Monday, March 2, 2009

The Complete Sir Allen Stanford Story

The Sir Allen Stanford Story: The Emperor Has No Clothes Revisited -- Latin American Herald Tribune

In a scheme going back over 20 years, it appears that Stanford's "Banks" were nothing more than a ponzi scam, bilking investors for billions -- atleast $8 billon and counting -- but it took a smart Venezuelan analyst named Alex Dalmady to cry out that the emperor had no clothes, setting off a chain of events that within two weeks would lead to the collapse and closure of affiliated banks in Caracas, Canada, Colombia, Peru, Ecuador and Antigua.

In the early days of America, a banker was discussing how he came to be so rich. “Well, I didn’t have much else to do, so I rented an empty store and painted “BANK” on the window. The first day I was open for business, a man came in and deposited $100. The second day another fellow came in and deposited $250, and so along about the third day, I got confidence enough in the bank to put in a hundred myself.”

Read more ....

My Comment: This financial Ponzi scheme, with all of its political connections, are revealed in detail .... and in full .... by this article.

I also consider this article to be the best news story that has so far been done on the Stanford Financial scandal. The reporter outlines the history of this scandal, the connections, the political favors, and the corruption it spawned in all of its glory details.

It is a long article to read, but all the dirt is there.

No comments:

Post a Comment