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The Stalls of Higher Thought

Another “Free-Marketer” Falls to Earth Taking BILLION$ With Him.

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sirallenmoneystuffedReuters: Flamboyant Texas billionaire Allen Stanford and three of his companies were charged with “massive ongoing fraud” Tuesday as federal agents swooped down on his U.S. headquarters.

In a civil complaint filed in federal court in Dallas, the U.S. Securities and Exchange Commission accused Stanford, who sponsored international cricket matches, and two other top executives at Stanford Financial Group of fraudulently selling $8 billion in high-yield certificates of deposit in a scheme that stretched from Texas to Antigua and around the world.

“We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world,” said Rose Romero, regional director of the SEC’s office in Fort Worth, Texas.

The SEC complaint names Stanford International Bank, based in Antigua with 30,000 clients in 131 countries and $8.5 billion in assets, as well as broker-dealer and investment adviser units based in Houston, with 30 U.S. offices. In all the company claims to oversee $50 billion in assets.

bspcommentMore “pillars” of the U.S. financial community keep falling yet the American people’s belief that their clueless politicians are going to somehow be able to contain and stop the spread of these toxic assets is nearly lemming like. Once the population realize the depth to which the U.S. is bankrupt I suspect the reason for the 20,000 troops stationed on U.S. soil will become quite apparent.

Written by mattliving

February 18, 2009 at 12:18 pm

Posted in Big Business, Economics

Tagged with ,

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