Another Spook Bank? Stanford International

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How are states supposed to operate when their wealthy are able to duck their responsibilities and their money offshore? This is not just an American issue, and the ability for other countries to protect their own economies and welfare ultimately does effect our security.

Just read this brilliant post on Standford International --

http://www.portfolio.com/views/blogs/market-movers/2009/02/10/whats-going-on-at-stanford-international-bank?tid=true

excerpt -
Stanford International Bank has nothing to do with the university, but everything to do with a Texan billionaire cricket tycoon (yes, really) named Sir Allen Stanford. (His knighthood was the first ever bestowed on an American by the government of Antigua.) Stanford has close ties with Venezuela's monied classes, who reportedly have some $3 billion in his bank; the Caracas branch of his bank was raided in November by the Venezuelan authorities, who accused him of being a US spy.

But the Americans don't seem particularly enamored of Sir Allen either: the SEC started issuing subpoenas to Stanford Group in July, after two employees quit, saying "that the company gave clients false historical performance data for its securities".