Texan billionaire Allen Stanford/Reuters
International wires are buzzing today with the news that US Security Exchange Commission (SEC) regulators have charged Antigua based Sir Allen Stanford of ‘massive, ongoing fraud’. The SEC has alleged that Sir Allen has been perpetuating fraudulent transactions through his Antigua based Stanford International Bank.
The Texan billionaire Allen Stanford has become a household name in the Caribbean despite the failure of Caribbean Star. The memory of his failed airline has been replaced in recent times with the very popular Stanford 20/20 cricket series.
Following on the news of the CLICO Affair should we conclude that the tumultuous global financial markets maybe starting to unload on the ‘quiet’ region of the Caribbean region?
Unlike the CLICO Affair which has direct implications for several economies across the Caribbean, the Stanford International Bank probe is restricted to the Antigua market. Some BU family members may challenge the fact that the Caribbean maybe tarred with the same brush given the tendency by outside markets to view the Caribbean region as one area.
Do we see a similarity between the Stanford and CLICO issues?
Financial Analysts suggests that CLICO had adopted a high interest rate regime and with global markets contracting, revenue yields have become negatively affected. At the same time CLICO has had to honour the high rates offered on their large annuity/deposit portfolios. In the case of Stanford the SEC has accused Sir Allen of fraudulent practices in order to guarantee ‘improbable, if not impossible’ rates ranging from 10.3% to 15.15 on Certificate of Deposits since 1995 to 2008.
The possible demise of Sir Allen Stanford’s financial empire will have serious implications for the Antigua economy. Peter Wickham may even suggest that it could affect the outcome of the upcoming general election. It may proved an expensive lesson for the Antiguan authorities to be reminded that one should never build a house on sandy ground.
Where is the country of Baruba located?
Halfway between here and Aruba.
“Just beyond your imagination”
@ Anonymous:
A short history of Baruba.
http://barubapost.com/2009/01/05/where-is-baruba/
@barubapost.com
Well, well, well. I did not even know of this island until this week. If you dont have a supermarket, I guess you dont have an airport. How do I get there before all the ‘tourists’ arrive?
How do I book my beach shack, how do I get food, is there a cook-house on the beach or somewhere nearby?
If I dont want to copulate on the beach, what is there for me to do between bathing and eating, if we cant visit the hinterland? Does this mean there is no sighseeging nor interaction with the locals?
Please give us some more information. Thanks.
anonymouss:
You wanted a last look at Stanford’s cash:
http://www.telegraph.co.uk/sport/cricket/international/england/4691158/Stanford-exit-gives-us-chance-to-put-morality-ahead-of-money-again.html
Meanwhile, back at the ranch, another notorious, billionaire scammer gets the kid glove treatment because he apparently has connections.
Who’s behind Madoff?
By Wayne Madsen
(WMR) — As the Securities and Exchange Commission (SEC) announced that it had cut a deal with $50 billion Ponzi scammer Bernard Madoff whereby Madoff will neither admit nor deny fraud claims against him in a suit brought by the SEC. In return Madoff has agreed to pay civil fines and penalties levied by the SEC. The agreement has no bearing on Madoff’s criminal trial.
WMR has learned that in addition to 20 million documents stored by Madoff in a warehouse in Queens that were stored without any indexing system and merely placed in boxes and strewn around the floor are millions of additional documents that were stored by Madoff in a Brooklyn warehouse that was partially flooded. A number of the Madoff documents there were destroyed by water damage.
WMR has also learned that a key element in Madoff’s Ponzi scheme was Madoff Energy LLC, formed as a Delaware corporation in February 2007. Other Madoff firms in the energy arena were Madoff Energy Holdings LLC, Madoff Energy III LLC, and Madoff Energy IV LLC. There are links between these now-defunct Madoff energy entities and Texas oil and natural gas industry interests, some close to the Bushes and Dick Cheney.
