Apparently the IRS filed a tax lien against the Federal Reserve and the US Treasury. Filed in Maryland, but perhaps other jurisdictions as well. $14 trillion. http://hypertiger.blogspot.com/2011/09/why-does-irs-have-14-trillion-dollar.html For the Federal Reserve, I guess it's back taxes owed on the bond principal. Zero cost-basis/consideration so the IRS would consider a $100k T-Bond as $100k in income. For the US Treasury, non-filing of corporate income tax returns. I wonder what Bernanke and Secretary of the Treasury will do. One wrong move could null and void all government bonds (lack of consideration is a legal principle that voids a contract). China and various central banks might take all Federal property.