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 we’d just roll our eyes at how corrupt they are, right?
The Florida banking director who signed the agreement, Art Simon, now admits he made a mistake.
I’m sure he does, especially considering that teams of investigators will now probably be poring over every financial transaction he’s made going back for years. I’m guessing some of these comatose “regulators” might now be going to prison.