Posts Tagged ‘Allen Stanford’

The Carnival of Latin America and the Caribbean

Monday, June 18th, 2012

LatinAmerANTIGUA
Stanford Sentenced to 110 Years in Prison for Ponzi Scheme

ARGENTINA
Peso Blues

Talk Radio Gives Voice to Falklands Veterans
Thirty Years After U.K. Victory, Argentines Work Through Their Trauma on the Air; ‘Like a Psychiatrist’s Couch’

The shows highlight Argentine veterans’ difficult postwar adjustment process. A repressive military government mobilized the veterans, often conscripts from working-class backgrounds, for Argentina’s 1982 invasion of the islands in a last-ditch bid to rally popular support. Argentina’s leadership hadn’t expected the British to dispatch its own invasion force to retake the islands. Argentine troops were left underequipped and with only an improvised plan to confront the professional U.K. army.

Britain warns Argentina over Falklands “aggression”

UK must ‘negotiate’ over Falklands sovereignty Argentina President Cristina Kirchner tells UN
Argentina’s President Cristina Kirchner tells the UN that negotiations between the UK and Argentina would benefit ‘all countries around the world’.

COSTA RICA
Princeton U goes on the road: Lacrosse Team from American Ivy League School Visits Costa Rica

CUBA
Sen. Bob Menendez regarding the arrest of Cuban pro-democracy leader


GUATEMALA
The gringo was Russian, The Fish That Ate the Whale:
The Life and Times of America’s Banana King
, via American Digest.

ECUADOR
ALBA attacks justice, human rights

FALKLAND ISLANDS
Falkland Islands to hold referendum on sovereignty
The Falkland Islands will hold a referendum on its “political status” in a bid to end the dispute with Argentina over the archipelago’s sovereignty.

The referendum will be organised by the Falkland Islands government and will take place in the first half of next year.

MEXICO
NBC Breaks Two Year Embargo on Fast & Furious; Offers Viewers a Detailed Account of Lethal Covert Operation That No One Authorized

The NYTimes magazine has a must-read report, Cocaine Incorporated (h/t AD), with a yowza,

In 2007, Mexican authorities raided the home of Zhenli Ye Gon, a Chinese-Mexican businessman who is believed to have supplied meth-precursor chemicals to the cartel, and discovered $206 million, the largest cash seizure in history. And that was the money Zhenli held onto — he was an inveterate gambler, who once blew so much cash in Las Vegas that one of the casinos presented him, in consolation, with a Rolls-Royce. “How much money do you have to lose in the casino for them to give you a Rolls-Royce?” Tony Placido, the D.E.A. intelligence official, asked. (The astonishing answer, in Zhenli’s case, is $72 million at a single casino in a single year.)

Go read every word.

NICARAGUA
Venezuela buys 12.56% of Nicaragua exports
Nicaragua’s global exports have increased by 11% in 2012

VENEZUELA
Venezuela court decisions shake up 2 small parties

The TEA Party and the GOP can learn a thing or two from Venezuela.

Venezuelans consider the unthinkable: a government without Chavez

VIRGIN ISLANDS
“A sunny place for shady people”, Sideways.

The week’s posts:
Chavez’s Iranian drones

Low expectations for the G20

The racing Zetas

Hmmmm…


Allen Stanford says he didn’t do it: today’s podcast at 11AM

Tuesday, April 7th, 2009

In an ABC News interview, which you can watch here. Allen Stanford claims, “We have always had the assets, hard assets, to back up everything.”

That is a rather curious statement considering how, as you may recall, Stanford,

Stanford asks, “How did Stanford Bank Panama, Stanford Bank Venezuela, Bank of Antigua, how did all of those customers get all their money and not lose a penny?”

I don’t know about the Stanford Bank Panama, but I do know that Stanford Bank Venezuela was taken over by the government and I am certain that Bank of Antigua is not an offshore institution, instead it is a domestic bank licensed under the Banking Act of Antigua and Barbuda and regulated by the ECCB. Last February the ECCB issued a statement declaring the Bank of Antigua sound.

According to the latest reports, there is a substantial amount of frozen assets:
Stanford Investors Ask Appeals Court to Unlock Funds

Stanford Group Co. investors asked a federal appeals court to order a Dallas judge to unlock brokerage accounts frozen when U.S. regulators sued R. Allen Stanford over an alleged Ponzi scheme and seized his assets.

