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2009-02-17 09:21:06
ATG
Banned
+5,233|6832|Global Command
great, another Madoff.
Initial estimates this crime to be in the 8 billion dollar zone, but that figure only represents assets of one of his smaller holdings.


Good God, will somebody please shoot these fucks. 

Green's comment was echoed across the twin-island nation of Antigua and Barbuda on Monday as news spread of a deepening probe into Stanford's $50 billion Houston-based investment operation, Stanford Group Co, and its Antigua-based affiliate, Stanford International Bank.
Stopping what it called a “massive ongoing fraud,” the Securities and Exchange Commission on Tuesday accused Robert Allen Stanford, the chief of the Stanford Financial Group, of fraud in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group.
http://www.nytimes.com/2009/02/18/busin … .html?_r=1
2009-02-17 09:55:43
Agent_Dung_Bomb
Member
+302|7039|Salt Lake City

I think they'll try a disappearing act.  Wonder if they have their skydiving certification.

In its complaint, the S.E.C. said it could not account for the $8 billion in assets that were housed in the Antigua bank after issuing subpoenas for bank records and to various witnesses. Most witnesses, including Mr. Stanford, Mr. Davis, and the Antigua-based bank’s president, failed to appear to testify nor did they produce documents shedding light on the assets.

Ms. Pendergest-Holt said in testimony to the S.E.C. that she could not account for the assets, asserting that Mr. Stanford and Mr. Davis were the only ones with access to the bank’s assets.
2009-02-17 10:12:02
ATG
Banned
+5,233|6832|Global Command
regards to Madoff;

Since Commissioners were first informed of the Madoff investigation last week, the Commission has met multiple times on an emergency basis to seek answers to the question of how Mr. Madoff's vast scheme remained undetected by regulators and law enforcement for so long. Our initial findings have been deeply troubling. The Commission has learned that credible and specific allegations regarding Mr. Madoff's financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action. I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them. Moreover, a consequence of the failure to seek a formal order of investigation from the Commission is that subpoena power was not used to obtain information, but rather the staff relied upon information voluntarily produced by Mr. Madoff and his firm.
I wish I had a dollar for everytime a politician stood before a camera and admitted that they had failed in their basic duties.

Chris Cox stands up and talks about their high standards and professionalism and then says that reports were coming in about Madoff for TEN YEARS and gee, nobody did anything and we don't know why. Watch the first two minutes of this video. Outrageous. This prick will return in shame to Orange County and i'm gonna find out where he lives and pretend i'm a chimp and throw feces at him.

http://www.bloggingstocks.com/2008/12/1 … of-madoff/
2009-02-17 10:28:09
Doctor Strangelove
Real Battlefield Veterinarian.
+1,758|6771
The "50 Billion" number associated with Madoff is actually blown way out of proportion.

He actually stole much less money. The 50 Billion comes from how much the investors would have gotten if their assets were properly invested. Also it doesn't take into account the placebo money that Madoff paid people back to keep them from getting too suspicious.

He's still a giant douche either way but he hasn't really done 50 Billion worth in damage.
2009-02-17 16:36:29
Turquoise
O Canada
+1,596|6708|North Carolina

ATG wrote:

Good God, will somebody please shoot these fucks.
QFT

 

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