I wish this were some kind of joke. Who in their right mind can lose $120 million in the process of printing money? The Fed, of course.
In the largest quality control failure in recent history, the Federal Reserve prints bad 100 dollar bills and has to “quarantine” them until someone can figure out what happened.
How many bad bills did they print before realizing the problem? ONE BILLION made it through before anyone bothered to notice.
The Federal Reserve is scrambling for answers after it was discovered that it misprinted over 1 billion new, high-tech $100 bills, rendering the the bills unusable and costing taxpayers about $120 million.
CNBC reports that the bills, due out in February 2011, are so complex and chock full of high-tech security measures that regular printers are having difficulty producing the bills. Those printing complications, a source told CNBC, led to 1.1 billion bills — the total number of new bills produced thus far — being quarantined in Texas and Washington, D.C. vaults.
And my favorite quote from the article….
“There is something drastically wrong here,” a person familiar with the situation told CNBC. “The frustration level is off the charts.”
In the real world, heads would roll, but I’m sure that the people responsible will all get a pay raise. I suppose we should just be grateful that this article didn’t include the word “trillion.”