Albania Central Bank Employees Steal $7 Million In Cash

Tyler Durden's picture


Considering all central bank money is created out of thin air, without actual collateral (unlike money created by commercial banks) and just has the backing of the (diluted) "full faith and credit" of the issuer, the only real use for such money is to be "embezzled" either legally - by banks where it ends up as reserves and is then used to push risk assets higher and make the merely uber richer uberest rich... or illegally. It is the latter shortcut that numerous employees of the central bank of Albania decided to pursue when the central bank discovered that around 713 million lek, or $6.7 million, in cash had been stolen two weeks ago.

What is most peculiar however, is that the bank has since been engaged in a damage limitation exercise involving state prosecutors, the removal of two executives, and calls for governor Ardian Fullani to resign from protesters outside the central bank. Strange because in the US nobody would even bother with a $7 million POMO: central bank theft in the world's most advanced country only takes place in billion + increments. And naturally, nobody is ever prosecuted because those who do the robbing are the de facto owners of the money printing institution.

From Central Banking:

The Bank of Albania has sacked and replaced all employees charged with stealing cash from the central bank, and implemented a thorough internal inquiry – but yesterday denied reports that the governor Ardian Fullani had himself been sacked.


The bank discovered the theft of around 713 million lek ($6.7 million) two weeks ago, and has since been engaged in a damage limitation exercise involving state prosecutors, the removal of two executives, and calls for Fullani to resign from protesters outside the central bank.


According to a statement published on the Bank of Albania's website, two former employees have been charged with theft, and the head of banknote issuance and the head of the security department have been replaced. Moreover, three working groups have been set up, to conduct a complete inventory of banknotes held by the bank; to verify if there has been any leak of secret information; and to ascertain whether employees dealing with cash acted in compliance with the rules.


The Bank of Albania supervisory board has said that if the regulatory framework had been implemented properly, the theft would have been detected and prevented. The board said it has observed flouting of the rules and procedures around the storing of banknotes.


In a separate statement today, the central bank said claims made on television channel Vision Plus, that Fullani has been removed from office, are not true. The supervisory board said it has made "no proposal ... for the dismissal of the governor of the Bank of Albania".

What is the New Normal coming to when taking the only product a central bank produces - in fact the only source of "growth" for the past 6 years - is a punishable offense?

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Thu, 08/07/2014 - 10:09 | 5058585 nope-1004
nope-1004's picture

And didn't someone just buy 17,000 BTC on Aug 1?  The numbers are close, anyway.

Thu, 08/07/2014 - 10:10 | 5058596 y3maxx
y3maxx's picture

...Next World Currency Reserve Fiat will be the.....

Canadian "Loonie".

No pun intended.

Thu, 08/07/2014 - 10:13 | 5058619 BLOTTO
BLOTTO's picture

At least its an improvement from stealing human organs...

Thu, 08/07/2014 - 10:17 | 5058642 synergize
synergize's picture

Hmmm how come I dont feel bad for the CB?  Maybe because the central banks steal from EVERYONE!  Now lets see some people (besides banks) steal a few billion from the US Fed - not gonna shed a tear...

Thu, 08/07/2014 - 10:21 | 5058659 Headbanger
Headbanger's picture

Beat me to it.

Bravo Albanian Bank Burglars!

I like their SKS-es a lot too.

Thu, 08/07/2014 - 10:22 | 5058666 Latina Lover
Latina Lover's picture

Banksters steal 17 Trillion from US taxpayers via bailouts.  


Now, that is what I call news.

Thu, 08/07/2014 - 10:25 | 5058686 gmrpeabody
gmrpeabody's picture

I assume that because they were government employees, they thought it was legal.

That will be their defence anyway.

Thu, 08/07/2014 - 10:29 | 5058716 max2205
max2205's picture

Just print some Moar

Thu, 08/07/2014 - 10:38 | 5058756 Richard Chesler
Richard Chesler's picture



Thu, 08/07/2014 - 10:40 | 5058764 gh0atrider
gh0atrider's picture

Peter Falk will be furious with those Albanians!

