Biotech Values

[DewDiligence]

The Bond Bubble is making people do strange (and comically dumb) things:

http://online.barrons.com/article/SB50001424052748703786004577221332212161566.html

One of the biggest-ever bond "deals" hit a snag Friday when some $6 trillion of U.S. Treasury securities were seized by Italian authorities. A trunk full of what appeared to be paper Treasury bonds in denominations of $1 billion was intercepted en route to Zurich from Hong Kong in what the U.S. embassy in Rome said was part of an alleged scheme to defraud Swiss banks.

The implausibly large denomination of the securities was an obvious tip-off the bonds were bogus. They were dated 1934 and still had paper coupons attached, which would be clipped and deposited every six months back in the days before electronic book-entry securities. And the $6 trillion total would equal about 40% of the current amount of U.S. Treasury securities in the public's hands, and multiples of the total of American debt in the 1930s.