WMR has also learned that the kid glove treatment given by federal authorities to Madoff, including allowing him to remain in his Upper East Side luxury town home, is because Madoff’s Ponzi scheme was part of a much larger operation, one involving top officials of both the George W. Bush and Barack Obama administrations, as well as the notorious Russian-Israeli Mafia
http://onlinejournal.com/artman/publish/article_4385.shtml
Now all one has to do is follow the money and see cui bono, cui bono! Just look under every rock and you’ll see a stinking, thiefing, criminal ‘zionist’ pig in cahoots with the damn filthy jesuits and christians. And look at whom Barat has guarding the henhouse, a FOX. All the dirty criminals. Geithner did not give a damn about paying taxes but yet they confirmed him as Treasury Secretary – the same org. that will hunt down your average jane/joe and locking up for refusing to feed the damn leeches. Daschle too had a tax problem but was rejected (by the way I don’t think he a zionist). Barat just went over to Canada yesterday to pick out the best coffin for the Amerycan sheeple, because Ameryca is DONE. They’re busy constructing that wall i.e borridor corridor (under the guise of free trade) that’s gonna keep their asses locked in because they’ve already prepared the mobile prison camps. This shit is gonna make Katrina look like a pyjama party. If one just look at all governments around the world today, they are all run by CRIMINALS starting with the USofA. And the others are just blackmailable with some little dirty secret. And by the way Barbados Central Bank is nothing more than a waiter, it takes orders!
@ Pat
Sorry for the delay…
Remember copulation is free even if you lose all your savings.
Here’s more on the many world’s banks cock-ups from today’s edition.
My God what is disgusting looking face and set of teeth. He looks like the kind of guy who drives around in the summer looking for kids to pick-up. ha ha ha ha ha
Oh that Mr. Allan Stanfraud, the Lord will deal with him
And by the way Barbados Central Bank is nothing more than a waiter, it takes orders!
___________________________
@ Hopi
ha ha ha that one bad fah real! I got to tell somebody that one excellent!
ha ha lol!
Youtube video: Congressman Dennis Kucinich interviewed on Fox Business channel says someone ordered the SEC to drop an ongoing investigation of Stanford’s operation back in 2006.
Just remember that Stanford was good enough to be knighted by Queen Elizardbeth but his downfall came when he allowed a Few Good Talented Black Men to raise their heads above the poverty level by pumping money into cricket and awarding them US$1m. each. Now that was too much for these little Black boys fr these dots in the Caribbean. After so many years in this scheme, its only now that they’ve realised that he’s a fraud? Why don’t they exposed everyone else?
JC….Tek it easy!
Hopi you have made a valid observation concerning why now. It is well documented that Stanford has been under investigation since 2006. Why was he allowed to grow his financial empire?
Dear Hopi you wrote “Just remember that Stanford was good enough to be knighted by Queen Elizardbeth but his downfall came when he allowed a Few Good Talented Black Men to raise their heads above the poverty level by pumping money into cricket and awarding them US$1m”
Stanford was not knighted by Queen Elizabeth.
His knighthood was very controversial. Probably most Antiguans were opposed, because they saw it for the sham that it was/is.
Stanford’s 20/20 was NEVER about liberating black men. It was always about Stanford. Stanford knew the facts from lat year, yet he encouraged those good talented black men to reinvest in his company. That sounds right to you?
If we the cricket loving public want to liberate good talented black men (and yes that is a good thing to do) we have to put our money where our mouths (or fingers) are. We have to PAY the MONEY to get past the gates at Kensington, and Sabina and Bourda and Queen’s Park.
I never let my boys play without me at Kengsington. I am always there
Do you support the guys with your money Hopi?
And besides everybody know that 20 overs of cricket is NOT worth USD$1 million.
It worth what we the spectators are willing to pay; and what real sponsors who have real products to sell are willing to pay.
Anything else is inflationary, unsustainable nonsense.