Stanford: Financial Armageddon for 30,000 investors

Read the attached links below for the latest news on the end of Stanford International Bank.

Here are some of the new facts surfacing worldwide:

* Stanford International Bank is not a US company. It does not list securities on US markets. It is not FDIC or SPIC insured. It has no obligation to file its financials with the SEC, and the SEC has no authority to run an inspection in Antigua or request documents unilaterally.

* US authorities are scrambling to find $50 billion of assets connected to Robert Allen Stanford as the fallout from his alleged fraud ripples across the world. Stanford boasted of having over 30,000 customers in 140 countries. But Venezuelan investors are believed to account for an estimated third of the money in SIB, Caracas and US authorities say.

*Callers to the numerous Stanford offices across the US on 18 February were greeted with a recorded message: “This office is temporarily closed. Have a great day.”

* The FBI is convinced that the two huge frauds (Madoff and Stanford) are just the tip of the iceberg. John Pistole, the Deputy Director of the FBI, says the FBI is currently investigating 530 corporate fraud cases, including 38 directly related to the current economic crisis.

*US counter-drug authorities also believe Stanford laundered drug money for Mexico’s Gulf cartel, which controls the drug trade across northeastern Mexico and Texas, from Monterrey north through Brownsville, Laredo, San Antonio, El Paso, Houston, and Dallas/Ft. Worth, Texas.

* Stanford donated $4,600 personally to President Barack Obama’s election campaign (of which $2,300 were returned the following day), and over the years donated $931,000 of his own money mainly to Democrats.

*Stanford’s political action committee and employees have given more than $2.4 million to parties and candidates for federal office since 1989, nearly two-thirds of which went to Democrats, the Center for Responsive Politics said.

* Current US lawmakers who were top recipients of Stanford donations since 1989 included Democratic Sen. Bill Nelson of Florida ($45,000), Republican Rep. Pete Sessions of Texas ($41,365), Republican Sen. John McCain ($28,150), Senate Banking Committee Chairman Chris Dodd, a Democrat ($27,500), and Republican Sen. John Cornyn of Texas (over $40,000, and in 2004 the bank paid $7,441 for Cornyn to visit Antigua on what the Senator calls “a fact-finding mission” – which is typical DC bullshit doublespeak which really means an all-expenses paid junket for the Senator’s personal entertainment and pleasure).

*Until a couple of days ago, Stanford’s web site featured a video of Sir Robert delivering welcoming comments at a glittery event his company helped sponsor in conjunction with the Democratic national convention in Denver last year. The video showed former Secretary of State Madeleine Albright, House of Representatives Speaker Nancy Pelosi, and then-Democratic Party Chairman Howard Dean appearing at the event, a bipartisan seminar conducted every four years by the nonprofit National Democratic Institute.

*Stanford sponsored the annual charity polo day at Sandhurst, which was hosted by the Prince of Wales (another black eye for Bonnie Prince Charles and the Windsor royal family). Michael Owen, the Newcastle United and England striker, is a global ambassador for the Stanford Financial Group, as reportedly was golf pro Vijay Singh. Former Pdvsa President Luis Giusti also is an adviser and global ambassador for the Stanford Financial Group.

*Regulatory authorities on 18 February moved on the bank’s assets in Ecuador and Panama and its Colombian brokerage unit halted stock trading. Authorities in Mexico and Peru are expected to intervene the local SIB affiliates within hours.

Recommended links:

Stanford: Who Knew What When

Hunt for Allen Stanford and his billions

Allen Stanford ‘fraud’ uncovered by favour

Accused Financier Under Federal Drug Investigation

Latin Americans fret as Stanford crisis spreads

Depositors turned away from Stanford banks


About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
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