Another Elite Member of the SLCS

Another Elite Member of the Society of Liars, Cheaters and Stealers has been exposed. Stanford Financial Group, a company with roots leading back to Sir Allen Stanford's grandfather in the 30's has been charged by the SEC. Is this the Markopolos scam referred to at the Senate hearings? I wrote How many more of these will there be? and followed with the various other fraudsters that have emerged. In this case it was highly suspect Certificates of Deposit (CDs). Again, lots of red flags. Again an existing investigation. A circle of friends and family running the business. Blown trust and confidence (again). Another case of misplaced faith in human nature and the human condition. I have almost stopped being repulsed. It is now just plain sad. Again I inch closer to isolation from this world. I don't like this side of human nature. We are a very young inhabitant of this earth. And we have barely begun with a mere +/- 60,000 years of existence. Maybe it is all too telling that sharks have been in our midst for eons, the oldest shark-like scales date back to the late Ordovician Period, about 455 million years ago, from what is now Colorado. Sharks of a different stripe.

UPDATE1: There is little that should be surprising, but in the case of Sir Allen Stanford is challenging that notion. This, a man who holds singular ownership to over $50B in assets and has a personal wealth of over $2B. When asked recently on CNBC if it was fun being a billionaire he chuckled or maybe better chortled that yes yes yes it is fun being a billionaire, but qualified that statement with commenting that it was hard work. During the interview and within the context of how Stanford Financial Group had been able to avoid the subprime mortgage crisis, Sir Allen says "I think we're gonna see a lot of problems in the first part of 09". How prescient of him.

But back to the realities. Over $200M in 2007-08 federal back taxes owing. His lawyer quit only days ago. In 1999, his bank had to forfeit $3M in alleged drug money. He was prominent in the fight to kill a money laundering bill in the US Senate. And CIA is thought of "the" agency that squashed the 2006 SEC investigation into Sir Allen's activities. Oh, and btw, he can't be found. And then there are the indiscretions. An ego fueled farce according to the Daily Mail clip below. Apparently the atmosphere became uncomfortable, no one wanted to offend the host, at his party, with his train set. Good gawd, and these are peoiple that we pussyfoot around?



UPDATE2: Shocker: Stanford Under Federal Drug Investigation and Stanford Financial Fined A Whopping $10,000 By FINRA In '07. As I say below, there is little that should be surprising anymore.

UPDATE3: And how did Sir Allen's dirty laundry get aired? By a local Florida analyst doing a favour for a friend and quickly suggesting his friend should withdraw all his money from the bank yesterday. He did and can thank his Floridian friend as lineups of depositors outside the bank are assured that now is not the time to panic. Yea, its too late, Sir Allen has flown the coup and Stanford Group assets are frozen. And you can bet Sir Allen will not be in any bank lineup soon, though he probably deserves to be in another kind of lineup (Alex Dalmady, the internet whistleblower). Red flags you say? ok so consistently high returns. better yet, how about a 34% average compounded growth rate in deposits. or how about a 1.5% per annum commission to feeders? a unique business model, for a bank. a single office small auditors office, unchanged over years. A small group of people "managing" the banks activities. a high profile influential powerful and politically connected billionaire. And THESE are the people that we have come to respect and revere? Another inch closer to isolation.