Bearer Bonds
Categories: Muni Bonds, Bonds, Ethics/Morals
You know that saying "possession is nine-tenths of the law"? That's how bearer bonds work. If you have the paper issuing the bond in your hot little hands, you own the bond (whether you stole it or bought it): there is no record of who bought or sold the bond.
Bearer bonds aren't common today, in part because investors don't like the idea that they can be stolen.