Lawyers for investors argued in court papers that U.S. District Judge David Godbey lacked authority to place into receivership Stanford’s Antigua-based bank, which is at the center of the alleged $8 billion fraud. Godbey twice violated investors’ constitutional rights by freezing their accounts and denying them a chance to object, according to a copy of the filing today with the U.S. Court of Appeals in New Orleans.

The Securities and Exchange Commission sued Texas billionaire Allen Stanford, two of his deputies and three related companies on Feb. 17, accusing them of engineering a “massive ongoing fraud” through the sale of certificates of deposit in Antigua-based Stanford International Bank. Godbey seized all of Stanford’s corporate and personal assets and placed them under the control of receiver Ralph Janvey.

Receiver’s Opposition

In papers filed late today in federal court in Dallas, Janvey reiterated his claim that investors have no right to join the SEC case and said adding them would make his job more complicated and expensive. He didn’t address the constitutional or sovereignty issues the investors raised in their appellate court filing.

Janvey said that his latest funds-release plan will let investors appeal his decisions to Godbey and that he’s willing to compromise on how he views investors’ accounts. He said investors who can prove that part of their money isn’t tainted by contact with the offshore CDs may qualify to have those funds unfrozen, even if the rest stays locked.

“The receiver expects to begin submitting proposed compromises to the court in the next few days,’’ Timothy Durst, one of Janvey’s lawyers, said in the filing.

My question is, is it legal for Janvey to put the burden of proof on the investors?

Back to the ABC interview, Stanford also claims to have always lived frugally, which makes you wonder about his six private jets.

I’ll be talking about this in today’s podcast at 11AM Eastern.

Related reading:

Exclusive: Tearful Allen Stanford Expects Indictment in Two Weeks
In First Interview Accused Financier Denies Ponzi Scheme, Drug Cartel Connection

The SEC says it has frozen all of Stanford’s assets it has found, including $4.6 billion which a federal judge recently “unfroze” so it could be distributed to his depositors and customers. According to SEC officials, only $500 million connected to the alleged fraud has been recovered so far.

Bloomberg
BBC News

Stanford found: 15 Minutes on Latin America

Friday, February 20th, 2009

In today’s podcast: The FBI finds Allen Stanford in Virginia, and how he burned investors in six countries.

Chat’s open by 10:45AM and the call in number is 646 652-2639. The podcasts are archived for your listening convenience. Don’t miss it!

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The Stanford Bank scam & the missing crook, Part 2

Thursday, February 19th, 2009

UPDATE
7PM Eastern: CNBC reports that Allen Stanford has been found in Virginia by FBI agents

My news roundup article, Missing Stanford and His Destructive Path is up at Real Clear World Blog. Please read it and leave a comment.

Still on the Stanford subject,

A comparison between Stanford and Madoff at the WSJ:

stanfordmadoff

And a note on the bloggers’ influence in the investigation, from The Economist,

The SEC stepped up its probe after its Madoff mis-steps. But a bigger impetus may have been a deeply sceptical report on Stanford’s investment returns, published in January by Alex Dalmady, an independent analyst. The blogosphere picked this up, and within days it was making headlines worldwide. This offers hope for those who despair of the SEC’s bungling, suggesting that in the internet age forensic vigilantes and devil-may-care bloggers can, to some extent, fill the gap left by dilatory regulators and libel-constrained mainstream media.

Bloomberg

R. Allen Stanford and his employees contributed $31,750 to Barack Obama’s presidential run, making the new president the third-largest recipient of Stanford campaign cash, according to the Center for Responsive Politics.

An Obama aide, speaking on condition of anonymity, said the money was donated yesterday to charity.

UPDATE
Ain’t that the truth

This new scandal, coupled with Bernard Madoff’s pyramid, plus the Colombian pyramids scheme, plus the Brazilian and Mexican derivatives scandals that triggered a tumble in stocks, is helping erode the confidence in financial markets built up for years, and giving another excuse to populist presidents and politicians (most them opportunistic idiots) for launching attacks on banks and free markets and corporate independence.

Check out also The Devil’s Excrement‘s posts on Stanford, which Kate recommends in the comments.

Earlier today: Part 1 & Podcast.

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