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Resource ID: #10956
Subject: Banks
Source: Bloomberg Business News (Princeton, N.J.)
Date: 1994-12-19



Bloomberg started a worldwide investigation of bogus bank securities after discovering that a Czech bank sold $1.2 millions face value of securities, called prime bank guarantees. Those sales resulted in the bank's collapse and caused the largest U.S. ecumenical group, the National Council of Churches of Christ in the U.S., to lose about $8 million.

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