The politics of progress; cleantech, the economy, antiwar
(Meant to post this earlier. It’s a little old)
Madoff sons assets frozen. What took so long?
7 charged in Galleon insider trading case agree to assist investigators. Rajaratnam must be getting a teensy bit nervous by now
Settlements reached in Dreier liquidation case. “”an under-appreciated evil of substantial frauds like those of Marc Dreier is how they [...]
What did he get from politicians he and his staff gave millions to?
Unlike Bernie Madoff and Marc Dreier who stayed freed on bail while awaiting trial, financier Allen Stanford has confined to the general prison population, denied access to the internet, and has limited phone access. He has lost 40 pounds, was assaulted so severely that he lost feeling on the right side of his face [...]
Look, I have little sympathy for Allen Stanford and think he’s no doubt guilty of a multi-billion dollar Ponzi scheme. But while Bernie Madoff stayed in a penthouse awaiting trial, Stanford has been put into the general prison population, got mauled in a fight, looks much worse, his health is suffering, and his family is [...]
Stanford is awaiting trial and has not been convicted. Yet he was in a holding cell with eight others with no air conditioning in 100 degree heat for months, then got mauled in a fight, is in solitary now, and a few days ago was staring blankly and spitting blood into a cup while [...]
Tom Raffanello was head of the DEA Miami office and led investigations against Noriega and the Medellin cartel. Then he went to work for Allen Stanford. Now he’s being indicted for ordering evidence to be shredded.
The comments at Clusterstock are illuminating.
Henry Blodget said:
There does seem to be quite a connection here. Combine this with the [...]
Blood oaths and bribery. Allen Stanford’s top aide in plea deal
James Davis has admitted to helping run Allen Stanford’s Ponzi scheme. Among the revelations, “fictitious investment reports”, bribery, and a “blood oath ceremony” among the participants.
Not only did the SEC and other regulatory agencies ignore warnings as early as 2003 that Allen Stanford was running a Ponzi scheme, their primary reason why they couldn’t investigate him was bogus. They said the money was offshore and thus hard to trace. But apparently virtually no money went to Antigua. Instead it stayed [...]
Indicted billionaire Allen Stanford, who was denied bail because he is a flight risk, is complaining through his lawyers that prison is just, well, icky. It’s hot, “oppressive”, and “intolerable” plus there’s no Internet or computers, and this is just simply beneath the dignity for an important person like himself. Yes, he’s a blowhard [...]
Miami Herald. This is damning stuff. I hope the pretend regulators involved to go to prison.
Employees for disgraced banker Allen Stanford were shredding records and sending pouches to Antigua stuffed with money — under the watch of Florida regulators.
He said agents should have tried to stop the destruction of records, particularly since money was going [...]
Miami Herald
Over objections by the state’s chief banking lawyer — including concerns that Stanford was laundering money — regulators granted sweeping powers never given to a private company.
The new company was also allowed to sell hundreds of millions in bank notes without allowing regulators to check for fraud.
If this happened in a banana republic country [...]
She has agreed to give up a claim to $80 million in assets while her husband Bernie loses all assets and gets sentenced on Monday. However, the SEC and the Madoff trustee can still go after Ruth Madoff for money, as can anyone who wants to sue her.
Their penthouse will be sold, she’ll have to [...]
As for that missing $7 billion, it was all an accounting oversight, a bookkeeping error, made worse by over zealous prosecutors who in their madness destroyed a once-prosperous business that wished only to offer insanely high rates of return to widows and orphans.
GQ has an in-depth article delving into Stanford’s rise to billionaire status, his alleged money laundering and role as DEA informant, and his amazingly brazen ways.
My take: His current weepy / angry persona and bizarre asking to be arrested are just ploys by a con man to pretending to be an unstable goofball worthy only [...]
Sources close to the DEA believe he worked with the agency, turning over details of money-laundering from Latin American clients … effectively guaranteeing himself a decade’s worth of “protection” from the authorities, especially the SEC.
In summer 2006, and investigation by the SEC into Stanford was stopped by another governmental agency. Golly, I wonder which agency [...]
