InvestorMind

(Reuters) - Italian police said on Friday they had seized about $6 trillion of fake U.S. Treasury bonds in Switzerland, and issued arrest warrants for eight people accused of international fraud and other financial crimes. The operation, co-ordinated by prosecutors from the southern Italian city of Potenza, was carried out by Italian and Swiss authorities after a year-long investigation, an Italian police source said. The fake securities, more than a third of U.S. national debt, were seized in January from a Swiss trust company where they were held in three large trunks. The eight alleged fraudsters are accused of counterfeiting bonds, credit card forgery, and usury in the Italian regions of Lombardy, Piedmont, Lazio and Basilicata, police said. The Swiss Federal Prosecutor's office said Zurich state prosecutors had worked on the investigation at the request of the Italian prosecutor. The Swiss handed over their findings in July of last year. In 2009, Italian financial po...

Italian Welfare Minister Elsa Fornero broke down in tears and was about to announce to the Italian people that they will put an end to inflation indexing on all but the lowest pension bands, a move that will mean an effective income cut for many pensioners. She was unable to say the word "sacrifici" or sacrifice. In which the new Italian Prime Minister Mario Monti took over and said the word "sacrifici". The Italian people will suffer because the Italian politicians ran wild borrowing billions to continue their spending habits. Because of these borrowings which was encouraged by the banks, the Italian debt went to astronomical levels that the Italian people will now have to pay off. This is another bailout of banks where the people will suffer and the banks get their money back even if they were the ones who encouraged the risky lending.