More financial turmoil | Arkansas Blog

Tuesday, February 17, 2009

More financial turmoil

Posted By on Tue, Feb 17, 2009 at 11:18 AM

News breaking today of what the SEC is calling "massive ongoing fraud" in the sale of about $8 billion in CD's by the Stanford Financial Group's bank in Antigua. Bloomberg is reporting that the bank has placed a moratorium on early redemption of the CDs. The SEC has questioned unusually high rates of return on the CDs and has said it cannot find the $8 billion in assets.

There's a potential local angle. In addition to the bank, Stanford manages assets through a brokerage unit with some 30,000 clients. Stanford Financial has an office in Little Rock. It referred questions to a corporate spokesman, who was unavailable when I called.

This thing is going to get big. A billionaire Texan at the top. Paying court to politicians. Hobnobbing with British royalty. Etc. FBI raids reported in Texas and Memphis.


Sign up for the Daily Update email
Favorite

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Max Brantley

Readers also liked…

  • Speaking of the Clinton Foundation: Returns in maize and beans

    A reporter for Politifact, the Pulitzer Prize-winning fact-checking organization, sent a reporter to Africa to see where money given to the Clinton Foundation has been put to work. He found tangible results.
    • Sep 6, 2016
  • The inspiring Hillary Clinton

    Hillary Clinton's campaign for president illustrates again the double standard applied to women. Some writers get it. They even find the supposedly unlikable Clinton inspiring.
    • Oct 16, 2016
  • Women's March planned in Arkansas to mark Trump inauguration

    Speaking of Donald Trump and in answer to a reader's question: There will be a women's march in Arkansas on Jan. 21, the day after inauguration, as well as the national march planned in Washington.
    • Dec 30, 2016

Most Viewed

Most Recent Comments

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation