detained, but the two may have been detained on suspicion of attempting to take a large amount of securities out of Italy without declaring it because the paper said they had not declared the bonds.

[monday]

“They are certainly trying to dump them on the sly.”

...or without paying Italian income taxes. It might also be a case of embezzlement, although the amount is certainly too high for that to be the case. One of those bonds are too much for any individual to spend in a lifetime.

I am guessing that this money is from a large investment fund or a government owned fund.

[investigateworld]

Your take on this?

[wideminded]

I wonder if these two guys were doing the Steve McQueen motorcycle trick?

I'm afraid that one went over my head, though I'm guessing it has something to do with producing a counterfeit.

[monday]

“I am still a bit puzzled in that using Switzerland does not seem to me to be as obvious a choice as the Caymans or Bahama for this type of stuff.”

Ordinarily there aren't border checks between Switzerland and Italy, unlike the rather through checks you get arriving at international airports. If they were just going to stash them in a safe deposit box, then Switzerland is a better choice.

[SouthTexas]

All my money is in pesos now, they’re stable. ;)

[BellStar]

My initial hunch the Japanese are truly worried about being left with the soon to be way devalued documents! The Japanese hoped to keep it secrete they are bailing on us!

[April Lexington]

In The Great Escape, Steve McQueen tries to escape into Switzerland on a motorcycle. Its a 1960’s thing...

[hiredhand]

I'm on my way out the door, so I haven't had a lot of time to think about this... but my first question would be WHO put them up to it?! I'll catch up when I get to where I'm going in a little bit.

[hiredhand]

You seen this yet?!

[hiredhand]

I didn't have to leave as soon as I thought, so I caught up. At this point I don't think that the money belongs to a nation state. If it did, they could have simply used their own diplomatic service to transport the bonds and then do "whatever" transaction they had in mind once at their destination. Hiding money in the bottom of a suitcase is...well... "amateur".

So the question remaining is, WHO is the real owner of the bonds? I have no idea, but with it being such a large quantity, it's going to be a fairly limited group as to who it could belong to. I'd be willing to say at this point that it doesn't belong to the two who were caught with it!

[Ernest_at_the_Beach]

I'm getting here late...but maybe this is new...indirectly from the AP:

2 Japanese carrying $134 bil. worth of U.S. bonds detained in Italy+

***********************EXCERPT************************

2 Japanese carrying $134 bil. worth of U.S. bonds detained in Italy+

Jun 10 10:12 AM US/Eastern

[AFreeBird]

It also said the Italian authorities were investigating whether the securities were genuine since their values are huge. If the bonds are found to be genuine, the two could be fined around 40 percent of the total value of the bonds, it said.

Holy crap! A 40% of $134B fine!! Bet those guys shorts are soiled.

[Squantos]

Lotto winners ?

[Xenophon450]

Shameless bump, for those who didn’t see last night.

[investigateworld]

Thanks.

But it sounds to me like those bonds ought to be 'forfeited to the USA< Philippines, Indonesia - & the rest of the beneficiaries of the "Co-prosperity era"

[Oorang]

Thanks for the ping; something seems quite fishy about this story.

[jokar]

Bump

[Centurion2000]

tHIS IS HUGE.

[piasa]

Maybe Obama’s trying to bribe Italy into taking all the Gitmo detainees. ;-)

[Big Giant Head]

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