Fausta's Blog

American and Latin American Politics, Society, and Culture

March 25, 2013 By Fausta

The Carnival of Latin America and the Caribbean

LatinAmerANTIGUA
Stanford Victims Will Benefit From $300M Settlement

ARGENTINA
Imprisoned priest Francisco Jalics breaks silence over Pope Francis, clearing him for involvement in ‘Dirty War’
Jalics had been silent for years in a German monastery. He once thought then-Cardinal Bergoglio played a role in his arrest

Social Justice And Pope Francis: Choosing Freedom Over Serfdom

After Frosty Past, Pope Meets Argentine Leader

Making nice? Argentina’s Kirchner and Pope Francis meet in Rome (+video)
Beneath the cordial meeting today between new Pope Francis and President Kirchner lies a rocky and strained relationship that stretches back to 2004.

[Additional video below the fold]

BRAZIL
Indians, police clash at Rio complex near Maracana to be razed for 2014 World Cup

Brazil’s opposition
The Minas medicine
Aécio Neves ran his state well. But he may struggle to convince voters that his formula is right for the presidency

CHILE
Wave of prawn deaths baffles Chile city of Coronel
Thousands of dead prawns have washed up on a beach in Chile, sparking an investigation.
Hundreds of dead crabs were also washed ashore in Coronel city, about 530km (330 miles) from the capital, Santiago.

COLOMBIA
Ten years later, Colombia nabs rebel linked to Uribe inauguration attack. What’s with the “rebel” thing? The guy’s a terrorist.

COSTA RICA
Starbucks buys coffee farm in Costa Rica (h/t DP)

CUBA
African Politicians Laundering Money Through Cuba

Daughter of Oswaldo Paya demands international inquiry into his death

DOMINICAN REPUBLIC
Dominican Republic detains 35 soldiers and police, 4 French citizens in drug investigation

République dominicaine : démantèlement d’un réseau de trafic de drogue vers la France

ECUADOR
Ecuadorian diplomacy fails in his attempt to change the IACHR reforms

GUATEMALA
Guatemala ex-ruler Rios Montt on trial for genocide
The trial of the former military ruler of Guatemala, Efrain Rios Montt, for genocide and crimes against humanity has begun in Guatemala City.

HONDURAS
Seldom Tried Honduran Dishes Made from Unusual Root Crops (h/t DP)

LATIN AMERICA
Heads of state at the Papal inauguration, Bayly style (in Spanish),

MEXICO
Mexico’s attorney general says no motive yet in US car shooting that wounded 2 CIA agents

PANAMA
Panama Canal Minister: Deepen Port of Savannah

PERU
Petroperú to Take Over Former Talisman Concession in Peru
Petróleos del Perú SA plans to take over operations at Block 64 in northern Peru, an important step for the state-owned oil company to return to upstream operations.

PUERTO RICO
Puerto Rico: US army drills ‘did not cause illnesses’

VENEZUELA
Venezuela Acts to Ease Dollar Shortage

Chavez trek

The week’s posts:
Pope Francis not dancing to Cristina’s tune

Yoani Sanchez meets Marco Rubio

Latino demographics: Integration is the key factor

Mexico: Will PEMEX reforms come to pass?

Correcting my error on my article on Pope Francis

Podcast


[Read more…]

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Filed Under: Argentina, Brazil, Carnival of Latin America, Carnival of Latin America and the Caribbean, Catholic Church, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Honduras, Latin America, Mexico, news, oil, Panama, Peru, Pope Francis I, Puerto Rico, Venezuela Tagged With: Antigua and Barbuda, Fausta's blog, Jaime Bayly, Oswaldo Payá Sardiñas, R. Allen Stanford, Stanford Bank

April 7, 2009 By Fausta

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

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,

  • Lost his banking license in Montserrat in the late 1990s
  • And last February

  • Investors in the Stanford International Bank, an offshore bank registered in Antigua and Barbuda, walked out empty-handed last February
  • Stanford Bank (Panama) SA, an affiliate of Stanford Financial Group, was taken over by Panamanian government regulators
  • The Venezuelan government took over Stanford Bank Venezuela
  • The investigation spread to 131 countries.

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

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Filed Under: Blog Talk Radio, Caribbean, crime, Mexico, Panama, podcasts, Venezuela Tagged With: Allen Stanford, Antigua and Barbuda, Fausta's blog, SEC

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