From the New York Times website this morning:
Shortly after 10 a.m. Central time, about 40 police officers and other law enforcement officials simultaneously entered Stanford Group’s two office buildings in Houston. Many of the law enforcement personnel carried large black briefcases. Stanford group’s headquarters are in two offices in Houston, one within a tower of the Houston Galleria shopping mall, and the other across the street.
Photo of Stanford Financial Group Offices, 5050 Westheimer: Stanford Financial Group
Whoa-oh this is big.
BBC’s running the story now.
I did work for Allen a few years back and found him to be a genuinely nice person who was willing to pay (on time, no less) for what he wanted. At the time he was focused on ‘trust’ services, which were primarily vehicles for Latin and South American wealth protection from currency fluctuations that were common in the 1990’s. He was extremely generous with the Antiguan people and government which he could afford to do, as the profits from the Antigua banks would incur hefty taxes upon re-patriation to the US. He was heavily tied to the democratic congressional members at the time. I once bumped into Conn. Senator Christopher Dodd in the lobby of his building on Westheimer. Sarbannes and even Sheila Jackson Lee counted on him for support. He does have a bit of history with the State Department, and paid a fine for lax controls related to potential money laundering in the 1990’s. I’ll be curious to find out about the SEC’s findings.
I have lived across the street from Stanford Financial for many years and always had a strange feeling about Mr Sir Stanford and his operations. Today, my feelings have been confirmed.
Seeing all those expensive cars coming and going, as well as watching him slowly take over the whole Galleria area should be a warning sign to any level headed person.
It was like a “financial crack house”, where the victims could not get enough of a “good thing”.
This is just another example of modern day greed and corruption – Texas style with an international flare. When the dust dies down, maybe people will see that making money the old fashioned way may be better. The old fashioned way is a four letter word for some but will always be spelled – W O R K.
All those people who helped Sir Stanford implement this horrible scheme are just as guilty. They too wanted to get rich quick and live the dream of fame and fortune.
And, as for Sir Stanford, well – he is probally sipping a Martini somewhere in the Carribean enjoying his stolen money and plotting with his laywers on how to white wash the whole scandal. Houstonians like things big and now they have what they like – a big financial scandal.
I can’t wait to see who is on the victims list. Does anyone know when that list will be made public?
The Dutch television is looking for Dutch investors of the Stanford International Bank (SIB), Stanford Group Company (SGC) and the Stanford Financial Group (SFG).
If you have any ideas of advices please contact me as soon as possible.
Please keep in mind the *honest* people who worked for the Stanford companies — not the schemers at the top, but the honest, dedicated people farther down the ladder, all the way to receptionists and grounds staff. As with Enron, there are now scores if not hundreds of these good people whose employment is now in limbo. One thing about Allen Stanford: He did recruit and retain only the best. Too bad he did not have 1/10th the integrity of his employees.