26 June 2016
AsiaNews.it Twitter AsiaNews.it Facebook
Geographic areas




  • > Africa
  • > Central Asia
  • > Europe
  • > Middle East
  • > Nord America
  • > North Asia
  • > South Asia
  • > South East Asia
  • > South West Asia
  • > Sud America
  • > East Asia

  • mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato


    » 06/12/2009, 00.00

    ASIA – ITALY

    Seizure of US government bonds from two Japanese men in Italy raises questions



    Seized US bonds are worth US$ 134.5 billion. The whole affair touches a number of economic and political issues. For some the resignation of Japan’s Interior minister might be related to it.
    Milan (AsiaNews) – There have been new developments with regards to the story of US$ 134.5 billion in US government bonds seized by Italy’s financial police at Ponte Chiasso on the Italian-Swiss border, which AsiaNews reported four days ago. News about it initially made it to the front page of many Italian papers, but not of the international press. Since yesterday though, some reports have published by English-language news agencies. And some commentators are starting to link the story to reports in US press dating back to 30 March.

    On that date the US Treasury Department announced that it had about US$ 134.5 billion left in its financial-rescue fund, the Troubled Asset Relief Program (TARP), whose purpose is to purchase assets and equity to buttress companies in trouble. The existence of such means that the Obama administration may not have to go to Congress for additional funds, something which is especially important since many lawmakers have vowed to oppose any requests for more money.

    At the same time, Japan’s Kyodo news agency has reported that the resignation of Japan’s Interior Minister Kunio Hatoyama might also be related to the Ponte Chiasso affair. Officially the minister quit as a result of a row over who should head the state-owned Japan Post, but some sources have suggested that such a scenario is not very plausible since Mr Hatoyama was Prime Minister Taro Aso’s main ally in his rise to the prime minister’s office, and is especially unconvincing since the ruling coalition government has to face elections in just two weeks time. Indeed there are many reasons to connect the Ponte Chiasso incident to the minister’s resignation.

    First of all, the men carrying the bonds had a Japanese passport. Secondly, they were not arrested. Under Italian law anyone in possession of counterfeit cash or bonds worth more than a few tens of thousands of euros must be arrested. By comparison the value of the seized counterfeit bonds is equal to 1 per cent of the US Gross Domestic Product (GDP). Thirdly, how the seizure took place is worthy of a Monty Python  movie—two well-dressed Japanese men carrying a briefcase travelling in a local train usually used by Italian manual labourers who commute to Switzerland for work had as much chance to go unobserved as two European businessmen travelling in the Congo.

    For AsiaNews the incident raises several questions. For example, why did Italy’s press, of every stripe, first give the matter great visibility, only to drop it as quickly?  Also, if we are to assume that the bonds are real, why were they in Italy on their way to Switzerland? If these were the unused TARP funds why would they be in US Federal Reserve denomination? Would it not have been better to wait to see how they would be used before the bonds were issued? If they are authentic and owned by a foreign state, why were they not transported in a diplomatic bag, which cannot be inspected at customs? And what will the Italian government do insofar as the issue represents an offence under Italian law? Will it impose a fine of 38 billion euros, and run the risk of a row with an ally, or return the money without any penalty to the rightful owner and show the world that Italy is some kind of banana republic, a semi-colonial protectorate that violates its own laws and constitution?

    Whatever the case may be, for Italy’s Prime Minister Silvio Berlusconi it is a heavy burden to bear, given the legal and criminal consequences he might face.

    The only people who come out of it well are Italy’s tax cops, reason for them to show off their success on their website.

    e-mail this to a friend Printable version










    See also

    18/06/2009 ASIA – ITALY
    Mystery surrounding 134.5 “fake” billion US dollars seized in Ponte Chiasso remains
    After two weeks a US Treasury official says securities were fakes. Italy’s financial police is silent. The case is still baffling and full of discrepancies.

    23/06/2009 ASIA – ITALY
    Securities seized in Chiasso still between a wall of silence and a flow of disinformation
    Neither Italian nor US authorities have officially said whether the seized US Treasury bills worth US$ 134.5 billion are real or fake. A US Treasury spokesperson said they were fakes, but acknowledged that he only saw them in a photo on the internet. For Italy’s financial police, if they are forgeries, they are practically indistinguishable from the real stuff. Both the US Federal Reserve and the Bank of Japan have an interest in denying their authenticity.

    30/06/2009 ASIA-ITALY
    Everything suggests that the American bonds seized at Chiasso are real
    Official U.S. sources continue to say they are fakes, but there is no news that American experts have inspected them in person. Arrested for another matter, the director of a U.S. radio who says the bonds are real and Japan was trying to sell in Switzerland, not trusting the ability of the United States to honour its debt.

    08/06/2009 ASIA – ITALY
    US government securities seized from Japanese nationals, not clear whether real or fake
    Bonds worth US$ 134.5 billion are seized. This is the largest financial smuggling case in history. But are they real? Concern over ‘funny money’ or counterfeit securities is spreading in Asia. The international press is silent.

    19/03/2008 ASIA
    Economic crisis renews prospects for world currency
    As the number of prophets of doom multiplies, the demand-side structural imbalance of the world economye, now under scrutiny in many economic studies, lies in the artificial compression of Chinese domestic consumption.



    Editor's choices

    CHINA - VATICAN
    Vatican silence over Shanghai’s Mgr Ma Daqin causing confusion and controversy

    Bernardo Cervellera

    For some, Mgr Ma’s blog post praising the Patriotic Association and acknowledging his mistakes is nothing but “dirt”. For others, he chose humiliation for the “sake of his diocese”. Many wonder why the Holy See has remained silent about the article’s content and the bishop’s persecution. Some suspect the Vatican views the episode in positive terms. Yet, the Ma Daqin affair raises a major question. Has Benedict XVI’s Letter to Chinese Catholics (which describes the Patriotic Association as “incompatible with Catholic doctrine”) been abolished? If it has, who did it? A journey of compromises without truth is full of risks.


    CHINA – VATICAN
    Mgr Ma Daqin: the text of his “confession”

    Mons. Taddeo Ma Daqin

    Four years after quitting the Chinese Patriotic Catholic Association, the bishop of Shanghai “admits” his faults on his blog, praising the organisation that controls the Church. We publish his article, almost in its entirety. Translation by AsiaNews.


    AsiaNews IS ALSO A MONTHLY!

    AsiaNews monthly magazine (in Italian) is free.
     

    SUBSCRIBE NOW

    News feed

    Canale RSScanale RSS 

    Add to Google









     

    IRAN 2016 Banner

    2003 © All rights reserved - AsiaNews C.F. e P.Iva: 00889190153 - GLACOM®