Naughty, naughty GP.

Strangly, here in the states, it’s the first I’ve head of this.
As long as Americans don’t loose anything, they don’t seem to care much.

Handling the global crisis and the recent Clico matter are enough to stretch any Caribbean country. Now Antigua has to deal with the Stanford issue. Reports out of Antigua this evening say that there was a run on Stanford’s local bank Bank of Antigua.

This guy loves banks!

This is sad since it tarnishes all us West indians and the offshore sector.
Sir Allen promised what he could not deliver and for anyone who has seen Stanford Aviation or the SIB offices there was a sense of oppulence which gave a veneer of trust.
If what the SECOND states is proven then we need to start putting more teeth into our regulators. For Hewlett and Co to be the auditors of a company like Stanford should in itslef been a signal that something is not right.

“We have – and want – nothing to do with Sir Allen Stanford. Baruba is not Barbuda. “

With this terse statement the Royal Bank of Baruba (ROB-BAR) today distanced itself from the furore surrounding Stanford, charged Tuesday with a “massive” $8.5bn (£6bn) fraud at his Antigua and Barbuda based bank.

A spokesperson for ROB-BAR said no further comment would be forthcoming and asked for all donations to be made out to the ROB-BAR Fund for Barubans who have lost their life savings by depositing with Stanford’s bank or Iceland.

http://barubapost.com/

daniel wrote “Strangely, here in the states, it’s the first I’ve head of this.
As long as Americans don’t loose anything, they don’t seem to care much.”

Its now on the front page of the New York Times and likely other newspapers as well.

It likely will be mostly upper middle class Americans who will lose their money.

For the most part ordinary Caribbean people have no money to put into “investment banks” since after paying the mortgage, buying the food and raising the children there is little or nothing left to invest.

The SEC as it must do, acted to protect American investors. It must try to protect American investors, especially elderly American investors If only Antiguan money was at stake the SEC would indeed have little or no interest in acting. For Antiguan money the Antiguan government would have had to seek to protect Antiguans.

However in the real world it is as our grandparents used to say “every pot gotta stan’ up put it own bottom”

I knew something was afoot when he dissolved the directors of the 2020 cricket series, I e-mailed Imran Khan; his Media Communications Officer who said nothing – even when he was online and could IM with me – Imran and I usually chat, so I knew real crap was going down, just didn’t know what until now… Guess Digicel must be laughing now!

Question: were the WI cricketers who won the $20mm “encouraged” to put their money in Stanford’s banks? Are they going to have anything left of their winnings when this is all done?

The dismal performance put up agains England yesterday is actually very characteristic of the team- especially the collapse from 200/3 to be all out for less than 300.

The performance in the first test was not the norm. There they actually batted for more than a day. Yesterday they just resorted to type.

J it was in last friday’s WSJ, and before that it was on financial talk radio.

C-R-A-P !

The hope that if the cricketers who won that money and had it on Standford’s bank, got it off in time. Fortunately, they are playing in Antigua and they should have had a hint of what was happening before it was made public.

It wouldn’t be unusual for there to be a requirement, or an offer accompanied with some attractive marketing gimmicks like high return, cheque writing facilities etc as enticements for the winners to bank with Stanford financial.

Seen here:

http://thepooffingtonheist.com/

Wealthy American citizens with overseas bank accounts are finding little comfort tonight.

In an unprecedented action Swiss banking giant UBS agreed on Wednesday to pay $780 million to settle federal claims that it helped wealthy Americans evade taxes and to disclose the names of up to 19,000 clients.

In New York a leading Wall Street figure who insisted on remaining anonymous said, “It’s an open secret the Feds are going after billions of dollars stashed overseas. They say Bernie Madoff swindled $50 billion and Allen Stanford a similar amount. Now do the math. The UBS had 19,000 names. And that’s one bank in one country. Multiply the number of banks in the countries encouraging money-laundering by thousands of depositors.

“People are asking ‘Where did the money go?’ Now you know.”

does anyone have a copy of the picture of Stanford next to a huge box of cash just a few month ago?
Whose cash was it really?

Halfway between here and Aruba.
“Just beyond your imagination”

@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.

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

@ 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.

Oh that Mr. Allan Stanfraud, the Lord will deal with him

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.

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?

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.