Thursday, 13 March 2008

Be glad that you're not an Ethiopian banker

News today that the Ethiopian national Bank is to inspect all the gold in it's vaults after the discovery that some "gold" ingots were actually gold plated steel.

It seems that the problem only came to light when the Ethiopian bank sent some ingots to South Africa who promptly sent them back saying that they were fake.
A number of arrests have since been made including a gold trader, officials from the National Bank and officials from the Ethiopian Geological Survey.

The fraud is expected to have cost the country millions of dollars and there are serious worries that considerably more of the Bank's reserves may be fake.

I hope they're having a wee shufti in the Bank of England's vaults.

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