“For anybody who’s coming new to this story, it began with an article entitled "Duck Tales", which can be downloaded here, in Veneconomia magazine in Venezuela. The article essentially accused Stanford of being a fraud; it was picked up by Venezuelan blog Venepiramides on February 6, and had made it to Portfolio.com by the morning of Feburary 10. The following day, February 11, there was a big article at both BusinessWeek; by February 12, the rest of the mainstream media had cottoned on, if cautiously.
By yesterday, with depositors flying to Antigua in a desperate and doomed attempt to cash out their CDs, it was all over bar the formal indictment. Stanford Group is now in receivership, and its top two executives are fugitives from justice.”
The Con the SEC did not want to see:
“Yet the story of Allen Stanford is only shocking in the light of denial and downright naïveté that many had when the story of Bernard Madoff hit only a few months ago. Many were saying that this was the “fraud of the century” and nothing else could compare. Well guess what? Here we are at the well again. The SEC now feeling that it needs to make up for lost time, is now going to start pulling out a few sacrificial lambs to placate the masses. Make no mistake, the true fraud is what is being perpetrated by the Federal Reserve, Wall Street, and the U.S. banking industry.”
I met Allen Stanford at "Stanford Field" – so named for its sponsor, Sir Allen Stanford, at the (Wellington, FL based) International Polo Club (IPC), itself owned by John Goodman of Houston. This link evidences Stanford’s high profile role in his sponsorship of Mr. Goodman’s Club (apparently using Mr. Goodman’s money). If you scroll down to the list of "The Open Teams" you’ll note that the fifth photo down under "Isla Carroll" is that of John Goodman, sporting his "Stanford" polo jersey.
So picture this…
This Sunday, the well-heeled (albeit shell-shocked) elite of West Palm Beach will journey west of that fair city to attend yet another weekend of polo. The owner of the facility, Mr. Goodman, will likely be playing on the field of his own creation, named after the company of the gentleman who manages some significant percentage of Mr. Goodman’s Amana (HVAC) inheritance. Atop the scoreboard, the name "Stanford Field" reminds all in attendance of the newly revealed Stanford Ponzi Scheme, as well as the prior Madoff ponzi scheme (that destroyed many of their friends over at the country club). The question yet to be revealed, how many of Mr. Goodman’s fellow polo Patrons, players, sponsors and club members had placed their trust, and their money, with Allen Stanford? Were actor Tommy Lee Jones and Outback Steakhouse Founder, Tim Gannon, seduced into the Stanford trap?
Looks like trouble in paradise, as the rich cull their own ranks!