More fake bearer bonds - $300 billion in riches

Comments

• Options

  CaptHenway Posts: 34,030 ✭✭✭✭✭

  December 10, 2013 12:56AM

  While I was working for Harlan Berk in CHicago we had two different potential victims of the Philippine fake bond scam come into the store to check out the story. Obviously we saved those people from a loss, but how many other suckers got taken?

  Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.

  0
• Options

  derryb Posts: 38,588 ✭✭✭✭✭

  December 10, 2013 3:12AM

  While old bonds traced back to the Phillipines have been determined counterfeit, it makes one wonder that if such a large cache of legimate old bonds were to surface, would the US declair "counterfeit" to avoid payment. Keep in mind that the 2009 Italy episode temporarily made the two Japanese couriers the fourth largest creditor of the US.
  
  When the issuer of debt paper is also the party that gets to determine authenticity of the paper, it brings a whole new meaning to the term "counterparty risk."

  Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  0