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Allen Stanford the new Madoff
Conflict
Posts: 77 Forumite
The SEC in the US have raided Stanford Financial Group today and accused Allen Stanford (and a few others) of running a fraud totalling over $8 Billion.
http://www.nytimes.com/2009/02/18/business/18stanford.html?ref=business
Guess this might take a few knocks out of some people in the Cricket world.
http://www.nytimes.com/2009/02/18/business/18stanford.html?ref=business
Guess this might take a few knocks out of some people in the Cricket world.
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Comments
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The accusation would appear to be of a different nature to the Madoff scam, in that depositor funds were invested in very illiquid assets when they were meant to have been invested in highly liquid assets. Still a scam if true, however.0
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Count_Dante wrote: »The accusation would appear to be of a different nature to the Madoff scam, in that depositor funds were invested in very illiquid assets when they were meant to have been invested in highly liquid assets. Still a scam if true, however.
Yes its not a Ponzi scheme as such just an outright lie as to where the money was being invested. Given he cant account for $8 Billion of it though there is probably something a bit Ponzi ish going on as well.0 -
It's just not cricket.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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bet the WAGs wont be running to Stanfords lap now since the money seems to have been frozen by the courtvivatifosi wrote: »It's just not cricket.bubblesmoney :hello:0 -
Yup,another dead Ponzi
Put lipstick on it its still a pig
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Wonder what the effect on English cricket will be - with a new captain and new coach already and considerable tension within the team, if Giles Clarke and other head honchos at the ECB have their position become untenable, God save the Ashes prospects !!!It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0
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