SEC says "Con artists who sell these bogus instruments frequently tell
potential victims that their money will be pooled to invest in secret programs
otherwise reserved for top financiers on Wall Street, or in London, Geneva, and
other financial centers."
The Securities and Exchange Commission is alerting investors to the recent rise in possibly fraudulent schemes involving the issuance, trading or use of so-called "prime" bank, "prime" European bank or "prime" world bank financial instruments.
For over 100 years, the major European banks have bought and sold each others' short and intermediate term, interest bearing, senior debt obligations (Debentures).
The Fed influence as the major shareholder in the Bank for International Settlements ("BIS"). The BIS has its headquarters in Basel in Switzerland. The Fed is its largest shareholder.
