$8bn 'missing' from Allen Stanford's offshore bank

[Robbien]

Source: Times On Line

INVESTIGATORS examining Sir Allen Stanford’s offshore bank say that $8 billion (£5.6 billion) of investors’ money has disappeared.

Official receivers for Stanford International Bank appointed by the Antigua government have told customers that they suspect the bank was a “Ponzi scheme”, where depositors’ returns are paid from money obtained from new investors.

“The $8 billion you hear about in the media isn’t there,” one of the receivers told customers gathered outside the bank’s Antigua offices this weekend.

“We will be tracking the money in overseas banks, find a million in one, track another million to another bank. But there is nothing like $8 billion here. It appears to be a Ponzi scheme.”

Read more: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5780591.ece

---

That $400 mil Stanford lost with Madoff must have been Stanford Bank's last dime.

[LakeSamish706]

1. Amazing how all of this shit happened under Bush's watch! n/t

[seemslikeadream]

2. Could someone explain to me who the real terrorists are?

[truthisfreedom]

3. No it's not. It was completely predictable. Look at how bush ran his businesses.

Everything was fake. Insider trading and selling to daddy's friends were the only two ways he ever made real money.

[clixtox]

7. Shrub ended up broke or breaking every enterprise...

he was every involved in, except perhaps the ML baseball team.

That was only because their stadium is heavily subsidized by reThugs/politicians.

[byeya]

12. You nailed it: W was a wrecking crew. All his highplaced

cronies and advisors couldn't talk sense into him and all his enterprises failed. Then he ruined the country, and the "goddamn piece of paper" that we called The Constitution was just another Skull&Bones laff riot. If there's any good, he also ruined the RepubliKKKan party which is pretty much a Yahoo outfit with AM outlets now.

[Turbineguy]

4. If you make these government agencies incompetent

the need to abolish them becomes obvious.

Drown in a bathtub perhaps?

[RandomThoughts]

5. Its more then that.

It is a basic difference in philosophy, most of us believe there are some rules or laws that we have to follow for society to function, and we believe those that do not should be punished.

Some people actually believe if you can get away with it it is legal.

let me say that again.

Some people actually believe if you can get away with it it is legal.

they believe not only that is the way it is, they believe that is the best way and the way it should be, survival of the fittest.

They do not believe in any authority except someone that can make them do something. Like lets say some group that is willing to enforce laws or actually arrest them. Bush got up on stage and said he would not enforce regulations and that they could steal as much as they wanted.

This is not some accident, and it is not 2 ponzi schemes, this is a systemic culture of many people that believe they are above the law. What about the people that were at the top of the Madoff pyramid for years collecting 14-20% returns. Do we hear there names? Maybe they got away with it.

And because people have not forced prison sentences on the thefts of 20 years ago, 10 years ago, or even the actions of the Bush administration, they get away with it.

This is nothing new, this is why revolutions happen, because at some point people say if society will not enforce the laws on the criminals at the top, well then a bunch of citizens will.

Don't you see, two ponzi schemes, failing banks, lost houses, but how many billionaires or millionaires are hurting because of this? A few that we know about, but what about those that been making money off of wars and oil for years? are we hearing there names? are there mansions foreclosed? are they in jail?

Think about it, until we make society enforce justice on all, things will be the same. What would you do if Bush told you you could rob a bank and no agency would arrest you or investigate you? That is what he did, that is what still happens, as Rove is in contempt, and billion dollar frauds are not in jail.

Stop thinking like they give a crap about the laws we follow.

[Alamuti Lotus]

6. Great response, but a couple points

This is nothing new, this is why revolutions happen . . .

Not that I disagree or oppose that statement, but you are speaking about the age that existed before American Idol. We really can't be bothered anymore, sorry.. The next episode of Big Brother (I heard rumours about some steamy sex scene!) will make it all better, so please stay tuned and remember to drink plenty of beer.

On the bright side, the blatent vulgarity of these greedy bastards may actually be enough to shake through the fog that I'm joking about. It would be nice to see something actually blow out from all of this unabashadly obscene behavior.

Stop thinking like they give a crap about the laws we follow.

Well put. One must be mindful of the fact that this game is not governed by Marquis of Queensbury sort of rules; those who are very busy fucking you over do not pay much attention to these petty annoyances ("laws") unless they are arresting you for them.

[clixtox]

8. Fabulous post!

I wish I had another heart to share!

[RandomThoughts]

9. Agreed, and alot of the fear of arrest or surveillance

Is just that, fear. The system is held together by an illusion that is followed by a great many in enforcement roles. Either the illusion that the system is just, illusion that things can't change, or an illusion that they can enter the special class if they play along.

But personally I am greatly encouraged by some actions that are happening, and a bit reserved about some others. It seems there is a desire for a resurgence of justice, but many do not want to go to high, unless the people they go after are tokens of a certain group, and not really part of it.

Like when Martha Stewart goes to jail, or a Governor gets impeached for bad actions, yet others like the people behind Bush/Cheney still are not held accountable. It still is not justice if a group is thought to be too tough to go after.

SEC probably left the big money people alone under orders, some idea that the big players knew what they were doing and did not need regulation. Or just because certain people get a 'look the other way' approach from justice. It is those very people that have a assumed special protection, that if they are guilty of malfeasance, they are the ones that need to be held to account. It is almost as if for a society to show it is just, then those that have got the best benefit of being hid from justice, need to be brought out into the light of justice the most.

It is easy to do the right thing when 'bad' wants you to do it also, even if for other reasons. But to do the right thing, when the worst appose your actions, that takes more courage and resolve.

And blaming it on American Idol, although I understand why you say it, is an assumption that it takes 100% of people to understand for things to happen. It only takes a few to make a difference really, that difference can be either way.

[ixion]

13. As soon as their bellies are empty, and they don't have a house w/ TV to

watch American Idol, then they will realize they've been screwed.

Of course, by then it's far too late to do anything productive about it. So they revolt.

We've been living in this circular nightmare for several thousand years now. We just keep going through it again, and again, and again.

Either we're someone's idea of a cosmic gag reel, or we're just that stupid, collectively speaking.

[formercia]

15. Laws are for little people

and designed to keep us, not them, in line.

[Turbineguy]

14. Thanks for that excellent response

:yourock:

[and-justice-for-all]

10. Haha..more like it was never there to begin with!! nt

[Optical.Catalyst]

11. Ever wonder where the Republicans get the money to run their campaigns?

Nothing to see here folks, just move along.

[Spouting Horn]

16. Was Stanford

a large donor to Republican candidates?

The above posters are correct...George Bush only made money because of his daddy's friends and the generous taxpayers that bought him a new ballpark.