Thu, 08/07/2014 - 10:47 | 5058799 CrazyCooter
CrazyCooter's picture

They should have adopted the cash control policies used by the Federal Reserve ... that way no one would have ever found out!



Thu, 08/07/2014 - 11:02 | 5058885 Publicus
Publicus's picture

They can just print another bunch

Thu, 08/07/2014 - 10:17 | 5058644 Divided States ...
Divided States of America's picture

This is nuthin compared to the the $7 trillion that the Federal Reserve is siphoning to their Zionists buddies on Wall Street.

Thu, 08/07/2014 - 10:16 | 5058630 Stackers
Stackers's picture

I would say Hollywood could make a bad movie about it ........ but they already have ...... maybe the robbers got the idea from watching it ?

Mad Money

Thu, 08/07/2014 - 12:02 | 5059210 the phantom
the phantom's picture

A stealing Albanian is redundant.

Thu, 08/07/2014 - 13:21 | 5059774 Buck Johnson
Buck Johnson's picture

Could it be more than 7 million dollars and/or it was Dollars or Euros instead of it's own currency.

Thu, 08/07/2014 - 10:10 | 5058588 nink
nink's picture

They should have taken the money and purchased gold and then stored tungsten in the banks Safe. Didn't they read the hand book?

Thu, 08/07/2014 - 10:16 | 5058590 LawsofPhysics
LawsofPhysics's picture

The sharks are turning on each other.  World war shouldn't be too far off now.

same as it ever was.

Thu, 08/07/2014 - 10:11 | 5058594 maneco
maneco's picture

Can't they jus print another 713 million lek? Don't see what's the big deal.

Thu, 08/07/2014 - 10:15 | 5058626 ekm1
ekm1's picture

It is not an issue of printing money.


The issue is ....who gets the printed money.


That is the whole point of "monetary policy". 

Who gets the fresh money out of nothing

Thu, 08/07/2014 - 10:17 | 5058641 LawsofPhysics
LawsofPhysics's picture

^^^this.  In other words, printing money and handing it out to a chosen few "club members" is not a very sound basis for a stable monetary system...

Thu, 08/07/2014 - 10:20 | 5058653 ekm1
ekm1's picture


That's why I keep saying that it matters nothing whether a central bank is private or public, absolutely nothing.


As long as the central bank is CONTROLLED by people of X or Y lobby, that bank will print money to hand out to that lobby.


It can be bank lobby, pharma lobby, unions, plumbers lobby if you will, it matters nothing.


Just have your own people control the computers where money is created

Thu, 08/07/2014 - 10:19 | 5058655 maneco
maneco's picture

Do you really think central bankers care about sound money? LMFAO.

Thu, 08/07/2014 - 10:31 | 5058724 LawsofPhysics
LawsofPhysics's picture

That's my point.  But then again, who the fuck cares about central bankers?  They don't produce anything of real value.


Let me be clear; get long black markets and sharecropping, beat the rush.

Thu, 08/07/2014 - 12:19 | 5059305 CheapBastard
CheapBastard's picture few weeks you'll see some cash purchases of condos in NYC by guess who.....those Albanian employtees.


Well, they DO deserve something for working so hard prinintg the paper fiat, right? It's only Fair.


I can see those CB employees right now in the storeroom... if I close my eyes:


Helmet to Uri: "Hey Uri, what do ya say we stash some of this paper in our overalls?....No one will ever notice....he he he...."

Thu, 08/07/2014 - 10:19 | 5058646 maneco
maneco's picture

The closer you are to the source the easier it is to get your fingers on it.

Thu, 08/07/2014 - 10:21 | 5058657 boattrash
boattrash's picture

They'll have to print 10 fold, to compensate for the Fractional Reserve Leverage that was created initially, that's all.

Thu, 08/07/2014 - 10:20 | 5058660 Renewable Life
Renewable Life's picture

So are those people criminals or hero's???

I know what my answer is:)

Thu, 08/07/2014 - 10:32 | 5058673 maneco
maneco's picture

I would have viewed them as criminals even if they had not stolen the cash from the Central Bank. :)

Thu, 08/07/2014 - 10:11 | 5058599 yogibear
yogibear's picture

Why not? In the US banks the top people are stealing, it's just hidden. The US has more sophisticated fraud.

