HOW ALLEN STANFORD MADE THOSE FIRST HUNDRED MILLIONS The chairman of Stanford Financial Group — whose operations have recently caught the attention of the SEC, FBI, and IRS — romped in the wreckage of early 1980s Houston real estate: “Stanford and his father went around to the presidents of various banks, offering those seeking liquidity an easy out: ‘For a period of 28 months we were probably the only people in Harris County buying real estate.’ They ended up owning dozens of properties, including a 256-unit apartment complex they bought from a pension fund for $970,000, or $3,800 per unit–this at a time when the median home price in Houston was $68,900. Over the next ten years, as the economy and real estate began to recover, Stanford and his father made what he describes as several hundred million (aftertax) dollars.” [Forbes]
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fyi …hop into your Sperry Topsiders:
The world famous, among big yacht enthusiasts, Antigua Race Week (recently Rolex Antigua Sailing Week) is the Stanford Antigua Sailing Week for the second time this year – in April.
I knew Allen from way back in th early 80’s. He’s a big man with a bigger personality. I knew him to be fair and honest. He once saw a yacht in the waters off Cancun and swam to the boat to see who owned it. It was none other than Mel Powers. My oh my, how far Allen has come. For the sake of his investors, I hope all is well at Stanford Financial.
Breaking news – SEC formerly charges Stanford financial with “massive fraud”, raiding offices now as I type this
http://www.nytimes.com/2009/02/18/business/18stanford.html?ref=business