SEC Was Told To Back Off Stanford In 2006

[seemslikeadream]

http://www.businessinsider.com/sec-was-told-to-back-off-stanford-in-2006-2009-2

It's becoming clear that the juiciest aspects of the Stanford Fraud have to do with his political connections. We know he was a friend of George W. Bush, that he donated a lot to Congressmen, and that he practically bought off big-time Democrats to kill an anti-money laundering bill. Now we learn that the SEC's initial investigation into Stanford was waived off in 2006.

This was buried at the end of a NYT report:

The current S.E.C. charges stem from an inquiry opened in October 2006 after a routine exam of Stanford Group, according to Stephen J. Korotash, an associate regional director of enforcement with the agency’s Fort Worth office.

He said the S.E.C. “stood down” on its investigation at the time at the request of another federal agency, which he declined to name, but resumed the inquiry in December 2008.

Who told the SEC to stand down? Given that he was a fraudster, it's almost impossible to think of a benign explanation for this, particularly given Sir Allen Stanford's political tentacles.

So perhaps the SEC could've caught him earlier if it hadn't been for pals of his, though there's still not much to feel confident about at the agency.




http://www.businessinsider.com/allen-stanford-forced-to-forfeit-3-million-in-drug-money-in-1999-2009-2

Allen Stanford Forfeited $3 Million In Drug Money In 1999



http://www.businessinsider.com/how-much-of-the-federal-debt-is-financed-with-drug-money-2009-2

How Much Of The Federal Debt Is Financed With Drug Money?




http://www.businessinsider.com/shocker-stanford-under-federal-drug-investigation-2009-2

Surprise: Stanford Under Federal Drug Investigation



http://uk.news.yahoo.com/5/20090219/twl-venezuela-seizes-control-of-stanford-3fd0ae9_3.html

Venezuela Seizes Control Of Stanford Bank


http://www.nytimes.com/2009/02/19/business/worldbusiness/19invest.html?_r=2
CARACAS, Venezuela — In 2005, foreign investors were growing nervous about Venezuela as President Hugo Chávez began asserting greater control of the economy, but Stanford Group decided it was time to put down stakes.

...

Stanford expanded its operations nationwide, luring clients in provincial cities like Maracaibo and Puerto Ordaz, and amassed an impressive list estimated at more than 10,000 clients. This country’s banking regulator estimates that Venezuelans placed about $2.5 billion into Stanford International.

...

On Thursday, the finance minister, Ali Rodriguez, said that Venezuela had taken control of the retail bank and would be looking for a buyer.

“Venezuela’s banking system is totally stable,” said Mr. Rodriguez, seeking to diminish any fears of a broad financial crisis.

...

By putting their money in such securities, Venezuelan investors are believed to have both contributed to the capital flight that has weakened the local currency — the bolívar — and profited from it, transferring hard currency back to Venezuela on the black market to acquire some goods denominated at the official exchange rate.

Mr. Faraco estimated that as much as 30 percent of Stanford International Bank’s $8 billion in reported assets last year came from Venezuelans.

[HiFructosePronSyrup]

1. Apparently this guy's been money laundering for the Mexican drug cartels.

Which is something I've been expecting for awhile. There are powerful American interests involved in these thousands of murders occuring along the border.

[SmileyRose]

2. I want to know which big time Dems he bought off.

"We know he was a friend of George W. Bush, that he donated a lot to Congressmen, and that he practically bought off big-time Democrats to kill an anti-money laundering bill."


I want names. I don't believe for one second Rangel would sell out for $3,300.

[glinda]

3. It is a benefit for certain entities to entangle certain Politicians that might

otherwise hamper their business. I believe that if indeed "a friend" of Bush's and given his vacant continuing stare, incompetence (and secret land purchase in Paraguay if true) that Bush may be linked. And his closest friends. I believe that drug funding and movement is the biggest financial contributor to promoting "chaos and control."
I think this is getting interesting especially with Bush's friendship' with Mexico.