Thu, 08/07/2014 - 10:13 | 5058615 813kml
813kml's picture

Jamie Dimon to Albanians:  "Amateurs."

Thu, 08/07/2014 - 13:22 | 5059778 medium giraffe
medium giraffe's picture

Lol, beat me to it.  You ain't shit 'til you've ripped off a bil.

Thu, 08/07/2014 - 10:14 | 5058618 NotApplicable
NotApplicable's picture

Theft of actual paper notes cannot be tolerated under any circumstances!

Thu, 08/07/2014 - 10:28 | 5058708 ebworthen
ebworthen's picture


Someone needs to clean the toilets and make the lobster bisque!

Someone also needs to be face-to-face with customers to tell them their account is -10% to save the bank and prevent "tanks in the streets"!

You don't expect anyone above manager to do that now do you!?!?  Back to work serfs!

Thu, 08/07/2014 - 10:12 | 5058608 Agent P
Agent P's picture

I'm guessing this is par for the course in Albania. 

Thu, 08/07/2014 - 10:16 | 5058631 IronShield
IronShield's picture

Don't know where you've been but this is par for the course no matter where you're at!

It is only 'reported' in the USSA when it is politically advantageous to do so.

Thu, 08/07/2014 - 10:14 | 5058614 DeadFred
DeadFred's picture

When the culprits are caught they can claim it was just fiat money created out of thin air so no real theft was committed. Then again it is Albania so they will be shot before they see the inside of a courthouse (and the ones who caught them will get the cash).

Thu, 08/07/2014 - 10:43 | 5058787 ekm1
ekm1's picture

Not far from reality.

But the same thing is due to happen in USA also.

Elite is robbing elite now.

Bullets will fly into heads soon.

Thu, 08/07/2014 - 10:15 | 5058623 NoWayJose
NoWayJose's picture

History is replete with examples of invading armies and barbarian hordes conquering countries in order to loot their..., paper?

Thu, 08/07/2014 - 10:16 | 5058632 adr
adr's picture

I thought everything in Albania is stolen.

Where I used to live there was entire apartment complex filled with young Albanian women who were promised a better life in America. Instead they got a life that resembled the movie Taken.

If they didn't have the right look, they were put in the malls to sell Dead Sea salt scrub or hair straightening irons.

The sex trade money needs to be laundered somehow.

Thu, 08/07/2014 - 10:23 | 5058674 ekm1
ekm1's picture

That one is long over. That was a very long time ago.


Thu, 08/07/2014 - 11:08 | 5058916 FeralSerf
FeralSerf's picture

Now they're in the wholesale cigarette business. The EU is their oyster.

Thu, 08/07/2014 - 10:17 | 5058633 boattrash
boattrash's picture

To date; this is the best action I've seen to come from ANY Central Bank employees.

Thu, 08/07/2014 - 10:21 | 5058638 economessed
economessed's picture

713 million lek -- isn't that about 2/3rds of Albanian GDP?

Given that, the perpetrators should be easy to identify -- they're the ones with the two new young donkeys sitting out front with the leather and chrome "bling" bridels.

Thu, 08/07/2014 - 10:17 | 5058640 Conax
Conax's picture

Bankers be bankin'.

Don't be haters, be like regulators.

Thu, 08/07/2014 - 10:18 | 5058645 RiskyBidness
RiskyBidness's picture

Who Cares!!  Chump change!!  BTFD!!

Thu, 08/07/2014 - 10:18 | 5058647 Peter Pan
Peter Pan's picture

So, now even institutions can be CORZINED?

Thu, 08/07/2014 - 10:19 | 5058648 Sudden Debt
Sudden Debt's picture

Is it really stealing if he was planning on spending it all from the beginning?

I say no...

Thu, 08/07/2014 - 10:20 | 5058650 WTFUD
WTFUD's picture

I was in Tirana, Albania last year; It was closed.

Thu, 08/07/2014 - 10:53 | 5058823 Ban KKiller
Ban KKiller's picture

Did you visit zebra cafe?

Do NOT follow this link or you will be banned from the site!