In these difficult financial times, the U.S. government is about to burn $100 billion in cold hard cash because the bills weren't printed properly. The cost to taxpayers? $120 million.
CNBC reports there are serious printing problems with the new high-tech $100 bills that were supposed to begin circulation in February. It seems the paper folds over during production, leaving a portion of the face of the bill blank.
"There is something drastically wrong here," one source told CNBC. "The frustration level is off the charts."
The network said 1.1 billion of the new bills have been produced, and they will all have to be destroyed. At 12 cents per bill, that's $120 million wasted.
With $930 billion in U.S. cash in circulation, the flawed notes represent more than 10% of (non-counterfit) greenbacks on the entire planet.
In the meatime, printers are pumping out the old $100 bills, with the signature of former President Bush on them.
The new high-tech bills were supposed to be the first with President Obama's signature on them. They have new sophisticated security features such as a 3D security strip and a color-shifting image of a bell in an effort to thwart counterfeiters.