:popcorn: :popcorn: :popcorn: :popcorn: :popcorn:

[catzies]

4. I'm going to search for the link but I saw yesterday he contributed to the

Dem convention in Denver last summer, and there was a photo of him hugging Nancy Pelosi...not that this is what you're looking for, but I'll bet it's how the freepers will spin it.

ON EDIT:

found it
http://www.huffingtonpost.com/2009/02/18/nancy-pelosi-bill-clinton_n_168047.html

[malaise]

8. He also sponsored Cornyn's Texas Ball

http://tpmdc.talkingpointsmemo.com/2009/02/mad-rush-in-dc-to-give-back-stanfords-money-except-cornyn-sessions.php

[appleannie1]

7. This article names a few

Two of the largest recipients, Sens. Ron Wyden (D) of Oregon ($13,000) and Charles Schumer (D) of New York ($12,000), say they have donated the money to charity.

In Stanford’s case, since 2000 he, his company, or its employees have delivered $2.4 million to political operations, according to Ms. Krumholz. Stanford and his wife personally gave $931,000.

Although he donated to politicians of both parties, 65 percent of his donations went to Democrats, including $31,750 from Stanford, his family, and employees to the presidential campaign of Barack Obama.

“It’s a lot of money when you consider 99 percent of the public doesn’t even give $200,” the amount needed to gain the attention of the Federal Election Commission, Krumholz says. “It makes him a big player.”

In fact, politicians of both parties have been scrambling to distance themselves from the scandal. An Obama aide says the $4,600 contribution from Stanford himself has been donated to charity. Sen. Bill Nelson (D) of Florida is going one step further, shedding money that came from Stanford or his employees.
http://features.csmonitor.com/economyrebuild/2009/02/19/investment-fraud-suspect-stanford-was-major-political-donor/

[starroute]

5. This all started with the Mob and the CIA in the early 60's

I was looking into some of the history last year -- I don't have all the details at my fingertips any more, but the short version is that after the Mob got kicked out of Cuba by Castro in 1959, they went looking for more receptive places in the Caribbean, both for their casinos and for their banking operations.

The Bahamas were the most receptive location early on -- and that's also where Paul Helliwell set up Castle Bank for the CIA, I think in 1962. The Bahamas eventually got leaned on to clean up their act -- and for a while most of the dirty banking activity was going through Nugan Hand in the 70's and then BCCI in the 80's. But since the fall of BCCI, the Caribbean has become a favored location again, with Antigua and the Cayman Islands being particular hot spots.

A big question is who's primarily behind the operations these days -- or if it's just become a sort of global free-for-all. The CIA and the Mob don't seem to be particularly visible any more -- the World War II generation that was most involved has died off without obvious replacements. Also, the fact that US politicians are so easily bribed these days suggests that US interests are no loner the dominant ones. The Russian oligarchs and the Russian-Israeli Mafia were big in the 90's but not so much any more -- and even when the corrupt Russian-connected banks were active on Antigua in the 90's. Stanford doesn't seem to have been connected with them.

My guess is that we're back to an era of what Bucky Fuller called the "Great Pirates" -- global freebooters without allegiance to any nation or ideology, united only by a belief that it's right and proper to fleece the landlubbers -- and that this is how Stanford can best be understood.

[blm]

9. Yep - we try to tell other Dems this is all part of SAME crime wave by these thugs that has gone on

for decades but, some just refuse to believe their country and its presidents have participated in these illegal operations and the coverups of the facts involved as well as its global operators.

They would let BushInc off the hook just to maintain their illusions about Bill Clinton and his role in protecting BushInc.

[malaise]

6. Great lilnks

Thanks bro

[hunter]

10. This guy's got some spooky friends.

He probably ran off to Virginia seeking protection from some of the nastier ones. Bad news for him is that some of his "friends" there are equally nasty.