The next bombshell story

[socal]

For those that haven't been following along... the story of "Sir" Allen Stanford ---similar circumstances to Bernie Madoff.

He turns out to have had some amazing political connections. --- from endorsements by Bill Clinton, to junkets with GOP senators, this guy was quite bi-partisan in his connections.

Summary link:
www.talkingpointsmemo.com/archives/2009/02/at_tpmmuckraker_weve_been_closely.php

More info:
tpmmuckraker.talkingpointsmemo.com/allen_stanford/

[lpcalihawk]

Disgusting that these are the people we are supposed to be looking up to for their great work ethic and "rugged individualism".

[NOTTHOR]

Feb 17, 2009 13:56:11 GMT -6 lpcalihawk said:

Disgusting that these are the people we are supposed to be looking up to for their great work ethic and "rugged individualism".

Don't sweat it LP. Despite numerous warnings and similar crap happening all the time, some people out there still fall for the old "Antiguan Certificate of Deposits that Yield 12% per year with no risk" trick. CNBC had a special on a guy who ran damn near this same operation except out of Barbados, I think.

Frankly, the best thing the government can do whenever a "bank" in Antigua, the Caymans, Barbados or any other tax haven blows up because it is a Ponzi scheme is say to the "investors" "tough shit pal. You don't want to lose your money? Don't fucking send it to a tax haven and then expect us to come bail you out. Call the fucking police in Antigua and file a lawsuit down there, bud. You don't pay taxes on that income, you don't get the services of Postal Police, SEC, FBI, FDIC or any other instrumentality of the US Government. And oh yeah, please tell us who ripped you off so the IRS can make sure he gets issued a 1099 so we can fuck him in the ass for tax evasion."

[thunderhawk]

If some investment dude shows you a performance line at 45% with no variation, run like hell.

[NotMyKid]

Feb 17, 2009 14:25:48 GMT -6 thunderhawk said:

If some investment dude shows you a performance line at 45% with no variation, run like hell.

What?

That's not normal?

[socal]

A few updates:
tpmmuckraker.talkingpointsmemo.com/allen_stanford/

And a huge list of elected officials:
www.opensecrets.org/news/2009/02/investment-manager-stanford-wa.html

[twinegarden]

At least there were no Iowans on the list.

[socal]

Feb 17, 2009 16:53:54 GMT -6 @twinegarden said:

At least there were no Iowans on the list.

There were here:
www.foxnews.com/story/0,2933,494445,00.html

However due to Fox's outstanding journalistic standards, it looks like the "2" Hawkeyes total was counted by an ISU or Illinois grad.