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News Link • Corruption

Politicians Won’t Return Ponzi Payoffs

• http://www.commondreams.org, by Michael Winship
 On Tuesday, Texas financier Robert Allen Stanford was convicted in a Houston federal court on 13 out of 14 criminal counts of fraud. As The New York Times reported:
 

The jury decision followed a six-week trial and came three years after Mr. Stanford was accused of defrauding nearly 30,000 investors in 113 countries in a Ponzi scheme involving $7 billion in fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua.

Media accounts of Stanford’s conviction were filled with stories of his excesses — mansions, private yachts and jets, and so much money invested in Antigua — including bribes — the small island awarded him a knighthood. Among his other indulgences, noted the Reuters news service: “He bought a castle in Florida for one of his girlfriends and his oldest daughter lived in a million-dollar condominium in Houston. He wore custom-made suits and bankrolled a $20 million prize for an international cricket tournament."

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